Loan Details

Qualifying Expenses

A Union Federal Private Student Loan may cover up to 100% of school-certified costs which could include:

  • Tuition and fees
  • Room and board
  • Books and supplies
  • Transportation
  • Personal expenses
A female college student uses a tablet while working on her homework.


To be eligible for a private student loan, you must:

  • Be enrolled at an eligible institution in a degree-granting program1
  • Be the legal age of majority or at least 17 years of age at the time of application if applying with a cosigner who meets age of majority requirements in the cosigner’s state of residence2
  • Be a U.S. citizen, permanent resident alien or an Eligible Non-Citizen (DACA recipient) applying with an eligible cosigner who is a U.S. citizen or permanent resident alien, or an international student applying with an eligible cosigner who is a U.S. citizen or permanent resident alien
  • Remember, having a cosigner (parent, grandparent, aunt or uncle, guardian, friend, or mentor) could improve your chance of approval

Fixed Rates vs. Variable Rates

The difference between a fixed rate and a variable rate student loan.

The benefit of a fixed rate is that it won’t change. Your payments will stay the same over the life of the loan.

With a variable rate loan, the rate fluctuates with market interest rates. As a result, your loan payment amounts may go up or down too.

Fixed Rates

4.24% – 14.01% APR3,4

Variable Rates

5.44% – 14.91% APR3,4

Lowest APRs shown include a 0.25% interest rate reduction for customers who elect auto pay.3,4

Loan Limits & Maximums5

How much can you borrow with Union Federal private student loans?

$1,000 minimum loan amount

$99,000 maximum annual loan amount

$180,000 aggregate student loan limit (total amount of student debt allowable)

A female college student using a calculator while looking at her laptop computer.

Flexible Repayment Options & Loan Terms6,7


Start paying right away.

  • Lowest cost option overall
  • Highest monthly payments while in school
  • Fastest way to pay off your loan
Interest Only

Pay interest only right away.

  • Reduces overall loan cost
  • Moderate monthly payments while in school
Flat Payments

Make small monthly payments right away.

  • Minimally reduces overall loan cost
  • Low payments while in school
Full Deferment

No payments on principal and interest until 6 months after you graduate.

  • No reduction of overall loan cost
  • No payments while in school

Choose the duration (term) of your loan: 7, 10, or 15 years.7

Terms and payment amounts also vary with the length of the loan.

Lower the cost of your loan with:

0.25% rate reduction with auto pay8

0.25% rate reduction after 36 on-time payments9