Concho Educators Federal Credit Union is now offering a new private education loan to help fund additional college costs when Federal student loans are not enough to cover all of your expenses. Please fill a loan application and provide the credit union with employment and income verification. Both the parent and student must be a member of the credit union.

1. Parent and student apply, so the student can build credit history.
2. Verification of full time enrollment (12 semester hours) with anticipated graduation date and satisfactory academic progress will be required.
3. All borrowers must meet all credit requirements: creditworthiness, length of employment and income to debt ratios.
4. The loan amount may not exceed $5,000 per semester or $10,000 in a 12 month period.
5. The current annual percentage rate is 7.5% or 9.5% (based on borrower's credit score). However, the APR may vary at each advance based on current interest rates and credit rating.
6. Make interest-only payments, which will calculate out to a minimum monthly payment of $25.00 per each $2,500.00 borrowed.
7. When the student graduates, or drops below full-time, the loan is due in full and will be set up on monthly payments of principal and interest for a maximum 120 month term.