Student Loans and Lines

With the cost of college on the rise, financing your education is more important than ever. Webster First Federal Credit Union is here to assist students and their families with our Student Revolving Line of Credit and Smart Option Student Loan® provided by Sallie Mae. To learn more about each financing choice, browse their descriptions below, visit a branch, or call us at 800.962.4452.

 

Student Revolving Line of Credit

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Our Student Revolving Line of Credit can help you to finance school supplies, books, and tuition. The Student Revolving Line of Credit offers amounts up to $5,000 per school year with a low interest rate. Payments are not deferred.

You can apply for our Student Revolving Line of Credit online, at one of our local branches, or by phone. If you'd like to apply by phone or speak with a member service representative for more information, call us at 800.962.4452.

 


 

Smart Option Student Loan

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The Smart Option Student Loan® is provided by Sallie Mae. The loan offers three repayment options and competitive interest rates to help you pay for college expenses not covered by scholarships and federal loans. The three repayment options are as follows:

 

Investment Repayment Option

Pay interest while in school and for six months after school. The in-school payments, plus a shorter repayment term, can help you to save over 20% on your total loan cost compared to the Deferred Repayment Option^.

 

Fixed Repayment Option

Pay just $25 a month while in school and for six months after school^^. The in-school payments, plus a shorter repayment term, can help you to save over 10% on your total loan cost compared to the Deferred Repayment Option^.

 

Deferred Repayment Option

Defer payments until after school, or pay as much as you want while in school, to enjoy maximum flexibility^^^.

 

 

^Savings based on typical loan to freshman borrower attending a degree granting institution.
^^The following repayment example is for informational purposes only and is an example of available loan terms of the Smart Option Student with the Fixed Repayment Option made to a freshman borrower at a degree-granting institution: A $10,000.00 loan with two disbursements, and no grace, a disbursement fee of 0% and a 7.33% APR. APR is variable and may increase after consummation. Repayment consists of 51 fixed $25/month payments during the in school and separation period, followed by 119 payments of $141.66 per month and one payment of $114.67, for a total amount paid of $18,247.21.
^^^The deferred repayment option is only available for degree-granting institutions. Unpaid interest will capitalize when your loan enters principal and interest repayment.

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