CompleteEd College Loan
*No Longer Available (8/26/11)
CompleteEd is a credit union that offers undergraduate private loans to students for college. CompleteEd is not a bank, but a credit union. A credit union is a non-profit member organization, which differs from for-profit banks. You must be the member of a credit union to be eligible for CompleteEd undergraduate private loans. CompleteED (under the auspices of CUNA Mutual Group) have really been at the forefront of the credit union movement in the United States. Since they are not a bank, their main focus is loans for students and they boast some of the lower interest rates for private college loans.
Private Loan Name: CompleteEd Private Student Loan
Loans for Which Students? Undergraduate students
Minimum/Maximum per Student:
$2,500 – $25,000 per year, up to $120,000 (equal to your cost of attendance, less any other aid)
(Varies depending on your credit rating and history) PRIME + 2.25% – PRIME + 8.25%
Student Loan Fees:
0% – 3%
Payments are deferred until 6 months after your graduate, full payment in up to 20 years. Minimum monthly payments can be no less than $50.
While you technically have to already be a member of a credit union to qualify for a CompleteEd loan, you can also join one just to become eligible. They even have a nifty “credit union finder” on their website to help you find one that might appeal to you. If you already belong to a credit union, they’ll take .25% off of your interest rate. You can lower that by another .25% if you sign up for automatic loan payments from your qualifying checking or savings account. It is also important to note that CompleteEd requires that you apply with a cosigner for your private student loan.
How to Apply/Contact: You and/or your cosigner can apply online (Website Offline: 8/18/11)