Student loan rates, tuition costs are now at an all-time high. CommonWealth One Federal Credit Union helps students to refinance those high-interest loans into payments more manageable. Members can get rate as low as 3.00% and offer a wide range of options for loan consolidation.
Loan Rates and Longest Terms
- Terms up to 10 year
- Variable APR
- Rates ranging from 3.04% APR to 9.29% APR
Eligibility
- Cosigner required
- Must be a member of CommonWealth One
Pro
- Competitive Rates
- Loan amounts from $2,000 to $75,000
- No origination fee
- No prepayment penalties
- 1% Reduction after 10% paid off
- 30-Day No Fee Return Policy
- Proactive Payments
- Cosigner can be released after borrower makes 24 consecutive, on-time payments
- They operate through LendKey, which offer a wide range of loan refinance options from more than 300 banks and credit unions.
- Borrowers who enroll in automatic payments receive a 0.25% reduction APR
Con
- Cancellation of automatic payments or even a failed automatic payment will result in a 0.25% increase in the APR.
- Cosigner needed
Best For
- Students who live in eligible areas, and are members of CommonWealth One
In order to apply for its student loans at CommonWealth One you will have to become a member. You can open and maintain an account with CommonWealth One for as little as $5, which will qualify you to apply for student loans. Also to become a member the following must apply. You have to live, work, worship, go to school, or volunteer in one of the following areas:
- Washington, DC;
- City of Harrisonburg, VA;
- Warren County, VA;
- Clarke County, VA;
- City of Alexandria, VA. (Specific areas)
- Or, Be an employee of one of more than 200 sponsor groups
- Or, Have a family member who adheres to the above criteria
