National Police Credit Union Offers Great Student Loan Interest Rates for New and Consolidation Loans
National Police Credit Union offers great interest rates on a variety of student loan options. We offer Deferred Payment Student Loans, Student Loan Consolidations, and Tuition Loans.
Killed in the Line of Duty Loan Protection
This product qualifies for Killed in the Line of Duty Loan Protection, a special debt cancellation benefit created exclusively for active full-time Law Enforcement Officers.
Deferred Payment Student Loan
National Police Credit Union offers a Student Loan* to help you fill in the funding gaps created by limits in federal aid and delays in department reimbursements. Our Student Loan Program offers low student loan interest rates** and the convenience of limited documentation. This loan may help you to cover room and board as well as other related expenses for both undergraduate and graduate pursuits. Additionally, your payments will be deferred until six months after you graduate.
*$15,000 annual limit applies, $42,000 total maximum loan limit. Certain restrictions apply. Check must be made payable to institution. Interest will continuously accrue on the loan during the deferment period as well as the repayment period.
**Rates as low as 6.90% APR (Annual Percentage Rate), subject to credit qualification.
Student Loan Consolidation
National Police Credit Union offers Student Loan Consolidation* for members who have completed school and are carrying loan debt. We offer student loan interest rates as low as 6.90% APR** for members seeking consolidation.
- A consolidation may lower your monthly payment
- If you currently have student loans with different loan providers, a consolidation can simplify your loan repayment by giving you one loan with one monthly payment.
- Variable-rate loans are consolidated to our fixed interest rate
*$42,000 total maximum loan amount. Certain restrictions apply.
**APR = Annual Percentage Rate. Rates subject to credit qualification.
National Police Credit Union offers a Tuition Loan for members with children enrolled in private elementary and high schools*.
- Loans up to $6,000
- Repayment terms of up to 12 months
- Must provide copy of tuition bill
- Rates as low as 6.90% APR**
*Certain restrictions apply.
**APR = Annual Percentage Rate. Rates subject to credit qualification.
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Life and Disability Debt Protection allows you to safeguard your loan in times of uncertainty.
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Frequently Asked Questions
Yes! When you log into your National Police Credit Union online banking, you will click on the "Move Money" tab then use the "External Funds Transfer" tool. You can set up as many external accounts as you’d like, seamlessly transfer between the accounts, and it is FREE of charge! Note: The external transfer limit is $2,000 per day. If you need to transfer more or need the funds immediately, wire transfers are also available.
How Student Loan Consolidation Can Help
For many Americans, there’s no greater feeling than to toss your cap at your college graduation. According to the National Center for Education Statistics, “undergraduate enrollment is projected to increase by 14 percent (from 17.0 million to 19.3 million students) between 2015 and 2026.” That’s a lot of students, and most of them will need help to pay the rising costs of college education. In fact, it is estimated that half of all students graduate with some student loan debt. For some students who acquire debt, this may mean the eventual need for student loan consolidation. Let’s look at the process for acquiring loans, and eventually, deciding on whether or not to consolidate your loans.
For anyone looking to go to college, whether you’re just out of high school or returning to further your career goals, one of the largest stumbling blocks is financing. It can be a daunting task to sort through all of the choices for student loans. There are so many factors to weigh, such as the amount to borrow, the terms and conditions, and of course everyone wants a terrific student loan interest rate. Student loan consolidation is another aspect of the borrowing process and essentially means all or most of your loans are consolidated into a single loan, making the repayment process easier. However, more important than an easy repayment process is whether or not your consolidated loans will save you money.
Starting with Student Loans
If you are one of many students who will need to borrow money to attend college, you will start by finding the right set of borrowing terms, signing the paperwork, and heading off to class. The college will receive the funds from your lender, and your cost of tuition (typically) will be covered by the loan. Of course, once you graduate, you begin the repayment of your student loans. Most loans have a ten-year repayment, which lets you pay a set monthly payment for the ten year period, at the end of which you’ll have paid for the loan, and the interest on the loan.
During the course of your college career, you will have to opportunity to take both personal student loans and federal student loans. Personal or private loans tend to be for smaller amounts, and very often those smaller loans come from more than one provider. This can make repayment a nightmare, as each loan may have a different payment due date, and certainly a different due amount. Generally speaking, the interest rate is not as good as your federal loans. One avenue to make this situation easier is student loan consolidation.
Better Student Loan Interest Rates, One Payment
Student loan consolidation combines several student loans into one bigger loan from a single lender. Essentially, that means you can take several loans, from one or more lenders, and consolidate them into one new loan, making only one payment a month to a single lender. The monthly payment will probably be close to an average of your current loan payments. Just keep in mind that this isn’t your best move unless overall, you will be reducing your student loan interest rates with the move.
What are the Benefits of Student Loan Consolidation?
1. You can extend your repayment period.
If you are struggling to make the monthly payments on your current loan, consolidation can help you by extending the amount of time you repay the loan. Most loans start at 10 years, and with consolidation you might qualify for a longer repayment term.
Beware, though, that a longer repayment term doesn’t mean you pay less in the end. You will owe more in interest if you pay a lower monthly rate over a longer period of time. It is a smart solution for those with lower income and trouble making their current payments.
2. You can lock in a fixed rate.
If you took out your student loan previous to 2006, you might have what’s known as a variable interest rate. This means you may end up paying more, as the interest and monthly payments can change with the market. Consolidation of your student loans means that you can lock into a fixed rate, which may end up saving you money.
If you have federal loans, they cannot be consolidated with private loans. However, if your student loans are from more than one private lender, consolidation can make your life simpler, and more affordable.
For more information about student loan consolidation, talk to a National Police Credit Union representative today. The first step to a simpler student loan experience is to find out more about how consolidation could be right for you.