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finder.com’s rating: 4.0 / 5.0
★★★★★
6% to 18%
APR
$75,000
Max. Loan Amount
Product Name | NASA FCU Private Education Line of Credit |
---|---|
Minimum Loan Amount | $1,000 |
Max. Loan Amount | $75,000 |
APR | 6% to 18% |
Interest Rate Type | Variable |
Minimum Loan Term | 20 years |
Maximum Loan Term | 25 years |
Requirements | Member of NASA FCU, $2,500+ gross monthly income, enrolled at least half time at approved school, satisfactory academic progress, US citizen or permanent resident |
Review by
Kellye Guinan was a financer writer for Finder, covering everything from loans from auto to personal to business finance.
NASA FCU is ideal for students looking to fund all four years of college with just one application. As a line of credit, you only have to apply once and can borrow as much as you need — whenever you need it. It’s a good option if you don’t want to have to take out loans from multiple providers each year.
However, this credit union doesn’t have the most competitive rates. And it doesn’t offer formal forbearance programs if you hit a financial rough patch and are struggling to afford repayments. It also doesn’t have the best customer reviews.
Not ready to board the rocket ship? Check out our list of other lenders that might be a better fit for you.
To be eligible for a NASA FCU student loan, you need to meet the following criteria:
* A list of approved schools can be found on NASA FCU’s Student Choice page.
Unlike most private student lenders, NASA FCU doesn’t offer a traditional term loan. Instead, you can take out a student line of credit that you draw from throughout the course of your studies. You can borrow as little as $1,000 each year all the way up to your school-certified cost of attendance. However, the total amount you can borrow throughout your academic career is limited to $75,000.
Your loan term depends on how much money you end up drawing from your line of credit.
The best part? As long as there’s no significant changes to your or your coborrower’s credit score, there’s no need to reapply for credit each year. You simply need to request a draw online or by phone at the start of each academic year, and then wait 30 days for your loan to process and funds to be disbursed.
A student line of credit from NASA FCU has a variable rate between 6.08% and 6.82% — though it will never go above 18%. There are no origination or application fees, and you won’t be charged a prepayment penalty for paying off your loan early.
Unlike other private student loan providers, NASA FCU doesn’t advertise an interest rate discount for signing up for autopay.
What are my repayment options?
When you take out a student line of credit from NASA FCU, you’ll have three repayment options.
You also have the option of a graduated repayment schedule that you can choose before repayment begins or any time within the first 24 months of your loan repayment period. Your loan balance is amortized for the first two years of repayments, meaning your loan is treated as if it will be repaid over a 40-year period. When those two years are up, your loan will be reamortized over the remaining 18 or 23 years, based on your original repayment plan.
You can defer repayments while you’re in school, but other types of deferment or forbearance — such as if you need to suspend payments while looking for a job — aren’t advertised on its website. This doesn’t necessarily mean they aren’t available, but you’ll need to reach out to customer service to explore your options.
If you’re already a member or eligible for membership, NASA FCU offers a few competitive benefits to student borrowers.
Although it may offer some strong features, there are still a few downsides to getting a student loan through NASA FCU.
Reviews of NASA FCU are generally negative, with many customers complaining of bad customer service experiences and miscommunication with representatives that resulted in wrongful charges. However, none of these were specific to student loans — just the banking system in general.
In addition, NASA FCU isn’t accredited with the Better Business Bureau (BBB) and receives an A- rating due to its failure to respond to a complaint filed against it. There are only four customer reviews, but all are fairly recent and cite NASA FCU’s poor customer service.
Before you begin, confirm you qualify for membership with NASA FCU and that you and your cosigner meet its other eligibility requirements.
Ready to apply? Call 800-322-8816 or follow these steps to sign up online:
It may take a few minutes for your application to be processed and NASA FCU to get back to you with a decision. If approved, a credit union representative will walk you through the next steps of verifying your school expenses and signing your paperwork.
When filling out the NASA FCU student loan application, you or your cosigner will need to provide the following:
NASA FCU student loans are serviced by University Accounting Service (UAS). You can make repayments online, over the phone and by check, but keep an eye on your account — UAS has been known to have trouble processing repayments from borrowers in the past. See something amiss? Contact UAS directly by calling 800-723-2210.
Everything you need to know about UAS student loan servicing
Founded in 1949, NASA FCU is a federal credit union that services current and former employees of NASA, employees of partner companies, relatives and household members, and NSS members. Like most credit unions, it offers a variety of banking services and loan options. It also has a resource center that links to a few helpful calculators and tips on money management.
Check out our guide to student loans to compare your other options and find the best deal for you.
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