Frequently Asked Questions

Q. How quickly will I receive my funds?

A. With our downloadable loan documents (e.g., credit agreement) and fax-back option, funds may be scheduled for disbursement in as few as 5 business days. Shortly after you are
conditionally approved, your credit agreement will be available online for completion or by mail, if you prefer. At the same time, we notify Rutgers University electronically of your conditional
approval and request that they certify information pertaining to your enrollment. Once we receive the completed paperwork from you and the financial aid office, and final approval is provided, funds disbursement will follow. Disbursement will occur in accordance with the school’s tuition due date(s).

Please note Continuing Education Loans may be disbursed in as few as 5 business days. Once we receive the completed paperwork from you, and final approval is provided, funds disbursement will follow. School certification is not required for these Continuing Education loans and the proceeds are paid directly to the borrower.

Q. Is there any penalty for early payment on a Rutgers USA FCU Private Education loan?

A. No, there is no penalty. You can pay off a loan at anytime, even if you are still enrolled in school.

Q. I am a foreign student attending a Rutgers University; can I still apply for a Rutgers USA FCU Private Education loan?
A. Yes. You will need to have a qualified, creditworthy cosigner who is a U.S. citizen or a permanent resident and who has been residing in the U.S. for the previous two years to be approved.

Q. Who is the primary borrower on a Rutgers USA FCU Private Education loan?

A. The student is the primary borrower on a Rutgers USA FCU Private Education loan even if there is a cosigner for the loan.

Q. Do I have to use a cosigner?

A.If you are applying for a loan and you meet the requirements below, you may be eligible to apply on your own:

• Unless you are retired, you must have a satisfactory employment history for at least the last two years (if you are self-employed, you must have been in business for at least the last two years), ·
• You must have proof of current positive income (if you are self-employed, your business must also have a net positive income for the last 2 years), ·
• You must have at least 21 months of credit experience and a satisfactory credit history, ·
• You must be a U.S. citizen or permanent resident and have resided in the U.S. for the previous two years, and ·
• You must have resided at your most current and immediately preceding addresses for a total of at least one year.

Q. What is the benefit of having a cosigner on my application?

A. While a cosigner is not always required, applying with a qualified creditworthy cosigner will improve the likelihood your loan application will be approved. In addition, if you apply with a qualified cosigner, you may also receive a lower rate and/or fee on your loan.

Q. How can I compare the total costs of loan programs?
A. The Annual Percentage Rate (APR) is your best measure of the cost of a loan. The APR factors in the interest rate, fees, and deferment and repayment terms.

Q. How do I know my enrollment status?

A. The enrollment status plays an important part in the type of loan for which you are eligible. The best way to determine your enrollment status is to contact your school’s financial aid office.

Q. How much can I borrow?

A. The annual borrowing limit for most of our guaranteed loans is the total cost of attendance minus other financial aid you receive (as certified by your school). Other annual limitations and/or cumulative borrowing limits may apply. If you do not know how much you need, we recommend you meet with your Financial Aid Officer to determine your budget and borrowing needs.

Q. What happens if I need to make a change after I’ve applied?

A. If you need to alter your loan amount after you have applied for a loan, you can do so until three days prior to the time of disbursement. Please note any changes may cause delays, and new paperwork and certification (if applicable) may need to be completed.