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ENY FCU Private Student Loan Eligibility
Who is eligible for a ENY FCU Loan?
How do I know if my school is eligible for an ENY FCU Loan?
Does applying for a federal loan impact my ability to obtain an ENY FCU Loan?
What is a cosigner?
Is a cosigner required to obtain an ENY FCU Loan?
Will the cosigner’s credit record be affected?
Is the cosigner responsible for repaying the loan?
Who is eligible for a ENY FCU Loan?
To apply for an ENY FCU Loan you must be enrolled at least half-time in a degree-granting program at an Eligible school and you must have a creditworthy cosigner. Choosing a creditworthy cosigner may lead to a lower loan rate and fewer fees.
How do I know if my school is eligible for an ENY FCU Loan?
You can confirm whether or not your school is an approved school during the loan application process or you can check our approved school list.
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Does applying for a federal loan impact my ability to obtain an ENY FCU Loan?
No. We encourage all students to explore and exhaust all federal aid options first, and then use private loans to help pay your remaining education expenses.
What is a cosigner?
A cosigner is a parent, grandparent, guardian or other adult who is creditworthy and willing to assume legal responsibility for the loan liabilities along with you. The cosigner must be a U.S. citizen.
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Is a cosigner required to obtain an ENY FCU Loan?
Yes, a cosigner is required to obtain an ENY FCU Loan. A creditworthy cosigner increases the likelihood of your loan approval and may lead to a lower loan rate and fewer fees.
Will the cosigner’s credit record be affected?
Yes, in a cosigned loan application both the borrower and the cosigner are applying for the loan and are jointly responsible for making loan payments. The loan will show up on both the borrower and cosigner’s credit report.
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Is the cosigner responsible for repaying the loan?
If the borrower fails to repay the loan, then the cosigner is responsible for repaying the loan. However, the cosigner may be released of this obligation once the borrower is able to meet certain criteria to determine creditworthiness and makes 24 on-time full payments of principal and interest.
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