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overview
Federal grants and loans for teachers don’t always cover the complete cost of college. The NEA Undergraduate Loan Program offers customizable private student loans designed for educators that can help you fund the difference.
NEA members are eligible for a special 0.25% interest rate discount.1 Choose from loan terms of 5, 8, 10, or 15 years.4Get an additional 0.25% interest rate discount when you enroll in auto-pay.2Choose from four repayment options – full principal and interest, interest only, flat payment and deferred payment.Cover up to 100% of the school-certified cost of attendance.3There are no origination or application fees, or pre-payment penalties.how it helps
The NEA Undergraduate Loan Program, in partnership with College Ave Student Loans, allows you to apply online and get your credit decision in as little as three minutes.
Adding a cosigner may help. If you are thinking about applying for a private student loan, adding a cosigner may help your chances of being approved and getting a better interest rate.
With an exclusive NEA member discount of 0.25%1, plus an additional 0.25% interest rate reduction with auto-pay enrollment,2 you can save on interest over the long-term.
Funds are disbursed directly to the school to cover school-certified undergraduate expenses, such as lab fees and dining plans.3
Choose from loan terms of 5, 8, 10, or 15 years4 and pick one of four repayment options: immediate full principal and interest, interest only, flat pay or deferred. You choose what best fits your financial needs.
How It Works
FAQs
Terms & Conditions
1. NEA members receive a 0.25% interest rate reduction on Undergraduate loans that are opened through the NEA member benefits portal. The NEA member discount will be applied to your loan account after the initial disbursement occurs.
2. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit.
3. As certified by your school and less any other financial aid you might receive; minimum $1,000.
4. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
The NEA Undergraduate Loan is provided by College Ave Student Loans. College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
