Student Loans

Increasing education costs coupled with decreasing scholarship and grant opportunities have forced families to turn to private student loans to cover the cost of higher education. Somerville Municipal FCU recognizes the challenges its members face when trying to pay for college, and we’re committed to offering our members access to affordable student loan financing.

Private Student Loan & Student Loan Consolidation

We have partnered with a trusted credit union industry alliance, LendKey, to provide the Somerville Municipal FCU Private Student Loan Program and Student Loan Consolidation Program. The Private Student Program loan can be utilized for any education-related expense such as tuition, room and board, books, supplies and other educational items. The Student Loan Consolidation Program allows you to consolidate your loans into one, low monthly payment.
Somerville Municipal FCU Private Student Loan features:
• No application fee
• Competitive interest rates.
• Borrow as little as $2,000 or up to Cost of Attendance per year for a maximum of $120,000 in undergraduate loans or $160,000 in graduate loans
• Choose between making interest payments or a nominal $25 “Proactive Payment” towards the loan while in school.
• 1% Interest Rate Reduction once 10% of the loan principal is repaid during the full repayment period

Prior to considering a private student loan, both Somerville Municipal FCU and LendKey strongly encourage all student borrowers to first exhaust all scholarships, grants and federal loans.

Somerville Municipal FCU Student Loan Consolidation features:

  • No Origination Fee for all student borrowers
  • Refinance and consolidate as little as $7,500 or as much as $125,000 in undergraduate student loan debt or $175,000 in graduate debt.
  • Choose between paying interest only payments for the first 4 years of repayment or standard level repayment the whole term.
  • Quick approval once your application is received

Somerville’s Credit Union considers not only the traditional credit bureau report, but we also evaluate the student borrower’s academic attributes. The result is a process that recognizes and rewards the borrower’s academic achievement.

To see more program details and apply online for Private Student Loans, click HERE.

To see more program details and apply online for Student Loan Consolidation, click HERE.

Smart Option Student Loan

The Smart Option Student Loan® for Somerville’s CU by Sallie Mae®
For borrowers attending degree-granting institutions

Now you can pay for college the smart way with three great repayment options and competitive interest rates!

This loan is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans. To learn more or to apply, please get started here.

The Smart Option Student Loan features and benefits:

  • Multiple in-school repayment options plus a choice of competitive fixed and variable interest rates, providing even more flexibility
  • No origination fee and no prepayment penalty
  • Benefits and an interest rate reduction available
  • Rates that reward creditworthy borrowers
  • Applying with a creditworthy cosigner may help you qualify
  • 100% US-based Student Loan Specialists

To learn more, please get started here.