The Laurel Collegiate Loan

The smart way for parents to help their children finance a college education.

Today there are many college financing options at your disposal: scholarships, grants, federal loans, as well as the money you’ve saved. But the costs of college keep going up, and many families are finding themselves short, despite years of saving.

That's where the Laurel Collegiate Loan can help -- for parents and their kids. With a private student loan, the money can be used to cover the cost of tuition, as well as a wide range of education-related expenses. So you’ll know your child is covered for all those things that add up fast over the course of a semester, like books, lab fees, room and board, and travel home.

With a Laurel Collegiate Loan, your child can:

Apply only for the amount needed ($1,500 minimum a year)
Receive up to $40,000 per academic year¹
Apply online or over the phone in as little as 15 minutes
Get preliminary approval in as little as 15 minutes
Get a check in about a week
Make payments now, or defer up to 5 years²
Save an additional 0.50% on interest rates by making automated payments³

Smart Borrowing

When considering college financing options, your child should be sure to use up any "free money" first: scholarships, grants, and any college savings funds they might own.

When it's time to borrow, start by applying for a federal loan. In addition to being guaranteed by the federal government, these loans can be used to pay for tuition and fees, room and board, and other school charges.

When you've explored all these college financing options, a Laurel Collegiate Loan can help cover your child's remaining education-related expenses, including:

The Laurel Collegiate Loan is available for Undergraduate Programs, Graduate Programs, and Continuing Education programs.

Loan alternatives

A Laurel Collegiate Loan can help avoid saddling you or your kids with high-interest credit card debt. It also helps you avoid many restrictions of other types of loans, such as need-based or “tuition-only” loans. Learn more about how Laurel Collegiate Loans compare to:

Repayment options

Undergraduates can choose from three repayment options:

Graduate repayment is automatically deferred. Continuing education borrowers begin repayment the earlier of a) 180 days after the student graduates or earns a certificate; b) 180 days after the student ceases to be enrolled; or c) two years after the date of the loan disbursement. K-12 loans are immediate repayment loans.

Automated payments

Borrowers who sign up for automatic payment from a savings or checking account are eligible for a 0.25% reduction of their interest rate. Upon request, borrowers can receive an additional 0.25% interest rate reduction – for a total of 0.50% -- if they make their first 36 payments on time, and they sign up for automated payments.³

Undergraduate and graduate borrowers may borrow annually up to the lesser of the cost of attendance or $30,000 ($40,000 for certain schools where the annual cost of attendance has been determined to exceed $30,000). Borrowers in Continuing Education and K-12 loan programs may borrow annually up to $30,000.
Undergraduates may choose to defer repayment of principal and interest until six months after graduation or ceasing to be enrolled at least half time, for up to a maximum of five years. Immediate repayment and interest-only repayment options are also available. Graduate repayment is automatically deferred. Continuing education borrowers begin repayment the earlier of a) 180 days after the student graduates or earns a certificate; b) 180 days after the student ceases to be enrolled; or c) two years after the date of the loan disbursement. K-12 loans are immediate repayment loans.
The 0.25% interest rate reduction is available for borrowers who elect to have monthly principal and interest payments transferred electronically from a savings or checking account. The interest rate reduction will begin when automatic principal and interest payments start, and will remain in effect as long as automatic payments continue without interruption. This reduced interest rate will return to contract rate if automatic payments are cancelled, rejected or returned for any reason. Upon request, borrowers are also entitled to an additional 0.25% interest rate reduction if (1) the first 36 payments of principal and interest are paid on time, and (2) at any time prior to the 36th on-time payment, the borrower who receives the monthly bill elects to have monthly principal and interest payments transferred electronically from a savings or checking account, and continues to make such automatic payments through the 36th payment. The reduced interest rate will not be returned to contract rate if, after receiving the benefit, the borrower discontinues automatic electronic payment. The lender and servicer reserve the right to modify or discontinue borrower benefit programs (other than the co-signer release benefit) at any time without notice.

Laurel Collegiate Loans are funded by Union Federal Savings Bank, Member FDIC and Equal Opportunity Lender.

The student is the primary borrower for the Undergraduate, Graduate and Continuing Education Loans. Parents and other creditworthy individuals may cosign for these loans.