Student Loan Options

 college expenses

Student Loan Options for Your Lifestyle and Budget

Whether you are starting your college search or looking for ways to lower your interest rate on existing student loans, The Summit has options to fit your needs.

We also offer scholarships annually. Visit our College Scholarships page to learn more.

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Pay for College

At The Summit, we can help you pay for college or graduate school. With our private education line of credit, we’ve got you covered with undergraduate and graduate student loans with fixed and variable rates.

Our innovative Student Choice private student lending solution is designed to help you responsibly fill funding gaps that may remain after you’ve exhausted lower-cost sources of aid such as scholarships, grants, and federal loans. We also provide helpful tools so you can make responsible choices when deciding on student loans.

Even if you’re unsure of the college you’ll be attending or the exact loan amount you may need, you can establish your private education line of credit today. Then, once your plans have been finalized, you can come back to request the exact funding you need. Learn more.

Our undergraduate and graduate student loans offer:

  • Competitive interest rates – fixed and variable options
  • Flexible repayment terms to fit your needs
  • Easy online application and instant credit decision
  • A relationship with a local, not-for-profit lender you can trust

Explore our undergraduate and graduate student loans.

Choosing the Best Rate Option

When you pay back your student loan, there are two types of rates: fixed and variable.

  • Fixed rates: With a fixed rate, your interest rate and monthly payment remain the same for the life of your loan. This option offers a shorter repayment period than a variable rate option.
  • Variable rates: With a variable rate, your interest rates and monthly payments rise and fall according to the Prime index (also called “market index.”) This option offers a longer repayment period than a fixed rate option.

View rates for undergraduates and graduates.

Need help figuring out which rate is best for you?

Check out this guide to learn more about the pros and cons of fixed and variable loans.

If you need help weighing your options, our College Counselor can help! They can provide personal, one-on-one consultation for all of your financial aid, repayment, and refinancing questions. Whether you’re a parent, high school student, or college graduate entering loan repayment, our counselor can walk you through the necessary steps to make smart financial decisions.

Refinance Your Existing Student Loans

Now might be the perfect time to consider refinancing your student loans. The Summit’s Student Choice refinancing option offers great rates and flexibility on paying off debt.

If you have loans that don’t qualify for the federal forgiveness program, you could consolidate your private and/or federal student loans1 including PLUS loans, to get a lower interest rate, pay off your loans faster or lower your monthly payment2.

Our student loan refinance option offers:

  • Competitive interest rates – fixed and variable options
  • Loan limit up to $75,000
  • Flexible repayment terms to fit your needs
  • Easy online application and instant credit decision
  • A relationship with a local, not-for-profit lender you can trust

Apply online today or visit the Student Choice website for more information.

Things to consider before refinancing your student loan

We know that everyone’s student loan situation is unique and figuring out where to start can be tough.

Am I eligible to refinance my student loans with The Summit?

Refinancing your student loans could help you pay your loans off sooner or reduce your monthly payment.

To be eligible to refinance your student loans, you must have graduated from an approved school3 and be a member of The Summit Federal Credit Union. You may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded. Be sure to review all eligibility requirements.

Check out our Guide to Refinance or consult with our College Counselor to determine if it makes sense for you.

Additional Support

For more information or if you have questions about our products or services, visit any of our branches or call us at (585) 453-7000 or (800) 836-7328.

*To qualify, the loan application must be started between 4/1/2024 and 6/30/2024. Upon approval and disbursement of your refinance loan, the primary borrower will receive a cash deposit of $300. The cash deposit will be awarded in the form of a deposit to your credit union checking or savings account within 90 business days from the funding date of the loan. The primary borrower must be a credit union member in good standing at the time of deposit. Limit one cash award per borrower. The credit union reserves the right to modify the terms of this offer at any point in the future for new applications. Recipient is responsible for any applicable federal, state, or local taxes associated with receiving the cash deposit; consult your tax advisor to determine applicable tax consequences.

  1. By refinancing federal student loans, you may lose certain borrower benefits from your original loans, including interest rate discounts, principal rebates, or some cancellation benefits that can significantly reduce the cost of repaying your loans. It is important to remember that if you refinance some or all of your federal student loans into a private student loan with the credit union, you will lose access to any current or future federal student loan benefits, such as potential debt cancellation or income-driven repayment options. For more information, visit or contact your federal student loan servicer.
  2. Subject to credit qualification and additional criteria, including graduating from an approved school.
  3. Approved schools subject to change without notice.