Loans

Student Loan Options

For a limited time get $250 when you refinance your student loan with The Summit!*

college expenses

Making an educated student loan decision

Whether you want to lower your interest rate, pay your student loans off sooner, or reduce your monthly payment, The Summit Federal Credit Union has options to fit your needs. We are proud to offer undergraduate and graduate student loans as well as refinancing solutions!

Already have a CU Student Choice account? Log in

A college education can open doors to job opportunities, but it can also come with a hefty price tag. As a parent, you want your child to have access to the best college education possible but probably don’t want them to be saddled with loads of debt upon graduation.

When you have exhausted all other sources of financial aid such as scholarships, grants, and federal loans, The Summit can help. Our Student Choice education solution provides your family a private student loan with your best interests in mind.

Pay for College

We are proud to offer undergraduate and graduate student loans with fixed and variable rates as well as refinancing solutions! We also provide helpful tools so students and parents can make responsible choices when deciding on student loans or refinancing.

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.

Undergraduate & Graduate Student Loans

We know that determining your college funding needs may be a challenge.

Don’t worry – with our private education line of credit, we’ve got you covered. 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 & Apply Today

Choosing the best rate

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.
Undergraduate Rates
Graduate Rates

Refinance Student Loans

It’s the perfect time to consider refinancing your student loans. If you have loans that don’t qualify for the federal measures, let The Summit help you take control with our student loan refinance solution!

Refinance and consolidate your private and/or federal student loans1 including PLUS loans, setting up one convenient payment and potentially saving on interest or monthly payments.2

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.
Learn More & Apply Today

FAQs

Should I refinance my student loan?
Refinancing your student loans could help you pay your loans off sooner or reduce your monthly payment. We know that everyone’s student loan situation is unique and figuring out where to start can be tough. Check out our Guide to Refinance or consult with our College Counselor to determine if it makes sense for you.

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

College Wise Loan

If you’re planning to attend or you already attend college, we have special member financing options to help meet your expenses, such as tuition, books, plus room and board. Our College Wise Loans have extended terms and a competitive interest rate to make college expenses more reasonable.

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Already have a CU Student Choice account? Log in

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 10/01/2022 and 12/30/2023. Upon approval and disbursement of your refinance loan, the primary borrower will receive a cash deposit of $250. 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 studentaid.gov 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.