Important Disclosures

Special Offer Disclaimers

3 Months No Payments or Interest Offer

¹To qualify, the loan application must be for a standard refinance application (parent refinance product excluded), started between 11/19/2021 and 02/19/2025 and the selected repayment term must be 10 years or less. Upon disbursement of your refinance loan, no payments will be required and no interest will accrue during a three-month promotional period. After this three-month promotional period ends, this loan requires full payments of principal and interest. The credit union reserves the right to modify the terms of this offer at any point in the future for new applications.

$400 Cash Offer

²Upon approval and disbursement of your refinance loan, you’ll get $400 deposited into your Lake Trust Membership Savings Accounts within 90 business days from the funding date of the loan and another $100 will go to benefit scholarships for Michigan students. To qualify, the completed loan application must be received between 10/01/2022 and 12/31/2024. 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.

Undergraduate

Variable Rate Solution

The Annual Percentage Rate (APR) for our undergraduate private education line of credit is variable¹ and is based on the Prime index² plus a margin.

The current offered rate³ will be between 7.49% and 12.50% APR.

Fixed Rate Solution

The Annual Percentage Rate (APR) for our undergraduate private education line of credit is fixed⁴ for the life of the loan.

The current offered rate⁵ will be between 6.50% and 12.75% APR.

Please Note:

All loans subject to approval and restrictions may apply. We reserve the right to change rates for new applications at any time and without notice. Credit union membership and a minimum share deposit is required.

Variable Rate Disclosures

The Annual Percentage Rate is subject to increase after consummation. The interest rate will be adjusted quarterly, based on changes to the Index. The APR will not exceed 18.00%, or fall below the Floor rate regardless of the Index or any additional rate discount. Any increase in the Index may increase the APR and the amount of your monthly payment.
The "Index" for the quarter beginning October 1, 2024, is 8.50%, which was the Prime index published in the Wall Street Journal on the first business day of September 2024.
Current offered rate(s) are calculated by using the Index, Margin and Floor value(s) in effect. Your specific Interest Rate, Margin, Floor, and/or credit approval depends upon the credit qualifications of the student borrower and co-borrower (if applicable). Margin will be disclosed at account opening. Student borrowers may apply with a creditworthy co-borrower which may result in a better chance of approval and/or lower interest rate.

Fixed Rate Disclosures

Your interest rate is fixed and your rate and/or credit approval depends upon the credit qualifications of the student borrower or coborrower (if applicable).
Your actual rate within the range stated will be disclosed upon approval. Student borrowers may apply with a creditworthy coborrower which may result in a better chance of approval and/or lower interest rate.

Graduate

Variable Rate Solution

The Annual Percentage Rate (APR) for our graduate private education line of credit is variable¹ and is based on the Prime index² plus a margin.

The current offered rate³ will be between 7.49% and 10.00% APR.

Fixed Rate Solution

The Annual Percentage Rate (APR) for our graduate private education line of credit is fixed⁴ for the life of the loan.

The current offered rate⁵ will be between 6.40% and 10.75% APR.

Please Note:

Variable Rate Disclosures

The Annual Percentage Rate is subject to increase after consummation. The interest rate will be adjusted quarterly, based on changes to the Index. The APR will not exceed 18.00%, or fall below the Floor rate regardless of the Index or any additional rate discount. Any increase in the Index may increase the APR and the amount of your monthly payment.
The "Index" for the quarter beginning October 1, 2024, is 8.50%, which was the Prime index published in the Wall Street Journal on the first business day of September 2024.
Current offered rate(s) are calculated by using the Index, Margin and Floor value(s) in effect. Your specific Interest Rate, Margin, Floor, and/or credit approval depends upon the credit qualifications of the student borrower and co-borrower (if applicable). Margin will be disclosed at account opening. Student borrowers may apply with a creditworthy co-borrower which may result in a better chance of approval and/or lower interest rate.

Fixed Rate Disclosures

Your interest rate is fixed and your rate and/or credit approval depends upon the credit qualifications of the student borrower or coborrower (if applicable).
Your actual rate within the range stated will be disclosed upon approval. Student borrowers may apply with a creditworthy coborrower which may result in a better chance of approval and/or lower interest rate.

Student Loan Refinance

Variable Rate Solution

The Annual Percentage Rate (APR) for our student loan refinance program is variable¹ and is based on the Prime index² plus a margin. The rate you receive depends upon the credit qualifications of the borrower or cosigner (if applicable) and the repayment term selected.

The current offered rates are³:

5-Year Repayment Term: between 7.24% and 9.00% APR
10-Year Repayment Term: between 7.40% and 9.50% APR
15-Year Repayment Term: between 7.50% and 10.00% APR

Your interest rate is calculated by adding the Index in effect plus a Margin⁴.

Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments.

Fixed Rate Solution

The Annual Percentage Rate (APR) for our student loan refinance program is fixed⁵ for the life of the loan. The rate you receive depends upon the credit qualifications of the borrower or cosigner (if applicable) and the repayment term selected.

The current offered rates⁶ are:

5-Year Repayment Term: between 5.49% and 8.75% APR
10-Year Repayment Term: between 5.65% and 9.50% APR
15-Year Repayment Term: between 6.25% and 9.75% APR

Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments.

All loans are subject to approval and restrictions may apply. We reserve the right to change rates for new applications at any time and without notice. Credit union membership and a minimum share deposit is required.

Important: Please remember that federal loans do offer certain benefits and protections that do not transfer to a private loan. By refinancing your federal student loans to a private loan you will lose any federal benefits that may apply to you. Please review this important disclosure for more information.

The Annual Percentage Rate is subject to increase after consummation. Your Interest Rate is variable and may be adjusted quarterly on each January 1, April 1, July 1, and October 1 (Adjustment Date) based on the Prime Index as published in the Wall Street Journal on the first business day of the month immediately prior to the Adjustment Date (e.g., December, March, June and September). Any increase in the Index may increase the APR and the amount of your monthly payment.
The "Index" for the quarter beginning October 1, 2024, is 8.50%, which was the Prime index published in the Wall Street Journal on the first business day of September 2024.
Current offered rates are calculated using the Index and Margin value(s) in effect. Your specific Index, Margin, and/or credit approval depends upon the credit qualifications of the student borrowers or cosigner (if applicable). Applicants may apply with a creditworthy cosigner which may result in a better chance of approval and/or lower interest rate.
Margin will be disclosed upon approval. This Margin is added to the index to determine the calculated interest rate. The APR will not exceed 18.00%, regardless of the index.
Your interest rate is fixed and your rate and/or credit approval depends upon the credit qualifications of the student borrower or cosigner (if applicable).
Your actual rate within the range stated will be disclosed upon approval. Student borrowers may apply with a creditworthy cosigner which may result in a better chance of approval and/or interest rate.

Repayment examples:
Examples provided use highest current offered rate in effect for each repayment term and assume a constant interest rate on a $50,000 loan amount. Rates shown include a 0.25% discount for optional enrollment in automatic electronic payments.

Variable Interest Rate Solution

5 year loan term: with a 9.00% APR, the monthly payment will be $1,037.92. Finance charges will be $12,275.07.
10 year loan term: with a 9.50% APR, the monthly payment will be $646.99. Finance charges will be $27,638.53.
15 year loan term: with a 10.00% APR, the monthly payment will be $537.30. Finance charges will be $46,714.46.

Fixed Interest Rate Solution

5 year loan term: with a 8.75% APR, the monthly payment will be $1,031.86. Finance charges will be $11,911.70.
10 year loan term: with a 9.50% APR, the monthly payment will be $646.99. Finance charges will be $27,638.53.
15 year loan term: with a 9.75% APR, the monthly payment will be $529.68. Finance charges will be $45,342.64.

Important Refinance Disclaimers

Important: Please review carefully if you are considering refinancing your federal student loans.

If you refinance some or all of your federal student loans into a private student loan with a credit union, you will lose access to any current and/or future federal student loan benefits, such as potential debt cancellation or income-driven repayment options. Make sure to explore all available resources by visiting the Department of Education’s website at www.studentaid.gov or contacting your federal student loan servicer to understand how any federal student loan proposals may impact you, so that you can determine if having access to federal student loan benefits outweigh the benefits of refinancing your loans.

You are eligible to refinance private student loans (including institutional loans) and government loans with this Student Loan Refinance. If any of the loans that you are refinancing are government loans, you should be aware of the following important facts about how refinancing may affect your rights.

A government loan is made according to rules set by the U.S. Department of Education. Many government loans have fixed interest rates, meaning that the interest rate on such a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-driven repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty servicemember and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
If you are unable to pay your government loan, the government may refer your loan to a collection agency or sue you for the unpaid amount. In addition, the government has special powers to collect the loan, such as taking your tax refund and applying it to your loan balance.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If you refinance your government loan, your new lender will use the proceeds of your new loan to pay off your government loan. Private student loan lenders do not have to honor any of the benefits that apply to government loans. Because your government loan will be gone after refinancing, you will lose any benefits that apply to that loan. If you are an active-duty servicemember, your new loan will not be eligible for certain servicemember interest rate and repayment benefits. Most importantly, once you refinance your government loan, you will not able to reinstate your government loan if you become dissatisfied with the terms of your private student loan.
Your private student loan will have either a fixed interest rate that will never change or a variable interest rate that will go up or down with the market. In either case, the interest rate of your private student loan may be less than the rate of your government loan. If your new private student loan has a fixed interest rate that is less than the interest rate on your government loan, your payments may be less if you refinance. If your new private student loan has a variable interest rate that currently is less than the interest rate on your government loan, your payments may be less now. If rates go up in the future, however, the interest rate and the payments on your private student loan could eventually be greater than the interest rate and payments on your government loan.
If you are a borrower with a secure job, emergency savings, strong credit and are unlikely to need any of the options available to distressed borrowers of government loans, a refinance of your government loans into a private student loan may be attractive to you. You should consider the costs and benefits of refinancing carefully before you refinance.
If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.