Student loans are a natural, but daunting, part of funding a college education. As tuitions continue to rise, our goal is to ensure student members and their families are equipped with the knowledge and confidence to navigate the borrowing process and select repayment options that best meet their needs.
First, Explore All Options for Covering Your Costs
It's important to research and apply for grants, scholarships and federal student loans before you apply for private student loans.
- College grants: Essentially “gift aid” that doesn't require repayment. Read our article on student loan grants for more information on finding and applying for grants.
- Scholarships: Financial support awarded to a student based on their academic or other achievements. Apple FCU's Apple Scholars Scholarship Program awards $3,000 scholarships to 25 deserving high school seniors every year, so keep an eye on our page for your opportunity to apply for the upcoming academic year. You can also browse hundreds of scholarships across the country.
- Federal student loans: Available to many students who complete the Free Application for Federal Student Aid (FAFSA) form, and do not require a credit score check. The fixed interest rate is set by Congress each year.
Remember to utilize any savings you have! Apple FCU offers two savings accounts dedicated to saving for your or your child's education: our Education SuperSaver and Coverdell ESA.
Then, Explore Your Student Loan Options
Once grants, scholarships and federal assistance have been applied, a private student loan can finance any remaining costs.
Through Apple FCU's student loan partner, you can cover up to 100% of your remaining fees, enjoy competitive interest rates, no origination fees—that means you don't have to pay extra to process a loan or pay it off early—and multiple repayment options.
Your Repayment Options
- Pay interest while you're in school and during your grace period1. You may have higher monthly payments with this option, but you could save up to 17% on your total loan cost2.
- Pay a fixed amount while you're in school. This will help you make a dent in your loans from the start. You'll pay $25 every month3 that you're in school, as well as the grace period afterwards1. Just keep in mind, any interest you don't pay during this time will be added to your overall loan balance.
- Pay after school. If you want to focus on your studies, you can choose to begin repaying your loans after graduation and the grace period1. However, because you aren't paying interest on your loan, the overall amount you owe may be higher than if you made payments while in school.
We're Here to Help You, Through College and Beyond
College financing doesn't have to feel overwhelming. With the right information, a thoughtful borrowing strategy and flexible repayment options, student loans can be a practical tool that supports your education goals rather than standing in the way of them.
Through Apple Federal Credit Union's student loan partnership, we're here to help you make informed decisions at every stage, whether you're exploring your options or ready to choose a repayment plan that fits your needs.
We know college students' questions about finances don't stop at student loans. Our College Essentials toolkit features our top products and tips for you or the student in your life. If you have questions or want help deciding what the best fit is for you or your family, we're ready to help—through college and beyond.
1 Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan's Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
2 Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered.
3 Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
