Catholic Federal’s low interest rate Tuition Loan can be used for payment of elementary, middle school or high school tuition costs.
 

Frequently Asked Questions
 

How much can I finance?

You can finance any amount that you are capable of making payments during the 12 month period that is approved by the credit union.
 

What can I use Catholic Federal Credit Union's Tuition Loan for?

Tuition, registration and comprehensive fees
 

Do I need to be a member of Catholic Federal to take advantage of this loan?

Yes. If you are not a member already we would be happy to sign you up. You can then benefit from all of our great rates on our loans and deposits.
 

Are interest rates fixed or variable?

Tuition loans have a fixed rate.
 

Why do you offer a fixed rate?

Fixed rates mean predictable monthly payments that won’t rise unexpectedly due to interest rate fluctuations.
 

The school accepts credit card payments. Why would I want to choose the tuition loan instead?

Credit card interest rates are often variable. They are also generally higher meaning that you will pay more in interest. Some families appreciate the structure of a fixed monthly payment. With a payment plan from CFCU, you keep your credit card purchasing power available for other purchases.
 

Is there a down payment?

There is no down payment. You simply make your monthly payments.
 

Why are terms limited to 12 months?

The Tuition Loan is designed to offer flexible yet sensible terms.
 

Can I pay part of my tuition and finance the rest?

Yes
 

How do I apply?

There are three easy ways to apply: at any CFCU locations, online and by calling 1-800-798-2328.
 

Is there a fee to apply?

There is no application fee
 

How long does it take to receive a response to my application?

Credit decisions are usually made within 24 hours.
 

If I apply and receive approval, am I committed to the loan?

Absolutely not. There is no obligation associated with filling out an application.
 

Who is eligible to apply? Who can be a co-signer?

Parents, guardians, grandparents or other immediate relatives of the student are eligible to apply or cosign.
 

When is my first payment due?

It’s due approximately 45 days after we receive your signed loan agreement.
 

What are my payment options?

You can pay by check or opt for convenient automatic deductions from your checking or savings account, home banking or payments can be made at any CFCU office location.
 

Does the money go to me or the school?

The payment goes directly to your school.
 

Can I pay back the loan earlier?

Absolutely. You have maximum flexibility, because there are no prepayment penalties and you’ll save on interest charges.
 

How can I find out the balance on the loan?

Call CFCU’s office, access your account online or through the automated phone system.
 

The following chart* illustrates how low your Catholic Federal Credit Union's Tuition Loan monthly payments can be!

Amount Financed	$500.00	$1500.00	$2000.00	$3000.00
Financed Charged	$10.72	$32.15	$42.68	$64.63
Total	$510.72	$1532.15	$2042.86	$3064.63
Payments per Month	$42.57	$127.10	$170.26	$256.00

*The chart is based on a tuition loan with a fixed rate of 3.99% annual percentage rate, rate is subject to change.