Serving our Members since 1963 We work with ISL Education Lending to offer private loans to help you pay for college as well as refinance existing student loans. ISL Education Lending is a nonprofit organization with decades of student loan experience offering lower-priced loans.*
ISL Education Lending offers:
• Loans for college students.
• A loan option for parents and family members who wish to borrow on behalf of a college student.
• Multiple student loan refinance options.
In addition, they offer multiple scholarship opportunities and free college planning tools to help students and families avoid overborrowing and plan smart for life during and after college.
Learn more about ISL Education Lending’s offerings on their website
Please note:
• All loans offered by ISL Education Lending are subject to credit approval.
• Before applying for a private loan, we encourage you to first complete the FAFSA, or Free Application for Federal Student Aid. You should also work with your college financial aid office to explore and exhaust all sources of student financial aid before seeking a private student loan.
*Tri State Rail Federal Credit Union is compensated by ISL Education Lending for the referral of student loan customers.
Private student loans: flexible funding to bridge the gap in college costs
Private student loans help to cover remaining college costs after scholarships, grants and federal aid. They can offer competitive rates and flexible terms but differ from federal loans in protections and repayment options.
Key benefits
- Access to more funds: Can cover tuition, housing, books, and other costs when federal aid isn’t enough.
- Potentially lower rates (with good credit): Borrowers with strong credit profiles may get lower interest than older federal or private loans.
- Repayment flexibility: Choice of fixed or variable rates, multiple term lengths, and options like cosigner release.
Main risks & trade-offs
- No federal protections: Private loans aren’t eligible for federal income-driven repayment, deferment/forbearance rules, or federal forgiveness programs. Refinancing federal loans into private removes those benefits.
- Credit-based approval: Approval, rate and terms depend heavily on credit score, income, and debt-to-income ratio; many borrowers need a cosigner.
- Variable-rate exposure: Variable-rate loans can rise if benchmark rates increase.
Who should consider them
- Students or families who exhausted federal aid and need extra funding.
- Borrowers with strong credit (or a creditworthy cosigner) looking to lower rates or consolidate multiple loans.
- Those who do not need federal repayment protections or who can afford private loan terms.
FAQ
Q: Can I refinance private or federal student loans?
A: Yes—private lenders refinance both, but refinancing federal loans converts them to private loans and you’ll lose federal protections.
Q: Do private loans require a cosigner?
A: Many do if the borrower lacks credit history or sufficient income; cosigners can often be released after on-time payments at some lenders.
Q: Should I choose fixed or variable rate?
A: Fixed offers predictability; variable may start lower but can increase with market rates—match choice to your risk tolerance and repayment plan.
Legal
Loan terms, rates, and eligibility vary by lender; not all borrowers qualify. Refinancing federal loans may result in loss of federal repayment benefits. Consult lenders’ full terms before borrowing.