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Interest-Only Loan

Our Interest-Only Loan grows with your career by allowing you to pay lower, interest-only payments for up to 10 years of the 15-year loan term, and then larger principal and interest payments. After the initial interest only payment period has ended, you will begin making fixed principal and interest payments for the remainder of the 15-year term. This allows you to start your career off with more manageable payments and pay more when you have had time to settle into your career.

  • Why choose an interest-only loan?
  • Lower affordable monthly payments to accommodate your career path

    Repayment schedule that grows with your success

    Pay down any amount of the principal at any time

Star
  • What you'll get
  • No application or origination fees

    No-cost, no-obligation consultation 

  • Select your interest only loan term to apply:
  • Apply

Interest-Only Examples

Interest Only Loan Chart
Interest Only Bar Chart

Application Process

step1
Determine Eligibility

In order to be eligible, the following criteria must be met: 

First Tech Member at the time of funding

U.S. Citizen or Permanent Resident

Provide a valid Social Security Number 

Provide a physical U.S. address 

Be of legal age for the state in which you reside at the time of application 

Attended or graduated  from a not for profit  accredited U.S. Title IV eligible school 

step2
Easily Submit an Application

Be prepared with the following information:

Name

Address

Social Security Number

Employer Information including salary

If you are going to have a co-signer

The number of loans you plan on refinancing

The approximate balance being refinanced

step3
After Submission

You will receive two emails: One with the status of your loan application and one with applicable disclosures

If your application is approved, you will receive a notice of approval

You’ll be asked to provide proof of income and recent copies of your current loan statements

You'll be sent loan documents for review and signature(s)

You’ll receive your final disclosure and you will have the option to make automatic payments

Student Loan FAQs

Can I just make interest-only payments?

Yes! We offer interest-only payment periods of 1 to 10 years.  Once this time has passed, the principal balance of the loan will be re-amortized over the remaining term, at which point the payments would include both principal and interest and will result in a higher payment during the payback period when principal and interest is included in the monthly payment.

What interest rate will I get?

Rates are determined by your credit score, terms of the loan and the amount of the loan. The rate will be disclosed to you prior to you accepting the loan.

Will I save money by refinancing my student loans?

The potential to save money when refinancing depends on a few factors. Both the rate and the length of the new loan will impact your monthly payments. It’s possible to save money on a monthly basis but still pay more over the life of the loan. It’s important to look at all factors when looking to refinance a loan.

What documentation will you need from me?

During the application process we’ll need proof of income, usually a W-2 form for the last two years and a current paystub will suffice. Additionally, we’ll need the most recent statements of your current loans. Other items may be required as we process your loan.

Who can I contact with questions?

You may email the Student Loan Team any time at studentloans@firsttechfed.com or call 888.422.5680.

Interested in Learning More?

Call our Student Loan Specialists at 888.422.5680 or email studentloans@firsttechfed.com to learn more or apply above.

*APR=Annual Percentage Rate.  Actual rate will be determined based on the applicant's credit history, and final loan terms.  Offer is subject to normal credit qualifications, meeting First Tech Federal Credit Union's relationship requirements and underwriting policy guidelines.  Interest rate and program terms are subject to change without notice.  Additional restrictions may apply.
**15-Year Fixed Loan Term Rate selected for comparison purposes only, your current rate may be higher or lower. 


a.  Not all existing student loans will qualify for refinance under our program; eligibility depends on the school of graduation and the degree .The school must be Title IV eligible, non-profit and offer Bachelors, Masters and/or Doctorate degrees. Title IV refers to the Higher Education Act. A Title IV school is an institution that processes U.S. federal student aid.
b. Membership with the Credit Union is required to obtain a loan.
c. A balloon loan is a loan that requires a larger-than-usual one-time payment at the end of the loan term. This can mean your payments are lower in the years before the balloon payment comes due but you will owe a larger amount at the end of the loan.
d. An interest only loan will have lower payments during the interest only term and will result in a higher payment during the payback period when principal and interest is included in the monthly payment.  
e. Choosing the balloon loan or interest only loan will result in additional interest over the life of the loan when compared to the fixed loan.
f. For your reference, here is a copy of the Federal Benefits Disclosure
g. For your reference, here is a copy of the Student Loan Credit Agreement