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Balloon Loans

The majority of people who borrow money for educational expenses do so while they are still in school. After graduation, financial situations often change significantly. Refinancing to a Balloon Loan offers lower monthly payments, followed by a larger, one-time payment at the end of the loan. 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. Choose a balloon payment of either 40% or 50% of the total loan amount. 

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  • Why choose a balloon loan? 
  • Lower, affordable monthly payments to accommodate your career path

    Repayment schedule that grows with your success

    Pay down any of the loan balance at any time

    No application or origination fees

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

    No-cost, no-obligation consultation

  • * Before applying please temporarily lift or permanently remove any security freezes you may have with the credit reporting bureaus.

    Select balloon option to apply:

  • Apply

Application Process

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 

Easily Submit an Application

Be prepared with the following information:



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

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

Our most common questions, answered. 

What does the balloon option mean and how does it work?

A balloon loan is a loan that requires a one-time, larger-than-usual 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. First Tech’s balloon loan options allows you to choose either a 40% or 50% balloon option, where you only make payments on the remaining amount (60% or 50%) plus the interest on the amount in the balloon.

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 or call 888.422.5680.

Interested in Learning More?

Call our Student Loan Specialists at 888.422.5680 or email 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. All loans are subject to credit approval. Credit Union membership is required and subject to approval. Interest rate and program terms are subject to change. Additional restrictions may apply. Eligibility depends on the school of graduation and 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. The 'No Payments for 90 days’ offer is available for Fixed Term Student Loan Refinance loan only.