Student Loans

Tired of seeing rate ranges and not knowing where you fall in the range? Torrance Community Credit Union's Student Loan Marketplace allows you to compare real student loan rates through a single form. Think of Torrance Community Credit Union's Student Loan Marketplace as the Expedia of student loans.

With Torrance Community Credit Union's Student Loan Marketplace, you can compare real repayment plans from multiple lenders side-by-side so you know exactly how each loan stacks up when it comes to APR, monthly repayment, total repayment amount, and repayment options.

You may want to consider a private student loan for your degree after you've exhausted all scholarships, grants and work-study.

Following scholarships, grants and work-study, if there's still a financial gap, you may consider applying for federal student loans and then private student loans.

Federal loans have more flexible repayment plans than private student loans. If you (and/or your cosigner) have a strong credit history and high income, you may be able to get a lower interest rate with private loans than with federal loans.

Refinancing your student loans means you're essentially trading in your current student loan(s) for a newer one – often with a new principal and a different interest rate. Your lender uses the newer loan to pay off the old one(s), so you're left with just one loan and one monthly payment.

There are several reasons why you might want to refinance, including: getting out of debt faster, lowering your monthly payment, and saving on the total cost of your loan.

To determine your eligibility, complete our pre-qualification form. If you pre-qualify, you'll receive personalized rates on your Torrance Community Credit Union Student Loan Marketplace Dashboard from all the lenders with whom you pre-qualified.

A lot of undergraduate borrowers apply with a cosigner. Cosigners can increase your chances of pre-qualifying with lenders. Including a cosigner may also help you receive lower interest rates.

Most lenders look at your credit history and income to determine your pre-qualification status. If you don't have a strong credit history or income, you may want to consider including a cosigner to improve your chances of pre-qualifying for loans with better terms and lower interest rates.

If you don't have a cosigner, don't worry. Torrance Community Credit Union's Student Loan Marketplace includes several lenders that don't require a cosigner to pre-qualify.

After you've completed the FAFSA for federal student loans, secured grants, scholarships, and other financial aid, your school's financial aid office will provide you with a summary. You may find that there's a gap left in funding your education. Two common options to fill this gap are family savings (if available), or private student loans.

The maximum amount you can borrow from private student lenders is based on your school's certified costs minus the amount of financial assistance you've already received. We encourage you to reach out to your financial aid office to get more information on your school's certified costs.

No, you don't need to complete the FAFSA to search for loans on Torrance Community Credit Union's Student Loan Marketplace.

The main factors to consider when borrowing a private student loan are the annual percentage rate (APR), principal, loan term, monthly payment, and total cost.

Annual Percentage Rate (APR): APR is the amount you'll pay to borrow the money, including interest and fees, given as a yearly percentage. The higher the APR, the more you'll owe in return for the loan.

Principal: Principal is the amount that you're borrowing minus fees, penalties, interest and other costs.

Loan term: Loan term is the length of time you'll have to pay off your loan. Shorter terms mean higher payments but less total interest.

Monthly payment: The monthly payment is the amount you owe each month, consisting of principal, interest, and other fees.

Total cost: Total cost refers to the total loan amount, including all principal and interest paid over the life of your loan.

Your private student loan funds are sent directly to your school's financial aid office. Your school deducts your balance, and any remaining funds are sent to you, the borrower.

If you are refinancing, a private lender pays off your existing loan(s) and gives you a new loan with a new repayment plan. You will then make payments to the new private lender.

You'll need the following information: first name, last name, date of birth, citizenship status, physical address, email address, loan size, income, housing expenses, name of school, degree, concentration, and expected graduation date.

When lenders assess your pre-qualification status, they consider credit score and income. Since most students don't have a strong credit score or high income, including a creditworthy cosigner can improve your chances of pre-qualifying.

A cosigner is a person who takes legal responsibility for your loan if you fail to make payments. Your spouse, relative, guardian, or friend can be a cosigner. Some lenders allow cosigners to be released after meeting specific requirements.

You are not required to use a cosigner for a private student loan. However, if you have a limited or poor credit history and minimal income, adding a creditworthy cosigner can improve your chances of pre-qualifying.