Private Education
Line of Credit

Our innovative Student Choice private student lending solution is designed to help you responsibly fill funding gaps that may remain after you've exhausted lower-cost sources of aid.

Convenient and Flexible College Funding


One and Done

Get funding for your entire graduate career with just one application*

Ready When You Need It

Open your line of credit even if you're unsure of the amount you’ll need

Trusted Lender

A local, not-for-profit credit union with your best interests in mind

On Your Terms

In-school deferment and convenient repayment terms available

Current Rates

Variable Rate Solution

Variable Rate icon

Interest rates and monthly payments rise and fall according to the Prime index. The variable rate option does allow for a longer repayment period than a fixed rate option, which could result in a lower monthly payment. Learn More

Rate Ranges: 11.50% - 14.50% APR

Borrow up to $100,000.

Repayment term of 20 or 25 years.




You can potentially reduce your rate by 0.25% by enrolling in automatic electronic payments during full repayment**

Private v. Federal PLUS Loans

If you are left with funding gaps to cover college costs, you might be considering Federal Direct PLUS or private student loans.
There are some key differences between the two – learn more in our side-by-side comparison chart.

Download Now

Eligibility Requirements

To be eligible for our private education line of credit, you must be enrolled in a degree-granting program at an approved school and a member of Merrimack Valley Credit Union. You may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded. Be sure to review all eligibility requirements.

Typical Online Application and Funding Timeline

Step 1

Start Your Online Application

Step 2

Submit Your Documents for Verification

Step 3

Loan is Certified by Your School

Step 4

Funds are Disbursed Directly to Your School


Personalized Support

Refer a Friend to Merrimack Valley Credit Union

Share the benefits of our student lending solution!

* Subject to annual review and credit qualification. Must meet school's Satisfactory Academic Progress (SAP) requirements.
** The APR will not fall below the floor rate regardless of the index or any additional rate discount
† APR = Annual Percentage Rate
‡ Approved schools subject to change without notice.
Variable Rate Option: the repayment term is 20 years if your principal balance at repayment is $40,000 or less, and 25 years if your principal balance at repayment is more than $40,000.
◊◊ Fixed Rate Option: the repayment schedule is fixed at 10 years regardless of the amount you borrow. Full repayment begins at the end of the grace period, unless full repayment is selected during enrollment.