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Dupaco's Extra Credit Student Loan Program

Please note: Aspire Servicing Center has a contractual relationship with Dupaco Community Credit Union wherein Aspire Servicing Center performs certain private student loan (private loan) services for Dupaco Community Credit Union.

To qualify for Dupaco's Extra Credit Student Loan Program, you must:

  • Be a member of Dupaco Community Credit Union. Become a member. Note: Once Dupaco Community Credit Union receives your loan application, you have 30 days to finalize your membership with the credit union.

Loan Options

To qualify for either option of Dupaco's Extra Credit Student Loan Program, you or your cosigner(s) must have:

  • Monthly payments for approved credit (mortgages, rent, car loans, credit cards and other forms of credit, including the loan for which the student has submitted an application) that do not exceed 40% of gross monthly income (if a mortgage or rent is not included, debt-to-income ratio cannot exceed 25%). All student loan debt will be treated as though it is in repayment.
  • An annual income of at least $25,000.
  • A FICO score of at least 670.
  • Continuous employment over the last two years. (This requirement may be waived for retirees, disabled persons or those receiving a verified income.)
  • No more than two accounts reporting 30-day delinquencies during the previous two years.
  • No delinquencies of 60 days or more during the previous two years.
  • No charge-offs, repossessions, collection accounts, judgments, foreclosures, garnishments by credit providers or tax liens.
  • No previous bankruptcies.
  • Not defaulted on any private or government student loan.

Please note that the list of criteria above may not be exhaustive. Dupaco Community Credit Union may require you or your cosigner(s) to meet additional criteria in order to qualify for a loan. Dupaco Community Credit Union reserves the right to change the list of criteria in any way from time to time.

Loan Limits

Dupaco's Extra Credit Student Loan must be:

  • No more than the cost of attendance minus other aid annually, up to $10,000.
  • No more than $40,000 cumulative.
  • At least $500. The minimum loan amount is different for residents of certain states:
If you are a resident of... Then your minimum loan amount is...
Colorado $3,001
Maine $1,001
Oklahoma $4,701
South Carolina $3,501
Wisconsin $2,001

Interest Rates

The following chart and examples detail the interest rates and fees for Dupaco's Extra Credit Student Loan.

Loan Option 1 Option 2
Cosigners 1 or 2
Note: Applicants who are creditworthy (meet the underwriting and credit criteria) are not required to provide cosigner(s).
Origination Fee 0% 0%
Interest Rate1 Variable1
4.50% + 3-month Libor index (varies quarterly); minimum interest rate of 5.50%2
Variable1
5.50% + 3-month Libor index (varies quarterly); minimum interest rate of 6.50%2
Capitalization of Interest At the end of a qualifying deferment period Annually and at the end of a qualifying deferment period
Current Interest Rate1 5.50% 6.50%
Payments Required While Enrolled? Yes, interest-only payments3 No, but making payments that at least cover accrued interest prevents increases to the loan balance.
Separation Period (After the in-school period and before principal and interest repayment begins) 6 months4
Note: Interest-only repayment required during this period.
6 months
Principal and Interest Repayment Term 20 years5 20 years5

This example shows the monthly payments for a $10,000 Dupaco Extra Credit Student Loan.

Example on a $10,000 loan Option 1 Option 2
Annual Percentage Rate6 5.50% 6.44%
Finance Charge6 $8,846 $13,404
Interest-Only Monthly Payment6 $46 n/a
Principal and Interest Monthly Payment6 $69 $98

1 The rate is subject to increase after consummation. The three-month Libor index is defined as the daily average of the three-month London Interbank Offered Rate (Libor) (currency in U.S. dollars) that was published on the Wall Street Journal's website (or any generally recognized successor method or means of publication) on each business day during the 91-day period ending on the 20th day of March, June, September and December or 1.00%; whichever is greater. The three-month Libor index for the quarter April 1–June 30, 2015, is 1.00%.

2 The rate will not exceed 21.00%.

3 Borrowers with delinquencies during the interest-only repayment period may have future disbursements and/or loans suspended or canceled.

4 The in-school and separation periods cannot exceed 60 months.

5 A loan of $1,000 or less has a maximum repayment term of 37 months.

6 Annual percentage rate (APR), finance charges and monthly payments are based on borrowing $10,000. Option 1 is based on deferring principal and maintaining a constant interest rate on a variable rate loan of 5.50% during the 51-month interest-only and 240-month principal and interest repayment periods. Option 2 is based on deferring interest and principal and maintaining a constant interest rate on a variable rate loan of 6.50% during the 51-month interim and 240-month repayment periods. APR examples are based on quarterly interest rates April 1–June 30, 2015.

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