Yale SOM | Quorum Federal Credit Union

Key Features of Our Program

Rates as low as 7.75% APR¹
- 0.25% rate discount for optional enrollment in automatic electronic payment during repayment
- 0.50% rate discount for having a U.S. co-borrower at the time of origination
- Co-borrower not required, but having a qualified U.S. co-borrower could result in a lower interest rate
- 1% draw fee added to each loan disbursed
Apply once and secure financing for your entire graduate studies with unique line of credit structure²
Available to international students (students who are not U.S. citizens or U.S. permanent residents, and require a visa for entry to the United States)
Flexible repayment options, including full deferment of payments while in school
20 or 25 year repayment period, depending on principal balance when entering repayment – or repay early at anytime with NO penalty
Optional graduated repayment which provides lower payments during the first two years of repayment
A loan from a not-for-profit credit union - a lender relationship you can trust

Maximum borrowing amounts vary depending on field of study. View your program borrowing limits.

APR = Annual Percentage Rate
Subject to credit qualification and annual credit review. Must meet school's Satisfactory Academic Progress (SAP) requirements.
Approved programs subject to change

Borrowing Limits

Students can borrow from $1,000 up to 80% of the cost of attendance less any other aid received. The total amount the student can borrow throughout their graduate college career is dependent upon education program – see below. Please note, co-borrowers may only sign on multiple lines of credit up to $150,000.

The University will certify the requested loan amount with the credit union. Please contact the university's financial aid office to discuss questions about the cost of attendance.

Educational Program	Annual Loan Limit	Maximum Loan Limit
MBA - 1st Year Student	$84,160	$168,620
MBA – 2nd Year Student	Remaining Balance (no more than max limit)	$168,620
MBA for Executives – 1st Year Student	$77,400	$154,800
MBA for Executives – 2nd Year Student	Remaining Balance (no more than max limit)	$154,800
Master of Advanced Management (one-year program)	$84,160	$84,160
Master's Degree in Asset Management (one-year program)	$84,160	$84,160
Silver Scholars Extended MBA - 1st Year Student	$84,160	$175,053
Silver Scholars Extended MBA - 2nd Year Student	(no loan for year two)
Silver Scholars Extended MBA - 3rd Year Student	$90,893

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Interest Rates

The Annual Percentage Rate (APR) for our graduate private education line of credit is variable¹ and is based on the Prime index² plus a margin.

The current offered rate³ will be 7.75% APR

0.25% rate discount for optional enrollment in automatic electronic payment during repayment
0.50% rate discount for having a U.S. co-borrower at the time of origination
Co-borrower not required, but having a qualified U.S. co-borrower could result in a lower interest rate
1% draw fee added to each loan disbursed

Your Interest Rate is calculated by adding the Index plus a Margin, subject to a minimum APR (Floor). The Floor rate is in effect any time the Interest Rate is below your assigned Floor rate. All loans subject to approval and restrictions may apply. We reserve the right to change rates for new applications at any time and without notice. Credit union membership and a minimum share deposit is required. Contact us for membership details.

Your Interest Rate is variable and may be adjusted quarterly based on the Index. Any increase in the Index may increase the APR and may increase the amount of your monthly payment.
As of January 1st, 2020, the Prime index (Index), as published in the Wall Street Journal, used is 4.75%. For a new line of credit, the Index used is the rate as published on the first business day of the last month immediately preceding each new quarter.
Current offered rate(s) are calculated by using the Index, Margin and Floor value(s) in effect. Your specific Index, Margin, Floor, and/or credit approval will depend upon the student borrower’s and co-borrower’s (if applicable) credit qualification. Applicants may apply with a creditworthy U.S. co-borrower which may result in a better chance of approval and/or lower interest rate.
The Interest Rate will not exceed 15.00%, regardless of the Index.
Margin will be disclosed at account opening. This Margin is added to the Index to determine the calculated interest rate.
Floor rate is in effect any time the calculated interest rate is below the assigned Floor rate. The Floor rate will be disclosed at account opening.

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Frequently Asked Questions

Who is eligible?
International graduate students enrolled or enrolling in the Yale School of Management. An international student is defined as a student who is not a U.S. citizen or U.S. permanent resident, and requires a visa for entry to the United States. Necessary documentation includes one of the following:

F-1 visa and I-20, I-94 and a valid passport with photo
J-1 visa and form DS-2019, I-94 and a valid passport with photo
HI-B visa along with a letter from your employer confirming employment, I-94 and a valid passport with photo

What is the interest rate on my line-of-credit and how is it determined?
Please see the interest rates section.

0.25% rate discount for optional enrollment in automatic electronic payment during repayment
0.50% rate discount for having U.S. co-borrower at the time of origination

What are the repayment terms?
You may choose full deferment while in school, elect to make interest only payments while in school, or choose full principal and interest payments. Once you complete school and your six month grace period ends, you can choose a) straight repayment over the term – 20 or 25 years principal balance when you enter repayment, or b) graduated repayment for two years. The graduated repayment option amortizes the first 2 years over a 40-year period and then over either 18 or 23 years for the remainder of the loan. This means monthly loan payments will be lower in the first two years after starting repayment—which may be a valuable benefit if you are just beginning a new career and managing a tight budget.

How do I apply?
Apply now and receive instant line of credit approval. Or, call 844-814-9904 to apply by phone. Representatives are available 24 hours a day, 7 days a week to accept applications and answer your questions.

Once I have established my line-of-credit (documents have been signed and funds disbursed), how do I request additional advances from my line-of-credit in the future?
For your second academic year, as a returning borrower with an existing line-of-credit, you do NOT need to complete an entirely new application to request additional funds. Simply apply for additional funds from your existing line-of-credit.

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Rates	FAQ	Eligibility

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Return to your existing application or request additional funds.

For assistance with opening a new private education line of credit, or to request additional funds from an existing line of credit, please call: 844-814-9904

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PLEASE NOTE: In accordance with regulatory guidelines, students who are on the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List are NOT eligible for this private education line of credit. In addition, students that reside in countries with OFAC comprehensive sanctions are NOT eligible for this private education line of credit during the time they reside in those respective countries. Please see http://www.treasury.gov/resource-center/sanctions/Pages/default.aspx for further information.

If you have citizenship in or currently reside in an OFAC sanctioned country, please email the Student Loan team directly at studentloans@quorumfcu.org to discuss further.