Are part-time students eligible for a loan?
All borrowers must be at least half-time status per school guidelines and pursuing a degree at an accredited institution or attending a private secondary school.
Is the interest rate fixed or variable?
The interest rate on a SnapLoan is fixed while at least a half-time student plus one year after graduation or upon leaving school. At that point, you will choose the length of repayment up to ten years. The new fixed rate will be equal to the corresponding term treasury rate plus four percent. Note: Interest begins to accrue as soon as funds are disbursed.
Is the interest on my student loan tax deductible?
The borrower will need to consult with their tax adviser to determine if the loan interest is deductible.
Once I apply, how soon do I find out if my loan has been approved?
Once all required documents have been received, the borrower and co-signer will usually be notified within one to two business days regarding loan approval.
Is this a bank loan?
No, TUMCU is a non-profit credit union serving the United Methodist Church.
Are there any loan fees for a SnapLoan, other than the interest charges?
No, applicants pay no application, origination or early repayment fees.
Do I have to reapply each year for a loan?
No, SnapLoan is structured as a line of credit, which you can then use over multiple years, subject to annual credit reviews.
Can I view my account online?
The account can be viewed online using Online Banking.
Is there any discount for students in seminary or at a United Methodist School?
Students who attend a United Methodist affiliated seminary in our geographic footprint receive a 0.5 percent interest rate discount.
If we still haven’t answered your question, please call us at (804) 672-0200 or send us a message here.