2021-2022 Academic Year Interest Rate:
4.95% (at any college)
or 4.45% (at a regional United Methodist College)


Snaploan is a low-interest educational line-of-credit (LOC) that helps students fill their ‘funding gap.’

After using your 529 plan, getting a subsidized federal student loan, finding a partial scholarship, and even dipping into savings – many students and their families still face expenses that these resources just don’t cover. That’s the ‘funding gap’ many students have – and that is where Snaploan can help.


– First, instead of a typical static term loan, Snaploan provides access to funds that can be drawn on whenever they’re needed (and never more than you need).

– Proceeds from your Snaploan can be used for many expenses traditional student loans just won’t cover – travel, off-campus housing, books, technology, and even study abroad.

– There are no payments required your entire time in school plus one year after you leave (though we recommend to at least pay interest while in school if you can).

– Once out of school, your Snaploan will be converted into a low-interest term loan at a pre-determined rate depending on the timeframe you choose (up to ten years).

– Snaploan has one of the most competitive interest rates available no matter where you go to school – and it’s even lower if you attend a United Methodist college or university in North  Carolina, West Virginia, Maryland, Virginia, or DC.

Here’s the list of schools for that discount.

  1. Become a TUMCU member – If you are not already a TUMCU member, you will need to join. Don’t worry – it’s free and easy to do. Details on how to become a member are here. Also, if you are not a United Methodist but attend a United Methodist affiliated college, you can also qualify for membership.
  2. Identify Your Funding Gap – Estimate the extra funds you think you’ll need after you’ve used all your other resources. Based on that, you can request an LOC up to $40,000 (maximum).
  3. Apply for a Snaploan – You can apply using the link below. No FAFSA is required (this is not a government program). Also, there are no fees for application, origination, or prepayment. And there is also no need to apply each year – your line-of-credit is in place throughout your time at school. Important Note: Approval may be contingent upon having a creditworthy guarantor for your line-of-credit.
  4. Request funds as needed using our online form (right here). Remember, Snaploans can also be used for transportation, rent, technology, study abroad, or any educationally-related expense.
  5. No payments are required while in school and up to one year after you leave school (the In-School Phase). You must remain at least a half-time student (except summers), or you will be considered having left school. Your Snaploan line-of-credit interest rate will remain fixed during this phase. We always recommend to make interest payments, if possible, to reduce the size of your loan upon leaving school.
  6. Begin Repayment (the Post-School Phase) – One year after graduation or otherwise leaving school, you start repaying your loan monthly. You can choose the term (up to ten years), and a new fixed rate will be determined by formula using the corresponding U.S. Treasury rate +4.0%.

Still have questions? Perhaps we can answer them right here.


Click on the corresponding button below to either apply for a new SnapLoan (must be a TUMCU member first) or to disburse more funds if you already have a SnapLoan.