Frequently Asked Questions about the Elements Financial Federal Credit Union International Educational Line-of-Credit Program:

Who is eligible?
International graduate students enrolled or enrolling in The University of Rochester's Simon Business School. 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


How much can I borrow?
Students can borrow from $1,000 up to 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. The University will certify the requested loan amount with the credit union.

What is the interest rate on my line-of-credit and how is it determined?
Please visit our Interest Rates page for up-to-date rate information.

When your loan is in full repayment, you can receive a 0.25% rate discount by electing to make automatic electronic payments. The rate discount will only become effective during full repayment. If your loan is in deferment or you are making interest-only payments, the rate discount will not apply. If your line of credit is subject to a floor rate (also known as a minimum interest rate) as specified in your promissory note, your rate will never be less than the floor rate.

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 quickly and easily to receive instant line of credit approval. Or, call 844-813-4119 (dial 248-598-2379 from outside the United States) 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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