Student Loans - Knoxville TVA Employees Credit Union

Loans for Any Education Journey

Every student's journey is different. Whatever your educational goals are, we can provide resources to help you find the funding you need. Our student loans partnership with Sallie Mae® ¹ could help!

Undergraduate
Masters
Loans for parents
Medical School
Dental School
Law School
Loans for the bar exam

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Student Loan Info

Every student has a different story, and everyone’s plan is different. Sallie Mae student loans are designed to be tailored to your needs.

Competitive interest rates
Variable and fixed-rate options
Multiple repayment options
No origination fees; no prepayment penalty

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Educational Savings Account ²

Save before your child starts college or trade school with our Educational Savings Account!

The job opportunities, important skill sets, and increased wages offered by a college or trade school education can be attainable, even if you don’t have the money right now to cover the expenses. As tuition, books, and dorm fees increase each year, our Educational Savings Account lets you prepare for future expenses.

This account is a dividend-earning savings account for use on future education costs. The account must be open for a minimum of three years and is paid out on your child’s first day of college or 18th birthday, whichever comes first. Any withdrawal from the Educational Savings Account before these dates will close the account and result in a penalty (some exceptions may apply).

Open an Educational Savings Account over the phone or at any of our branches.

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Grandparents, Family and Friends Can Help!

EDUCATIONAL SAVINGS ACCOUNT

As college and trade school tuition becomes more expensive, family and friends are stepping up to help cover the costs. Grandparents, godparents, uncles, aunts, and close family friends want to help their young students get the opportunity to further their education. KTVAECU^® makes it easy with our Educational Savings Account. When you open this account, friends and family can make regular deposits anytime to make sure their loved ones are prepared for future tuition needs.

BRANCH LOCATIONS

U-NAME-IT SAVINGS ACCOUNT ³

Our U-Name-It Savings Account is the perfect account if you want to save for higher education costs and have access to the money at any time! This account works like a regular savings account, but you can name it anything to help differentiate it from your other savings accounts. Give it a name like “College Savings,” and watch the funds grow!

GET STARTED WITH U-NAME-IT SAVINGS

Tips for Parents

Start Early
It's never too early to start saving for higher education costs! One of the easiest ways to save larger amounts of money is to start sooner.

Follow the One-Third Rule
If you don’t think you’ll be able to cover the total cost of college, try following the one-third rule. Pay a third of college costs with your savings, one-third with your current income, and one-third with student loans.

Treat Savings like a Bill
Decide an amount you would like to deposit into your child’s college fund each month and commit to depositing that amount without fail, just like you would pay a bill. If you keep this attitude, you will likely be more consistent and save faster.

Tips for Students

Get a Part-Time Job
One of the best ways to save money for college is to get a part-time job. This can be at a grocery store, restaurant, or any other hourly position. You could also find opportunities for babysitting, pet sitting, or mowing lawns.

Establish Financial Goals
While it might not be possible to save all you need for college on your own, you can take steps to help offset the costs. Create a budget for yourself, set monthly savings goals, learn about smart spending, and limit pricey graduation parties or senior trips. Every penny adds up!

Apply for Scholarships
You’ll never know unless you try! Apply for all scholarships you think you’re eligible for – and more. Even if they’re smaller amounts, they add up in the end!

Estimating College Costs

It’s hard to know just how much you will need for your child’s education, especially if their college start date is years away. Use our savings calculator to get an estimate of how much you will need to save.

SAVINGS CALCULATOR Student loan options

Disclosures

¹ Borrow responsibly: We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan. These loans are made by Sallie Mae Bank or a lender partner. Knoxville TVA Employees Credit Union is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers. Smart Option Student Loan and graduate loan products: This information is for students attending participating degree-granting schools. Smart Option Student Loan information is for undergraduates only. Graduate Certificate/Continuing Education coursework is not eligible for MBA, Medical, Dental, and Law School Loans. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply. Parent Loan: This information is for borrowers with students attending participating degree-granting schools. The student is not eligible to be a borrower or cosigner. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. The school may refund loan funds directly to the student, and if that occurs, borrower and cosigner (if applicable) would still be responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note: First to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.© 2020 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.

² APY = Annual Percentage Yield. Rates current as per posted rate schedule. No minimum opening deposit. Must be open for a minimum of three (3) years and pays out on your child's college entrance date or 18th birthday, whichever comes first. Fees could reduce the earnings on the account. Available to qualifying Members. Some restrictions may apply. Ask for details.

³ APY = Annual Percentage Yield. Available to qualifying Members. Some restrictions may apply. Ask for details. Ask for details. Fees may reduce earnings. Limits on number of non-signature transactions may be imposed as required by regulation or Credit Union policy. Non-signature transactions may include those made over the phone, via online or telephone banking, or automatically by the Credit Union.