Education Loans
We do our homework when it comes to your academic goals
Costs for education can strain individual and family budgets. Our Education Loans are designed to help you pay for all education expenses along your student life. Get an A+ coverage throughout this journey.
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SPECIAL EDUCATION ADVANCE
This Program allows eligible Inter-American Development Bank (IDB) employees to obtain an interest only loan as an advance of their IDB educational allowance from the Credit Union to cover the costs of primary, secondary and higher education for all the employees that qualify for the allowance in headquarter and country offices.
Requirements to qualify:
- Proof of annual tuition from educational institution
- Proof of enrollment verification from student
- Student ID
- Eligibility from HR if student is below 5 years old or over 25 years old.
- 2 pay stubs
- Employment verification showing annual income
- Copy of G4 visa for headquarters employees only.
Educational Line of Credit
This special loan opportunity is designed to help you pay for tuition, room and board, books, computers and other ongoing education expenses.
We offer an open educational line of credit for up to ten years, with lower interest rates than most banks offer, which results in significant savings over the life of the loan. Low monthly payments ensure you are not overburdened while you or a family member attends school and earns their well earned degree.
Questions? Just contact our Lending Department to get started.
Basic Education (Exclusively for Special Education Advance)
For Basic Education, the loan amount depends on the type of contract you have with the Inter-American Development Bank (IDB). For Headquarters Employees (HQ), the loan amount can be up to 50% of the annual educational cost with a maximum limit of $21,900 if qualify. For International Employees (COF), it can be up to 75% of the annual educational cost with a maximum limit of $21,900 if qualify.
Cost cover: Studies at one accredited educational institution towards the completion of one academic degree. *Private tutoring is not included in the approved costs.
Subsistence Allowance: Up to $9,400, only if the student lives in a different location other than the current address of the employee, the living expenses are included in the maximum approved limit of $21,900.
Repayment period: Up to 15 months with monthly interest-only payment, the loan becomes due and payable once the borrower receives payment reimbursement of the IDB educational allowance.
Payment: This loan is disbursed directly to the educational institution, if you made the payment directly, you will need to provide proof of payment for reimbursement
Loan Restriction: This product is for staff members that hold a G-4 visa only. Restriction applies to employees in headquarters and overseas.
Higher Education (Exclusively for Special Education Advance)
For Higher Education, the loan amount for both Headquarters Employees (HQ) and International Employees (COF) can be up to 50% of the annual educational cost with a maximum limit of $21,900.
Cost cover: Studies at one accredited educational institution towards the completion of one academic degree. (Private tutoring is not included in the approved costs).
Subsistence Allowance: Up to $9,400, only if the student lives in a different location other than the current address of the employee, the living expenses are included in the maximum approved limit of $ 21,900.
Repayment period: Up to 15 months with monthly interest-only payment, the loan becomes due and payable once the borrower receives payment reimbursement of the IDB educational allowance.
Payment: This loan is disbursed directly to the educational institution, if you made the payment directly, you will need to provide proof of payment for reimbursement.
Loan Restriction: This product is for staff members that hold a G-4 visa only. Restriction applies to employees in headquarters and overseas.
*All loan limits are based on the Educational benefits approved by the Inter-American Development Bank.
Educational Line of credit Rates
Effective as of 10/01/2024
| Educational Line of Credit | |||
| Loan Review Term | Rate1 | Monthly Payment per $1,000 | Margin |
| 7 years | 9.000% | 3% of Balance | 4.000% |
*Interest rates are based upon an index, the quarterly average of the six-month US treasury bill auction discount rates, plus a fixed margin. Rates may change quarterly with changes in the index, but the monthly payment will remain the same. This means that the term of the loan may extend if rates increase or shorten if rates decrease.