IDB-IIC Federal Credit Union
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Education Loans

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.

Basic Education

 

Terms & Conditions

Headquarters Employees (HQ)

International Employees (COF)

Loan amount

Up to 50% of the annual educational cost with a maximum limit of $18,900 if qualify.

Up to 75% of the annual educational cost with a maximum limit of $18,900 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 $8,100, 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 $18,900.

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

 

Terms & Conditions

Headquarters Employees (HQ)

International Employees (COF)

Loan amount

Up to 50% of the annual educational cost with a maximum limit of $18,900 if qualify.

Up to 50% of the annual educational cost with a maximum limit of $18,900 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 $8,100, 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 $18,900.

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.

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.

 

Apply Online Loan Rates

 

 

 

 

 

Apply Online or just contact our Lending Department* to get started.

Educational Line of Credit

Costs for education can strain individual and family budgets. 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 seven 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.

 

 

 

 

Apply Online Apply Online or just contact our Lending Department* to get started.

 

 
National Credit Union AdministrationYour savings federally insured to at least $250,000 and backed by the National Credit Union Administration, a U.S. Government agency.