Refer A Friend - Terms and Conditions

1To receive the $100 referral funds, you must be an existing member with NIH Federal Credit Union. Anyone who is referred will also qualify for the referral funds once a disbursement on a new private education line of credit or student loan refinance product has been made. Funds will be deposited within 120 days of disbursement. NIH Federal Credit Union reserves the right to change terms at any time. Terms & conditions apply. Private education line of credit is subject to credit qualification and annual credit review. Must meet school's Satisfactory Academic Progress (SAP) requirements. Student Loan refinance is subject to credit qualification and additional criteria, including graduating from an approved school.


Revised 06-02-2021



These Terms and Conditions give you detailed information about the Refer a Friend program (“Program”).

  • “Referring Member” refers to the credit union member who is making the referral
  • “Referred Friend” refers to the person being referred; May not be the same person as "Referring Member"
  • “We”, “us,” “our,” and “Credit Union” refer to the credit union from which the members are borrowing and that is offering the referral program
  • “Incentive” refers to the amount offered to the “Referring Member” and “Referred Friend”
  • “Incentive Amount” is $100 for the “Referring Member” and $100 for the “Referred Friend”
  • “Campaign” and “Program” refer to the Refer a Friend program
  • “Campaign Period” is between Month DD, YYYY and Month DD, YYYY and includes an additional 120 days for payment of the Incentive Amount if eligible
  • “Private Education Financing” refers to private education line of credit (LOC) or private education loan (PEL), or to refinancing of existing student loans (REFI)


Campaign Overview

The Refer a Friend promotion, Program, is available to Credit Union members who refer a friend to apply for and receive Private Education Financing through the credit union. The Referring Member and the Referred Friend will receive the Incentive Amount as a deposit into their respective Credit Union accounts after the Referred Friend receives Private Education Financing through the Credit Union as described below.

A Referring Member will refer a friend to apply for Private Education Financing by entering their own personal information in a referral program sign-up form. The Referring Member will receive an informational email and personal referral link that can be forwarded or sent via email to refer others. The Referring Member can refer friends by entering their information into the referral submission form.

Campaign details and an invitation email will be sent to Referred Friends following the submission of the form by the Referring Member. Referred Friends must accept the invitation by submitting an application and must submit their application within the Campaign Period in order to be eligible for the incentive. To close on a loan and receive the Incentive, Referring Members and Referred Friends must have, or first establish, membership at the Credit Union. Referred Friends agree that the Referring Member will be notified when a loan is funded by receipt of their Incentive. In the event that multiple referrals are sent to one friend, the first invitation will take precedence. The Referring Member will receive a “thank you” notification explaining that if the Referred Friend has not already been referred, he/she will receive notification of the new referral.

Both the Referring Member and Referred Friend must be different people and meet the eligibility requirements for borrowing outlined in this document. If eligibility requirements are met by both the Referring Member and Referred Friend, the Incentive will be awarded to both parties by the Credit Union. Payment of the Incentive will be made within 120 days after the loan has been disbursed (either to the college or the existing student loan servicer for refinancing) if the new loan is not cancelled, refunded, or withdrawn during the Campaign Period.

Eligibility Requirements

General eligibility requirements for Referring Members and Referred Friends:

  • U.S. citizen or permanent resident
  • Existing Credit Union member with an account in good standing including not having any outstanding delinquent loans with the Credit Union at the time the offer is funded
  • At least the age of majority in the state of residence
  • Is not ineligible to receive such incentives due to other legal reasons
  • Current employees of the Credit Union and their parents, children, siblings, spouses or domestic partners are also not eligible for the incentive.

Eligibility requirements for the Referring Member:

  • May not be a co-borrower or cosigner on the new Private Education Financing opened by the Referred Friend

Eligibility requirements for any Referred Friend:

  • Is applying for and receives funding of new Private Education Financing
  • Uses the referral link from the Referring Member
  • Is a different person than the Referring Member. i.e Referring Member cannot refer themselves


Offer Details

  • Incentive Amount will be deposited by the Credit Union into the Credit Union deposit accounts of the Referring Member and the Referred Friend within 120 days of the loan disbursement to college or funding to the servicer of an existing student loan for refinancing, provided the loan is not cancelled, refunded, or withdrawn during the Campaign Period.
  • Referred Friends may earn a maximum of one Incentive on their first eligible Private Education Financing from the Credit Union regardless of the loan type (LOC, PEL, REFI)
  • After the Referred Friend’s loan funds, Referred Friends may become a Referring Member and earn Referring Member Incentives
  • Incentives will be capped at $5,000 for Referring Members and $100 for Referred Friends
  • It is the responsibility of the Referring Member and/or Referred Friend to notify the Credit Union if the Incentive is not received as expected
  • The Incentive(s) may be considered taxable income and may be reported on IRS Form 1099-MISC by the Credit Union. Please consult a tax professional for advice
  • Participation in the program is not considered an employment relationship
  • Payments are made directly to the deposit account of the Referring Member and the Referred Friend at the NIH Federal Credit Union. If such account no longer exists at the NIH Federal Credit Union at the time of the payment, the Incentive willbe forfeited
  • Lending and/or underwriting decisions will not be impacted in any way by participation in the program


Requirements for Sharing the Incentive Offer

By referring friends to the Credit Union as described in these Terms and Conditions, the Referring Member agrees to the following terms:

  • Referring Member must refrain from sending chain emails, mass emailing or mass solicitation. Bulk email distribution and any use of automated devices or third-party servicers or promoters is prohibited and may result in disqualification from the program
  • Referring Member agrees not to compensate or accept any compensation from Referred Friends
  • Referring Member activities should be limited to referring friends by sharing information so that potential borrowers may independently decide whether to apply
  • Referring Member agrees to be truthful, accurate, and reflect their honest beliefs and/or opinions about Private Education Financing offered by the Credit Union when sending a referral message
  • Referring Members may not collect or request personal information from Referred Friends including, but not limited to, application or product details
  • If the Referred Friend is included on the Credit Union opt-out list or has used another Referring Member’s referral link, he/she may not receive the Referring Member’s communications
  • Credit Union is not responsible for incorrect or invalid email addresses supplied by the Referring Member
  • If Referred Friend opts out of or otherwise blocks emails from this promotion, the Referring Member will not be notified of such a block
  • Referring Member must comply with all applicable SPAM and communication laws, regulations, and guidelines
  • Referring Member agrees to adhere to any applicable laws, regulations, guidelines about soliciting loan applications when referring personal contacts


Sharing Account Details

The Credit Union and its service providers will not disclose any personal information about qualifying accounts opened by the Referring Member or Referred Friends. Participation serves as a one-time limited waiver of privacy rights by both parties, whereby each may become aware of the presence of the other’s account relationship with the Credit Union.

To close on your loan and receive the $100 referral bonus, you must have, or first establish, membership with NIH Federal Credit Union. Both you and the person you refer will qualify for the referral bonus once a disbursement on a new private education line of credit or student loan refinance has been made. You agree that the referring member will be notified when your loan is funded by the receipt of their referral incentive.


Changes to Terms and Conditions

The Refer a Friend program may end at any time. Terms and Conditions are subject to change at any time without notice. Changes may include, but are not limited to, changing the redemption methods, award amount, or imposing additional conditions.