Your Credit Union recognizes the importance of education. That’s why we offer the following student loan packages through the Educational Credit Management Corporation (ECMC). Through these student loan packages, it is possible to borrow between $2,625 to $10,000 per year depending upon the type of loan and the year level for the student in college.
Interest rates are variable as determined by the Department of Education and are changed on July 1st each year. Application for these loans requires the Free Application for Federal Student Aid (FAFSA). This should be filed as soon as possible.
To find out more information about our student loan packages contact any one of our Financial Services Officers.
PLUS Loans
This type of education loan is made to the parent or legal guardian of the student. They may borrow up to:
- $4,000 for first and second year undergraduates
- $5,000 per year for third, fourth and fifth year undergraduates
- $10,000 per year for graduate and professional students.
The rate is a variable rate with payment beginning immediately within 30 days of disbursement of the loan.
Subsidized Stafford Student Loans
Students do not pay any interest or payments until six months after the student graduates, leaves college or drops below half-time status. Depending on the student’s period of enrollment and status, a student is eligible for as much as:
- $2,625 for first-year undergraduates
- $3,500 for second-year undergraduates
- $5,500 for third, fourth and fifth year undergraduates
- $18,500 for graduate and professional students
A minimum of half-time status is required for consideration.
Unsubsidized Stafford Student Loans
Students are responsible for interest at the first loan disbursement and it can accumulate until repayment begins or be paid at any time before. Repayment begins as with subsidized loans. As with the Subsidized Stafford Loans, the amounts also depend on the student’s period of enrollment and status, a student is eligible for as much as:
- $2,625 for first-year undergraduates
- $3,500 for second-year undergraduates
- $5,500 for third, fourth and fifth year undergraduates
- $18,500 for graduate and professional students
A minimum of half-time status is required for consideration. |
