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We all know the importance of a good education. We also know the cost.
That's why the credit union offers two types of loans for our members. One
is for student borrowers; the other for parent borrowers.
FEDERAL STAFFORD LOANS:
FOR STUDENT BORROWERS.
Undergraduate or graduate students enrolled at least half-time in an eligible
program may borrow under the Stafford program.
Subsidized Loans.
Eligibility for subsidized loans is based on financial need. The interest is
paid by the federal government while you are enrolled at least half-time, during
the grace period and periods of deferment. Repayment of both principal and interest
begins after the grace period. You may borrow a total of $2,625 to $8,500 per
academic year depending on
academic level.
Unsubsidized Loans.
Eligibility for unsubsidized loans is not based on financial need. You are responsible
for paying the interest from the date the funds are disbursed. The interest may
be paid or it may be capitalized (added to the principal balance of the loan).
Repayment of both principal and interest begins after the grace period. You may
borrow a total of $2,625 to $8,500 per academic year depending on academic level.
Independent students or those whom the financial aid officer judges to be eligible
may borrow from $6,625 to $18,500 per academic year depending on academic level.
 Repayment
of principal begins six months after your enrollment status drops below half
time. In certain situations, your payments can be temporarily postponed or reduced
through deferment or forbearance. The repayment of your loan can be up to ten
years. See
current rates and disclosures for Stafford loans.
FEDERAL PLUS LOANS: FOR PARENT BORROWERS.
Parents may borrow on behalf of their dependent undergraduate student(s) enrolled
at least half-time in an eligible program. Eligibility for Federal PLUS loans
is not based on financial need.
The financial aid administrator at the college your dependent is attending determines
and certifies the loan amount. Please note that individual lenders may have borrowing
limits. You must not have an adverse credit history, as determined by the lender
and according to criteria in federal regulations.
Repayment begins shortly after the funds are disbursed. The repayment terms can
be up to 10 years. See
current rates and disclosures for PLUS loans.
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