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CCFCU Student Loans
- Student may borrow $5,000.00 per year with a $20,000.00 maximum.
- The maximum term is 12 years.
- Student/member must provide proof of enrollment and/or proof of tuition costs.
- Student/member must provide acceptance letter for freshman year and transcripts yearly after that, by August 1 each year.
- School must be in the United States.
- Student/member must be the primary applicant.
- Repayment is immediate.
Stafford Student Loans
- Student applies directly for a Stafford Loan
- Interest can be either subsidized or un subsidized
- If subsidized loan interest paid by federal government
- Loan eligibility based on financial need
- If unsubsidized, borrower pays the interest
- Eligibility based on need, but family income not a determining factor
- Students need to go through the Free Application for Federal Student Aid (FAFSA) to Determine eligibility (done at school)
- Student-borrowers can be dependent or independent
- Dependent students must be under age 24
- Independent students can be graduate student of any age, veteran, orphan or ward of court, married with own dependents
- Any amount awarded in the subsidized Stafford reduces the total amount available in the unsubsidized Stafford program
Member benefits include:
- Low variable interest rates
- Low fees
- Variety of repayment plans
Information available:
- VP/Branch Operations at 763-549-6135
- Downtown Lender at 763-549-6208
- Call Great Lakes Customer Service at 1-800-236-6600 or to visit Great Lakes Educational Loan Services website click here
- City-County Federal Credit Union's Lender Id # is 833878
PLUS Student Loans
- PLUS stands for Parent Loans for Undergraduate Students
- Parent may borrow up to the cost of attendance at an educational institution for an undergraduate, dependent student minus any financial aid the student receives
- Parent must be credit worthy
- Students need to go through the Free Application for Federal Student Aid (FAFSA) before parent can get this loan to determine eligibility for PLUS Loan (done at school)
- Proceeds sent to the school by check or electronic funds transfer
- Disclosure statements sent
- Same parent should borrow each year
- Principal and interest payments begin 60 days after final disbursement
- Maximum 10 year repayment period or $50 minimum monthly payment
- No prepayment penalty
Member Benefits Include:
- Low variable interest rates
- Low fees
- Interest on PLUS loan is tax deductible for qualified individuals
Information available:
- VP/Branch Operations at 763-549-6135
- Downtown Lender at 763-549-6208
- Call Great Lakes Customer Service at 1-800-236-6600 or to visit Great Lakes Educational Loan Services website click here
- City-County Federal Credit Union's Lender Id # is 833878
Federal Consolidation Loans
Product Features:
- Federal Consolidation Loan program established to help borrowers better manage their student loan obligations
- Borrower may consolidate most types of federal education loans
- No fees charged to borrower for receiving a Federal Consolidation Loan
- Borrowers should contact student loan lender(s) to see if they offer Federal Consolidation Loans
- Length of repayment period is determined by the combined total amount of the Federal Consolidation Loan and other educational loans outstanding (personal loans not considered)
Member Benefits:
- Ease of payment -- only one payment needs to be made for all loans consolidated
- Lower monthly payment amount
- Reduced interest rate (depending on loans consolidated)
- Most consolidation lenders offer a choice of repayment plans
- No prepayment penalties
Information available:
- VP/Branch Operations at 763-549-6135
- Downtown Lender at 763-549-6208
- Call Great Lakes Customer Service at 1-800-236-6600 or to visit Great Lakes Educational Loan Services website click here
City-County Federal Credit Union's Lender Id # is: 833878
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