SAVING FOR COLLEGE

Credit Union Student Loans Set Up Students for Success

College tuition can be expensive, and you might need to take out student loans. Finding the right rate is important; a credit union student loan might be the right choice for you.

What are your financial aid options?

Before applying for loans, it’s important to consider all your financial aid options. Types of financial aid include:

• Grants – a form of financial aid that usually doesn’t have to be repaid (unless you fail to complete certain obligations)
• Scholarships – basically free money given by a non-profit or private organization, sometimes based on academic merit, talent, or a particular area of study, and which doesn’t need to be repaid
• Work-Study Jobs – a federal program allows you to earn money to pay for school with part-time work, usually on campus such as in a cafeteria or library
• Loans – you’re borrowing money which will have to be repaid along with interest, so it’s important to understand your loan options.

How do you find the right student loan for you?

When it comes to finding the right student loan for you, there are many factors to consider, including how much you’ve managed to save.

The first option you should probably look at is a federal student loan:

• These loans are generally fixed at a rate lower than on most private loans
• You usually don’t need a credit check or cosigner
• You usually don’t need to start making payments until you leave school (or drop below a half-time enrollment status).

The question of re-payment obligation is important, especially if you start looking into private loans to supplement any federal loans. When do you have to start repayments? What do you expect to earn as a starting salary once you leave?

Credit union student loans can set you up for success

If a federal student loan is not an option, or you need additional assistance, a As member-owned institutions, credit unions can usually offer lower rates and better terms than you will see with loans from major banks.

SF Fire Credit Union’s Student Loans in partnership with Credit Union Student Choice are available for both undergraduate and graduate studies:

Undergraduate Studies:

•  For undergraduate students at 4-year, not-for-profit schools
• A line-of-credit (up to $75,000) that can be used over time
• No origination fees
• Competitive variable rates that are indexed to Prime Rates plus 3% or 4% based on credit worthiness
• Flexible payment options that allow repayment while in school or full deferment until graduation (or enrolled less than half-time) 

Graduate Studies:

• The Graduate Business Student loan program is only available to students attending an eligible school while earning a business degree offered by the school.
• Graduate Students must be enrolled at least half-time (as defined by the school)
• A line-of-credit (up to $100,000) that can be used over time
• No origination fees
• Competitive variable rates that are indexed to Prime Rate plus 3% or 4% based on credit worthiness
• Flexible payment options that allow repayment while in school or full deferment until graduation (or enrolled less than half-time)

Paying for college can be a major expense. When savings and other financial aid such as scholarships, grants, and federal student loans aren’t enough, a credit union student loan can help fill in the gaps to help you focus on your studies without taking on an extreme financial burden.