|
|
 |
        
|
 |
STUDENT LOAN FORMS & INFORMATION (updated 6/24/08) Federal Stafford Loan Master Promissory Note & Addendum (for students) Federal PLUS Loan Application & Master Promissory Note & Addendum (for parents) Consolidation Loans. We encourage anyone interested in discussing consolidation loans to contact us at mail@UnitedOne.org, 684-0361 or 451-8222 for further details. Education Loans for Students & Parents UnitedOne Credit Union participates in the Federal Family Education Loans (FFEL) program so students and parents can borrow with confidence to fund college education costs. Check this page out regularly as we add new information and links to other helpful information, and feel free to call any of our offices with questions. 684-0361 or 451-8222
IMPORTANT: Students must enter UnitedOne's "Lender Code" on their Master Promissory Note in order to have loans funded through UnitedOne. Our Lender Code is: 828853
Subsidized Loans for Students
Subsidized Federal Stafford loans are available to dependent and independent undergraduate, graduate and professional students. The government pays the interest on the loan while the student is "in school," "grace" or "deferment." Students need to repay the loan, but not the interest the government paid for them. Students are notified through an award letter about whether they qualify, but it is the student's responsibility to initiate and go through the loan process.
Unsubsidized Loans for Students Unsubsidized Federal Stafford loans are available to dependent and independent undergraduate, graduate and professional students. The government does not pay interest on the loan at any time. The student is solely responsible for the interest, but can request to have interest payments deferred and allowed to accrue. Any unpaid accrued interest outstanding at the time the borrower enters repayment will be capitalized. In certain cases, students qualify for both subsidized and unsubsidized Federal Stafford loans.
Federal PLUS (Parental Loans for Undergraduate Students) loans are for covering college expenses and are available to parents and stepparents of dependent undergraduate students. These loans are not based on financial need or awarded through the financial aid process. Parents or stepparents simply contact UnitedOne to apply after the student goes through the FAFSA process; parents’ information is requested on the student’s FAFSA. The school will determine the amount the parent may borrow under this program. Consolidation Loans
A Federal Consolidation loan enables you to refinance all federal education loans into a single loan. This program was designed to help borrowers better manage their student loan obligations. Individual student loans generally have variable rates so payments are subject to change, and rates can increase over time. A consolidation loan offers the borrower a fixed rate, a simplified payment process with one lower monthly payment, one payment due date, no minimum or maximum loan dollar limits, an extended repayment period up to 30 years, and no processing or application fees. Once you graduate or drop below half-time status you should contact UnitedOne to see if this loan can help you get your loans under financial control from the beginning.
OTHER LOAN OPTIONS If for any reason the options above do not work out for you, please contact UnitedOne about alternative loans that can be used to fund education including home equity loans and lines of credit, and personal loans and lines of credit.
As always, feel free to contact us at mail@UnitedOne.org, 684-0361 or 451-8222 with any questions!
|
