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As you plan for college, we’re here to help.SLFCU Student Loan and Government Guaranteed Loan
SLFCU Student Loan
Concentrate on getting your education, instead of how to pay for it. With deferred payments while you attend college, you'll have money to pay for tuition, books, housing, food, and travel.
Smart borrowing for students and families of all incomes. Unlike a need-based Government Subsidized Stafford Student Loan, SLFCU student loans are for students and families of all incomes. However, if your income while attending school is insufficient to qualify you for a student loan, a cosigner will be required.
It's easy to apply. You must be: (1) a member of SLFCU; (2) accepted for enrollment, or be enrolled in good standing (meeting the requirements for the degree being sought) at a college or vocational school; and (3) carrying at least one-half of the normal full-time work load as defined by the institution.
Borrow up to $40,000 for undergraduate and graduate programs. For programs leading to undergraduate degrees, the maximum annual draw is $10,000. For graduate degrees, the maximum annual draw is $20,000. Prior to any loan advance, students are required to pay accrued interest and provide enrollment certification.
It's easy on your budget. You pay only interest due at the end of each one-year term while enrolled on at least a half-time basis, then repayment begins three months after you (a) graduate, (b) leave school, or (c) enroll less than half-time. Payments are amortized over 84 months.
Apply for your SLFCU Student Loan online.
Government Guaranteed Loan
The smart choice for your Student Loan. SLFCU can provide you with a Government Guaranteed Loan under the Federal Family Education Loan Program (FFELP). Visit www.fafsa.ed.gov to complete the Free Application for Federal Student Aid (FAFSA) and mark your interest in student loans.
Let SLFCU make it easier. Bring your award letter to SLFCU and we will help you apply for a Subsidized or Unsubsidized Federal Stafford Loan. You will complete a Master Promissory Note and specify the SLFCU Lender Identification Number, 824699.
Two eligibility requirements. You must be: (1) a member of SLFCU in good standing and (2) meet all eligibility requirements (general borrower, student eligibility, etc.) stated in the Higher Education Act of 1965. FFELP loans are offered to members attending two or four-year non-proprietary schools (non-proprietary schools are the non-profit public and private schools - i.e. University of New Mexico, New Mexico State University). Great Lakes Higher Education Corporation guarantees the loan and the Credit Union Student Loan Network administers the program.
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