IMPORTANT STUDENT LOAN NOTICE

UNITED SA Federal Credit Union is a not-for-profit financial cooperative, so our operations are guided by what is in the best interest of our member-owners. We concentrate more on service than on making profits; however, it is not prudent to offer products at a financial loss. 

Until recently, the government set rates for student loans that were both fair to students and fairly compensated lenders for their work and the use of their funds. This is no longer the case. Recent federal legislative changes have made offering student loans a very unprofitable endeavor, therefore, effective May 8, 2009, UNITED SA will temporarily suspend originating student loans. 

We regret having to make this decision, but credit union management will monitor future legislative changes. If the environment changes and we can again offer student loans without incurring a financial loss, the program will be reinstated.
 
Great Lakes will service all existing student loans.

FEDERAL STUDENT LOAN PROGRAMS:

STAFFORD LOAN     

Subsidized Stafford Loan 

• Need based
• Federal government pays interest while student is in-school, grace and deferment period
• Repayment begins six months after graduation or dropping below half time (as determined by school)

Unsubsidized Stafford Loan 

• Loan is not need based  
• Borrower responsible for interest payments (can be deferred during in-school and grace period)
• Repayment begins six months after graduation or dropping below half time (as determined by school)

PARENT PLUS LOAN        

• Parents and stepparents may borrow for post-secondary education of dependent, undergraduate children
• Credit based
• Parents can borrow up to the Cost of Education minus any other financial aid the student is receiving
• Loans first disbursed on or after July 1, 2008, parent borrowers may elect to postpone repayment until six months after the student for whom the loan was borrowed ceases to be enrolled at least half-time

GRAD PLUS LOAN    

• Available to graduate or professional students
• Credit based
• Payments can be deferred while in-school 

HELPFUL STUDENT LOAN INFORMATION: 

Free Application for Federal Student Aid (FAFSA) - Students and parents of dependent undergraduates must complete this form to determine federal loan eligibility.

Quick Reference Guide - Provides details on the types of federal student loans

Financial Aid Process Guide - Explains the steps towards applying/receiving federal aid

College Central™ - This site provides college cost calculators, information on over 100 529 plans and cost information for over 4,000 colleges and universities

www.studentaid.ed.gov - Detailed student aid and student loan information from the U.S. Dept of Education

www.collegeplan.org - Information on college selection, admissions, financial aid and scholarships

www.collegeboard.com - Scholarship information

www.mappingyourfuture.biz - Detailed information about career planning, selecting a school, and paying for college

www.mygreatlakes.org - Great Lakes is the guaranty and servicing agency for your student loans. Manage your loan information here.