Student Loans Credit Unions

As of 2016, credit unions have about $1 trillion in assets. There are several reasons these institutions exist—from providing low-cost loans to having a great reputation among members and offering services not easily accessible elsewhere. But before we get into what makes credit union lending so different, let’s start by learning a little bit more about how they got started.

The first credit unions were established in 1864 in order to help farmers access lower interest rates than banks offered at the time. Most financial experts say that the industry began to take off around 1920, when the U.S. government passed legislation allowing consumers to borrow money from their local bank without collateral.

Credit unions continue to serve our community today—in fact, some estimates suggest that they make up 40 percent of America’s banking market. And while many people think of credit unions solely as places to save money, they actually offer a variety of financial products and services. These range from checking accounts to mortgages and even personal loans.

To qualify for a loan at a credit union, you need to be a member, just like at any other financial institution. While many credit unions require you to pay a small monthly fee, others don’t charge anything if you stay inside their boundaries. That said, remember that you still need good credit and income to qualify for a loan. In addition, some credit unions may charge higher fees than others depending on the type of product you want to use.

If you decide to join a credit union, consider choosing one that offers free financial education classes. You might learn something about budgeting or investing along the way!

For more information on student loans, visit StudentAid.gov.

Student Loans Credit Unions

About Student Loans

What options do I have?

There are many types of financial aid available for college students.

National Student Loan Data System (NSLDS)

The NSLDS is a database system administered by the U.S. Department of Education’s Federal Student Aid office that was created in order to track federal student aid disbursements and repayments made by students who have graduated or dropped out of school between July 1, 2011 and June 30, 2012.

US Department of Education

The United States Department of Education is responsible for providing funding and regulation for various higher education programs in the country.

US Department of Agriculture

The USDA manages many different types of loans including Direct Subsidized and Guaranteed Stafford Loans, Direct PLUS Loans, Perkins Loans, and Direct Consolidation Loans.

Consumer Financial Protection Bureau

This agency regulates financial institutions at the federal level and provides protection against fraud.

Student Loans Credit Unions

One-Stop Shop for Student Loan Consolidation – StudentCreditUnions.com™ (SCU) provides students with credit union savings accounts, online banking, bill pay, and much more! All SCU members receive a free student loan consolidation quote upon registration. Student Credit Union Service Organization Member FDIC | NMLS 465517 | United Credit Union Association | National Student Clearinghouse | Better Business Bureau A+ Rating | Students should always borrow only what they need and can afford to repay. If you cannot make timely payments, contact your lender immediately. Repayment Schedule Example: $100 regular payment would result in $100 being paid over 20 years at 11% interest.

The New York State Higher Education Services Corporation shall charge interest on loans granted under the authority of this section at the rate of 9 percent per annum payable monthly in advance for any installment falling due after two months’ default as provided by law. Such interest may not exceed 18 percent per annum. The total amount financed including principal and interest shall bear no greater rate of interest than 6 1/2 percent per annum for any period of time. Any balance remaining

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