Need financial assistance to fund higher education? PSECU participates in the Federal Family Education Loan Programs (FFELP). We can offer our members low-cost Federal Stafford and PLUS loans through the KeystoneBESTsm program.
To be eligible to obtain the benefits of the Keystone products, the borrower must be a PA resident or the student must be attending a PA school.
IMPORTANT: You MUST be a PSECU member to select us as your preferred lender for your educational loan needs.
PSECU members - Apply for a Stafford educational loan and use PSECU lender code:
828893
A first choice for students, the Stafford loan has two types:
- Subsidized - A need-based, fixed-interest rate loan with full-interest subsidy during the in-school period.
- Unsubsidized - A fixed-interest rate loan available to students not eligible for a subsidized loan.
Some eligibility requirements:
- U.S. citizenship or permanent residency
- At least half-time enrollment
- Satisfactory academic progress in a degree-granting program
- Financial need (subsidized only)
When you use PSECU's lender code, you'll pay no origination fee because PSECU pays it on your behalf.
The Stafford Loan is deferred until six (6) months after the student graduates or ceases to be enrolled at least half time.
By having monthly payments made automatically through direct debit, you can save an additional .25% on your interest rate.
PSECU members - Apply for a PLUS educational loan and use PSECU lender code:
828893
To fill the financial gap, graduate and professional students as well as parents of undergraduates can borrow up to the difference between the cost of the education and other financial aid received (scholarships, grants and loans).
A 3% Federal Origination Fee is deducted from the loan.
Some eligibility requirements:
- A U.S. citizen or eligible non-citizen
- A graduate or professional student or an undergraduate’s biological or adoptive parent
- Creditworthiness or obtain a creditworthy endorser to co-sign the loan
- The student must be enrolled at least half time
Repayment of principal and interest on a Federal PLUS loan begins within 60 days after the loan is fully disbursed.
The repayment of a PLUS loan can be postponed for the parents for up to four (4) years by requesting a forbearance. A Graduate/ Professional student can delay the repayment by requesting an in school deferment if enrolled at least half time. The interest you pay may be tax deductible. Consult a qualified tax advisor for more information.
Because PSECU also participates in the PLUS Program, parents and graduate/professional students are eligible to receive a .5% rebate of the loan amount after 12 consecutive, on-time payments.
By having monthly payments made automatically through direct debit, you can save an additional .25% on your interest rate.
Please be aware that PHEAA has currently halted their lending of educational loans. However they are continuing to service loans and process payments for financial institutions, like PSECU.
What this means to you: If you're approved for a loan and you selected PSECU's lender code on the application, you will have a PSECU loan that is guaranteed by the federal government.
All paperwork and communications will come from AES/PHEAA and all payments will be made to AES/PHEAA. But remember, PSECU is your lender.
For general information about these educational loans, you may contact AES/PHEAA at 800.692.7392.