|Educational| Loans

Today's college students are all ages and come from diverse backgrounds. As a result, parents or students who need to finance an education can face many challenges along the way. Start by completing your Free Application for Federal Student Aid (FAFSA) online at fafsa.ed.gov.

Types of Educational Loans:

Stafford Loan

Benefits Include:

Save an additional .25% on your interest rate by paying with Direct Debit

Types of Stafford Loans:

• Subsidized Stafford Loan - A fixed, low interest rate, federal loan for students demonstrating financial need. Repayment is deferred until six (6) months after the student graduates, leaves school or drops below half-time status. A Federal origination fee of .5% and a Federal default fee of 1% are deducted from the loan.
• Unsubsidized Stafford Loan - A fixed, low-interest rate federal loan. Interest repayments are either paid by the borrower while in school or the interest may be capitalized. Repayment is deferred until six (6) months after the student graduates, leaves school or drops below half-time status. A Federal origination fee of .5% and a Federal default fee of 1% are deducted from the loan.

Eligibility Requirements:

• U.S. Citizen or national, a U.S. permanent resident, or eligible non-citizen accepted for enrollment or attending school that participates in the Federal Family Education Loan Program
• At least half-time enrollment
• Satisfactory academic progress in a degree-granting program
• Financial need (subsidized only)

PLUS Loan

To fill the financial gap, graduate and professional students as well as parents of dependent undergraduate students can borrow up to the difference between the cost of the education and other financial aid received (scholarships, grants and loans).

A Federal Origination Fee of 3%, and a Federal Default fee of 1% are deducted from the loan.

Repayment of principal and interest on a Federal PLUS Loan typically begins 60 days after the loan is fully disbursed, however, delayed repayment options may be available.

Benefits Include:

• Save an additional .25% on your interest rate by paying with Direct Debit
• Parents may qualify to delay the repayment of PLUS loans
• No penalty for repaying your loans early

Eligibility Requirements:

• U.S. Citizen or national, a U.S. permanent resident, or eligible non-citizen accepted for enrollment or attending school that participates in the Federal Family Education Loan Program
• A graduate or professional student or a dependent 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

Rates

*APR denotes Annual Percentage Rate

Rates and information are subject to change at any time.

More Rates

For general information about Federal Stafford or PLUS loans, we encourage you to contact AES/PHEAA at 800.692.7392. For educational tax incentives and/or deductions for which you may be eligible, please consult a qualified tax professional.

Important: To take advantage of our educational loans, you must be a PSECU member.