NEED
MONEY FOR COLLEGE?
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See BFCU
about a Student loan.
BFCU
can help you experience the challenge of college. We offer
three types of loans to ensure that you receive the funding
needed to pay your way through school.
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Federal
Subsidized Stafford Loan (based on financial need)
Eligible
Borrowers (based on financial need):
• Dependent undergraduate
• Independent undergraduate
• Graduate professional
Advantages
of the Federal Subsidized Stafford Loan
• Increase in borrowing amounts from one year to the next
• Government pays the interest on the loan while the student
is in school and for 6 months after leaving school
• You have up to 10 years to repay your loan
• Choice of type of repayment option
Federal
Unsubsidized Stafford Loan (not based on financial
need)
Eligible
Borrowers:
• Dependent undergraduate
Advantages
Subsidized Stafford Loans
• Increase in borrowing amounts from one year to the next
• Low interest rates
• You have up to 10 years to repay your loan
• Choice of type of repayment option
Federal PLUS Loan (not based on financial need)
Eligible
Borrowers:
• Credit worthy parent of dependent undergraduate
• Not based on financial need
Advantages
of Federal PLUS Loan
• You can borrow the cost of education less the financial
aid the student receives
• You have up to 10 years to repay your loan
• Low interest rates
How
to Apply for a Student Loan
1) Obtain a Free Application for Federal Student Aid (FAFSA)
FAFSA forms
can be obtained from the local library, your high school guidance
counselor, a college financial aid office, or by calling 1-800-4FEDAID.
The FAFSA for can also be obtained from the Department of Education’s
Website at www.fafsa.ed.gov.
2) Fill
out the FAFSA form
3) Receive
your Student Aid Report (SAR).
If your form was filled out by mail allow 6-8 weeks to receive your
SAR. If it was filled out electronically, allow 1-2 weeks to receive
your SAR.
4) Receive
your award letter.
5) Contact
BFCU for your Student Loan Application.
BFCU's lender code is 833407. Remember that you can get
yoiur student loan from BFCU even if we are not on your school's
preferred lender's list.
6) Complete
the Federal Stafford Loan Master Promissory Note (MPN).
Write the name of your school, city and state, and school code in
the upper right-hand corner of the promissory note.
Click
here for rates.
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