Loans — Student & Young Adults

Student Loan

IMPORTANT! Changes to the Federal Student Lending Process

With the recently enacted Health Care and Education Affordability Reconciliation Act of 2010 (HR 4872), the Federal Family Educational Loan (FFEL) Program has been eliminated. Private lenders, such as CTECU, no longer have a role in originating or funding federal Stafford, PLUS, or Consolidation loans.

Federal Direct Student Loans

Beginning July 1, 2010 all new federal student loans will be issued via the William D. Ford Direct Loan Program. The lender for your federal loans will be the U.S. Department of Education rather than your credit union or other financial institutions.

Stafford and PLUS Loans: Visit the Department of Education website for information about Federal Direct Stafford and PLUS loans. It is suggested that you stay in close contact with your school’s Financial Aid Office to apply and monitor application status.

Consolidation Loans: You may have the opportunity to consolidate your existing loans through the Federal Direct Loan Consolidation Program. To view consolidation loan detail, visit the Department of Education Consolidation Loan website.

Direct Lending Borrower Aids: Although our credit union will no longer be funding federal student loans, we would like to continue assisting you in whatever way we can.

Below are resources to assist you through the Direct Loan process.

• Direct Loan Guide
• Frequently Asked Questions

For Information on Existing Loans

For questions or service related to an existing Federal Family Educational Loan secured through our credit union, contact Great Lakes (our chosen servicer) at 1-800-236-4300 or access your account information online.

For questions regarding who holds or services your existing federal student loan(s), please access the National Student Loan Database, which is a Department of Education central database for student aid.

Young Adults Loan

If you are between the ages of 18 and 24 you may be eligible for our "Young Adults" loan. Qualified applicants may apply if one of the following requirements is met:

• 20% of purchase price is placed on the vehicle as a down payment
• Co-signer is used to guarantee the loan
• Or both (as deemed necessary by Credit Union loan officer)

Term	Rate (APR)
According to year model of vehicle purchased	6.5%

Qualified loan applicants are based on the following 3 C's of credit:

• Character
• Credit worthiness
• Capability to repay

Disclosure: Loans are for qualified applicants. APR denotes Annual Percentage Rate.  These loan rates and terms are subject to change upon Board of Directors discretion.

Friendly Reminder....Some links listed here are external to this site. They are not under our management or control and the accuracy of the information provided is not guaranteed by CTECU.