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| Through Buffalo Service Credit Union, you have full access to government loans to help with your child’s college tuition and education costs. We offer subsidized and unsubsidized Federal Stafford Loans, parent loans, and consolidation loans to make it easier to make the dream of a college education a reality.
Finance higher education with a Federal Stafford Loan A Federal Stafford Loan is a traditional student loan in your child’s name. If your student qualifies, he or she can borrow up to $3,500 as a freshman, $4,500 as a sophomore, and $5,500 in years three through five, for a total of $23,000 as an undergraduate student. Additionally, graduate students may borrow up to $8,500 each year, with a maximum total of $65,500. Higher limits are available depending on your child’s status. The variable interest rate on Federal Stafford Loans is set each year and cannot exceed 8.25%, for loans granted prior to 7/1/06. For loans granted on or after 7/1/06, the interest rate is fixed and may change annually without a limit. If your child qualifies for a subsidized loan, the federal government will pay the interest on the loan as long as he or she is enrolled in classes at least part time. With an unsubsidized loan, your student won’t need to pay on the principal loan amount while in school. However, he or she is responsible for paying the interest that accrues on the loan during those years. Payments on the interest can also be deferred and added to the principal balance. Cover college costs in full with a Federal Parent Loan for Undergraduate Students (PLUS) A PLUS Loan is a smart alternative if your child doesn’t qualify for other types of assistance or if other student loan and grant monies won’t fully cover your child’s education costs. You can borrow up to the full cost of your child’s education each academic year, minus grants and other financial aid, at a fixed interest rate. Future rates may change. Unlike the Stafford Loans, PLUS Loans are not based on financial need, however a credit screening is mandatory. After the loan is disbursed, you’ll have a 60-day “grace period” before you need to begin repayment. Save money and simplify your finances with Student Loan Consolidation You can save up to 50% on your monthly payments when you consolidate all your student loans at BSCU. With a competitive fixed interest rate, you'll have one low monthly payment and only one payment due date. Plus, this time- and money-saving service is FREE – compliments of your friends at BSCU. Consolidate as many eligible Title IV loans as you wish and lighten the burden of multiple payments. We understand that student loan debt can add up quickly during the course of your college career. And if you've obtained multiple loans from multiple lenders, you know how complicated it can be to pay back all those loans. BSCU is here to help. |
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