Members 1st Federal Credit Union - Student Services - Educational Loans

Educational Loans


Members 1st educational loan programs include:


KeystoneBEST (Federal Stafford Loan)

  • Loan in the student's name
  • Subsidized or Unsubsidized -
    • Subsidized - the government pays the interest on the loan while the student is in school, during grace periods, and during approved deferment periods.
    • Unsubsidized - the student is responsible for interest that accrues on the loan.
  • Principal payment is deferred until 6 months after graduation, withdrawal from school, or if the student drops below half-time status (6 credits).
  • Maximum repayment term is 10 years.
  • Low rates set by the Federal Government. Call the Student Loan Department at 800-283-2328 x 232 for more details.
  • To qualify for KeystoneBEST, borrower must be a PA resident or out of state resident attending any US Department of Education approved school in Pennsylvania.
  • Borrowers not qualifying for KeystoneBEST may still obtain a Stafford Loan, just not the KeystoneBEST borrower benefit.
  • Borrower must be a primary member of the credit union with an account in good standing.
  • Members 1st Lender Code - 813385
Apply for a KeystoneBest Loan Pay your Stafford Loan


KeystonePLUS (Federal Parent Loan for Undergraduate Students)

  • Loan in the parent’s name.
  • Can be used to cover the difference not covered by other financial aid awards.
  • 3% origination fee, which is deducted before funds are sent to the school.
  • Maximum repayment term is 10 years.
  • Normally, the Free Application for Federal Student Aid (FAFSA) must be on file to qualify.
  • Fixed interest rate for loans disbursed on or after July 1, 2006.
  • Pre-approvals available by applying online or by calling the Student Loan Department (800-283-2328 x 232).
  • Borrower must be a primary member of the credit union with an account in good standing.
  • Members 1st Lender Code - 813385
Apply for a KeystonePLUS Loan Pay your PLUS Loan


Members 1st FCU Alternative Loan (TERI Loan)

  • Private loan program guaranteed by The Education Resources Institute (TERI).
  • Available for Undergraduate, Graduate, and Continuing Education students, attending an approved TERI school.
  • May borrow up to the cost of education minus any other aid the student is already receiving.
  • Provides a low, adjustable rate based upon the Prime Rate.
  • Multiple repayment options dependent upon loan program.
  • Origination fee is based upon credit-worthiness and repayment option. (Fee is added to the loan amount requested.)
  • Maximum repayment term is 12 years.
  • Generally requires a credit-worthy cosigner.
  • Borrower must be a primary member of the credit union with an account in good standing.
Apply for a Members 1st	Alternative Loan Check Status of Members 1st Alternative Loan


GraduatePLUS (Federal Loan for graduate or professional students)

  • Loan in the gradudate or professional student's name.
  • Can be used to cover difference not covered by other aid.
  • Must be credit worthy to qualify.
  • 3% origination fee, which is deducted before funds are sent to the school.
  • Fixed interest rate.
  • Must complete the Free Application for Federal Student Aid (FAFSA) to qualify.
  • Must utilize all Stafford Loan monies before applying for the GradPLUS program.
  • Must be enrolled at least half-time and working toward a degree or certificate.
  • Maximum repayment term is 10 years.
  • Payment may be deferred while enrolled at least half-time; complete the in school deferment request form.
  • Borrower must be a primary member of the credit union with an account in good standing.
  • Members 1st Lender Code - 813385
Apply for a GraduatePlus Loan Pay your GraduatePlus Loan


NETWORK Federal Consolidation Loan

  • Consolidation provides fixed interest rate on Federal Stafford or Federal PLUS loans.
  • Interest rate is based upon the weighted average of current loans.
  • May consolidate even if you only have one outstanding loan.
  • Consolidation may reduce monthly payment and extend repayment term.
  • Borrower must be a primary member of the credit union with an account in good standing.
  • Members 1st Lender Code - 813385
Apply for a Consolidation Loan

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