Members 1st Federal Credit Union - Student Services

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

Educational Loans

Members 1st educational loan programs include:

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

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

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.

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

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