Student Aid

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Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.

Student Loan

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

As a result, effective July 1, 2010, we are no longer accepting new applications for student loans through the Federal Family Educational Loan Program.

Although our credit union will no longer be funding federal student loans, we would like to continue assisting you in whatever way we can. Talk with one of our service reps about other financial aids available.

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..

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 at www.mygreatlakes.com

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.

FIC SCHOLARSHIPS

$12,000 in scholarship money to be given out in 2012

In 2012 the Minnesota Family Involvement Council will award two $1,000 scholarships and twenty $500 scholarships to Minnesota credit union members. The applicant must be a member of a credit union headquartered in Minnesota that is affiliated with the Minnesota Credit Union Network. You yourself must be a credit union member in good standing (as determined by your credit union.) You will not qualify if only your parents are members. Both traditional and non-traditional students may apply.

Each year those interested in applying need to complete a one-page application and submit a typed essay (up to 500 words in length). The topic for this year's contest is What impact has social media had on your financial decisions and how could credit unions use these tools to help you with your financial goals? The deadline for entries is Wednesday, February 1, 2012.

For more information and an Application Pack, visit the MNFIC scholarship site.

This student-loan information is subject to change. Check with your financial aid offices for the most current information.

OTHER AID SOURCES

Home Equity Loans - Homeowners borrow funds against the appraised value of their home.

Alternative Loans - Loans directly from the Credit Union. Repayment plans are flexible, rates are competitive, and approval is based on credit history.

Savings Loans - Money in savings accounts or certificates of deposit accounts can be used as security for an education loan.

Grants and Scholarships - Check with your financial aid office. When you fill out the FAFSA form, you automatically apply for a Pell Grant. Your high school counselor will also give you a list of all the grants local scholarships available.