YEFCU Offers Great Rates For All Student Loans
Are there college tuition bills on the horizon? Did the student aid
package come up a little short?
Then remember YEFCU for all student loans. YEFCU offers Pennsylvania
Higher Education Assistance Agency (PHEAA) loans for both students and parents.
The student loan, called the Keystone BEST, or Stafford Loan, allows
students to borrow for college tuition, begin payment 6 months after
finishing or leaving school, with 10 years to repay.
Current Rate is
6.80%.
Parents of the student may qualify for a Keystone PLUS loan, which can
cover the remaining costs for their student who has borrowed the maximum
Stafford loan amount, and whose other financial aid still leaves an unpaid
balance. The rate is 8.50%, payments begin 60 days after the loan
is disbursed, and repayment can be scheduled for up to 10 years.
Have questions? Need to apply? There are brochures in the
credit union lobby explaining each of the available PHEAA programs. YEFCU
staff will assist with any questions and with the application process.
Subsidized Keystone BEST Loans - The Federal Government will pay the
interest on a subsidized loan while you are in school. You must have
financial need to qualify for this interest subsidy.
Unsubsidized Keystone BEST Loans -
Students are responsible for all the
interest on an unsubsidized loan from the date it is disbursed. The
Federal Government does not pay any interest on your behalf. This type of
loan is limited to the cost of your education minus your other financial aid.
How much can I qualify for?
Keystone PLUS Loan - The Parent Loan for Undergraduate Students, or
PLUS, is a loan taken out by parents of a dependent student who has borrowed the
maximum Stafford loan eligibility amount for school. The PLUS loan is used
to cover the costs of education that remain unpaid by other financial aid.
Repayment of PLUS loans begins 60 days after disbursement. Immediate
deferment of payments is also available.
Keystone PLUS for
Graduates - This new federal loan program allows
graduate students to borrow the total cost of education including tuition, room
and board, supplies, lab expenses, and travel, less any other federal aid.
These student loans are non-need based. PLUS loans are based on your
credit history.
The interest rate is fixed, locked in at 8.50%. Repayment of PLUS loans begins 60 days after disbursement. Immediate
deferment of payments is also available.
Education Loan - Members taking graduate courses which are reimbursed
by their employers can borrow the funds needed to pay for the tuition rather
than tapping savings. "Interest only" payments may be made until
reimbursement is received, at which time the balance is due in full.
