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East
Texas Professional Credit Union
originated as an education based financial institution.
As a result, we understand the importance of continued education.
Therefore, we offer many options for students who are pursuing
a higher education.
East Texas Professional Credit Union Lender ID: 828001
In order to provide consistency throughout the lending process, loans are serviced by Nelnet and are also purchased by Nelnet at the time of repayment.
Interest Rates as Set by the Department of Education (July 1, 2007)
Federal Stafford Loans for Students:
6.80% Fixed (subsidized or unsubsidized)
Federal Plus Loans for Parents of Dependent Undergraduate Students
8.50% Fixed
Origination Fee
Federal Stafford Loans for Students:
Loans disbursed July 1, 2007 - June 30, 2008: 1.5%
Loans disbursed July 1, 2008 - June 30, 2009: 1.0%
Loans disbursed July 1, 2009 - June 30, 2010: 0.5%
Loans disbursed July 1, 2010 and later: None
Federal Plus Loans for Parents of Dependent Undergraduate Students: 3.0%
Repayment
No payment of principal is required during the student’s in-school period plus six months. On subsidized Stafford Loans, interest is paid by the federal government during this time. On unsubsidized Stafford Loans, the student must either pay all interest that accrues or the lender will add it to the principal.
Payment Amount: Minimum of $50 per month
Payment must be equal to at least the monthly interest due on the loan.
Repayment Term: Generally 10 years
The
Federal Family Education Loan Program (FFELP)
The Federal Family Education Loan Program (FFELP) is the
top source of financial aid in the United States, making
up one third of all aid awarded each year. More than 60
million families and students have used the FFELP to help
pay for education beyond high school.
FFELP loans
offer special benefits to borrowers, such as low interest
rates, deferment and forbearance options, and an easy application
and approval process. FFELP loans are available for both
students and parents of dependent students.
There are three
types of FFELP loans:
Subsidized
Federal Stafford Loans are for student borrowers
and are based on financial need. The federal government
pays the interest while the student is enrolled in school,
during the six-month grace period after the student ends
at least half-time attendance, and during deferments.
Unsubsidized
Federal Stafford Loans are for student borrowers,
but are not based on financial need. Unsubsidized Federal
Stafford Loans are for students who do not qualify for a
subsidized loan or to supplement a student’s subsidized
loan. Borrowers are responsible for all of the interest
on unsubsidized loans.
Federal PLUS Loans are for graduate / professional students and parents of dependent undergraduate students. Borrowers can use PLUS Loans to help meet the cost of attendance or to cover a student's expected family contribution (the amount of money the government expects the parents and student to provide each year for the student's education).
BORROWER
ELIGIBILITY
Federal Stafford Loans – Subsidized
and Unsubsidized are available to undergraduate and graduate
students who:
- Are
U.S. citizens or eligible non-citizens
- Are
enrolled or accepted for enrollment at least half time
in an eligible program at an eligible school
- Have
had their Federal Pell Grant eligibility determined and,
if eligible, have applied for a Federal Pell Grant (only
applies to undergraduates who have not yet received their
first Bachelor’s Degree attending schools participating
in the Federal Pell Grant Program)
- Are
making satisfactory academic progress (if the student
previously attended a post-secondary school)
- Have
no unresolved default in a federal education loan program
and owe no refund on a federal education grant or scholarship
- Are
registered with the U.S. Selective Service System (if
required to register)
- Have
certified their intent to use the loan proceeds for educational
purposes
- Are
not incarcerated
- Have
not been convicted of a drug-related offense (within federal
and state guidelines)
- Do
not have property subject to a judgment lien for a debt
owed to the U.S. government
Federal
PLUS Loans are available to natural or adoptive
parents of dependent children. The borrower must:
- Not
have an adverse credit history
- Be
a U.S. citizen or eligible non-citizen
- Have
no unresolved default in a federal education loan program
and owe no refund on a federal education grant or scholarship
- Have
stated intent to apply the proceeds to the education costs
of the student
- Have
a dependent student who meets the borrower eligibility
requirements for a Federal Stafford Loan
- Not
have property subject to a judgment lien for a debt owed
to the U.S. government
When applying
for Stafford Loans, the first step is to fill out the Free
Application for Federal Student Aid (FAFSA). You may do
this online at www.fafsa.ed.gov.
In order to provide consistency throughout the lending process, loans are serviced by Nelnet and are also purchased by Nelnet at the time of repayment. For more information, please visit their website at www.nelnet.net.
For additional
tools to use in planning for your college education, please
visit any of the following websites:
www.tgslc.org
www.AIE.org
www.mapping-your-future.org
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