Important Information
Effective June 1, 2010, we are no longer accepting new applications for student loans through the Federal Family Educational Loan Program.
With the recently enacted Health Care and Education Affordability Reconciliation Act of 2010 (H.R. 4872), eliminates the Federal Family Education Loan (FFEL) Program on July 1, 2010. Private lenders, like Raritan Bay Federal Credit Union no longer have a role originating or funding federal Stafford, PLUS or Consolidation loans. Beginning July 1, 2010 all new federal student loans will be issued via the William D. Ford Direct Loan Program. Contact your school's financial aid office for more information on securing federal student loans.
For questions or services related to existing Federal Family Education Loans secured through Raritan Bay Federal Credit Union, contact our chosen service provider, Great Lakes at 1.800.236.4300, or at www.mygreatlakes.org.
Here are some Direct Loan Tools to further assist you in the new process:
National Student Loan Database: Borrowers can locate their loans by accessing the Department of Education central database for student aid.
Looking to consolidate your student loans?
If you have variable rate student loans that you would like to consolidate to lock in your rate, learn about the Federal Direct Loan Consolidation Loan Program. Click HERE for more information.
Credit Union EdAccess Private Student Loan
Federal loans not enough to cover the cost of your college education? The EdAccess Loan can be the answer to your funding needs.
Main Program Features:
- Borrow as little as $2,500 or as much as $30,000 per year. $120,000 lifetime maximum
- Defer full principal and interest payments until six month after graduation or leaving school
- Variable interest loan based upon LIBOR index plus a margin. Recent rates for approved loan range from 6%-9%
- Interest paid on loan may be tax deductible. Please consult your tax advisor
- Zero fees or low fees (2%-4%) based on repayment option selected. Borrower has the option to choose between making interest payments or a nominal $25 "Good Faith" payment towards the loan while in school
- Use the funds for any qualified educational expense, including past due tuition bills
- No prepayment penalty and 30-day loan cancellation policy
- Fast pre-approval once we receive your completed application
Student Benefits:
- Credit + Academic based underwriting. We use the FACS grade, which takes into account the credit history of the borrower/cosigner as well as the academic progress of the student. Good grades and getting closer to graduation means a lower loan rate!
- 1% Interest Rate Reduction once you have entered repayment and repaid just 10% of the loan
- 30 Day No-Fee Return Policy. Find a cheaper way, you can cancel the loan. No questions asked. As long as you cancel within 30 days of approval date, you owe no fees and no interest!
- Zero Fees. Borrowers that choose to pay loan interest while in school pay no loan origination fees. If you choose to make only the $25 "Good Faith" payment while in school, a small 2%-4% fee applies
- Cosigner release after 24 payments. The cosigner may be released from the loan once the loan is in repayment and the borrower has made just 24 on-time payments. The borrower must meet the minimum credit requirements.
Eligibility & Credit Requirements:
- Borrower must be enrolled in an eligible school and pursuing a degree program
- Borrower must be a member or join a participating credit union during the online application progress
- Borrower or cosigner must be a U.S. Citizen. Foreign students can apply with a U.S. Citizen as a cosigner
- Freshmen and sophomores must apply with a creditworthy cosigner who has at least 21 months of credit history
- Creditworthy juniors or seniors enrolled in a 4-year program can apply without a cosigner. Applying with a cosigner is highly recommended to qualify for lower rates!
For more information or to apply, click HERE!
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