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At Self Reliance (NY) FCU we understand the importance of education. To assist you in educational needs we now offer Federal Family Education Loans Program (FFELP) through the Great Lakes Higher Education Corp. To request Self Reliance (NY) FCU as your lender please select and enter our Lender Code # 814587 in a Master Promissory Note.
Take advantage of 50.00% Origination Fee reduction program to all members of Self Reliance (NY) Federal Credit Union!
Subsidized Loans
Subsidized Federal Stafford Loans
A need based loan. The federal government pays interest that accrues on subsidized loans during the student’s in school, grace, authorized deferment, and (if applicable) post deferment grace periods, if the loan meets certain eligibility requirements.
Unsubsidized Loans
1. Unsubsidized Federal Stafford Loans
A non-need based loan. The borrower is responsible for paying the interest on an unsubsidized loan during in school, grace and deferment periods, in addition to the repayment periods.
2. Federal PLUS Programs:
- The Federal Parent PLUS - Program makes loans available to parents of dependent students. The first payment starts six months after student drops below half - time status or graduates.
- The Federal Grad/PLUS – Program makes loans available for Graduate and Professional Students. The first payment is due within 60 days after final disbursement. The borrower may receive a deferment while hi is enrolled on at least half time basis.
3. Federal Consolidation Loan
The Federal Consolidation Loan can lower your monthly payment by combining education loans from multiple lenders into single loan. Before applying for consolidation loan please call Great Lakes at: 1-800-950-0152.
Please note our Lender Code: #814587
All borrowers under the Federal Stafford Loan Program and Federal PLUS Program must use the loan funds received solely to pay educational costs.
For Federal Stafford and for Parent PLUS/Grad PLUS Program be sure to indicate your FULL school name (no abbreviations) and school code (if known), city and state in the upper right –hand corner of the Master Promissory Note.
For Federal Stafford Subsidized and Unsubsidized Loans use:
Federal Stafford Loan MPN and
Addendum to Stafford MPNFor Parent PLUS Program and Grad PLUS Program use:
Federal PLUS Loan Application and MPN and
Addendum to PLUS MPNFederal Stafford MPN and Federal PLUS Loan Application and MPN and Addenda mail to:
Great Lakes Educational Loan Services, Inc.
P.O. Box 64080
St. Paul, MN 55164-0080For Federal Consolidation Loan use:
Federal Consolidation Application and Promissory Note and
Addendum to Federal Consolidation Application and Promissory NoteFederal Consolidation Application and Promissory Note and Addendum mail to:
Great Lakes Educational Loan Services, Inc.
P.O. Box 8956
Madison, WI 53708-8956
| Federal Stafford Loan-
Subsidized Undergraduate |
6.000% |
| Federal Stafford Loan -
Subsidized Graduates |
6.800% |
| Federal Stafford Loan -
Unsubsidized Undergraduate and Graduate |
6.800% |
| Federal Parent PLUS/Grad PLUS | 8.500% |
Consolidation – The interest rate of the new loan is based on the weighted average of the interest rates of the loans consolidated, rounded up to the nearest 1/8 of a percent, never exceeding 8.250%.
* Federal Stafford Loans (Subsidized, Unsubsidized) and Parent PLUS / Grad PLUS Program rates are subject to change.
For more information regarding Federal Family Education Loans refer to Student Federal Financial Aid Process and 2007-2008 Quick Reference Guide.