Products & Services
After exhausting the opportunities available from the federal aid programs, many students will consider private loan programs as a source of funding. The terms and conditions of these programs vary, and as such, students are encouraged to review the details of the programs before selecting a private loan program. Private loans are not eligible for loan consolidation programs made available for federal student loans. Interest rates, fees (both at the time of borrowing and at repayment), credit checks, and annual and aggregate loan limits require careful evaluation by the student as a consumer. As always, taking on debt for any reason should be done deliberately and only for amounts needed.
College Planning Service
Let Us Help You Reduce Your College CostAs college costs have increased dramatically over the last few years, more and more credit union members have expressed great concern over funding their children’s college education without sacrificing their retirement savings. With four-year college costs averaging between $52,000 and $132,000 per child, that concern is legitimate.
Notre Dame Federal Credit Union can now help you solve the college funding challenge – whether your annual income is $50,000, or $500,000. We are pleased to offer our members an innovative online college planning service, one we’re offering in collaboration with College Funding Solutions (CFS). CFS is widely regarded as a premier provider of college planning solutions, and is the only company that offers these solutions through a wholly web-based service.
One of the primary objectives of the online college planning service is to help you reduce your college bill. The practical benefit of this service is that you may potentially save thousands of dollars on your out-of-pocket college costs!
At Notre Dame Federal Credit Union, we are committed to educating and assisting parents of college-bound children. We sincerely hope this new service helps you understand your options for college planning, as well as the various ways to leverage those options for maximum benefit.
We are pleased to be one of the first financial institutions in the country to be able to offer you this unique and much-needed online service. It’s just the latest example proving that Notre Dame Federal Credit Union really is Where Members Matter.
Get your FREE college planning report, compliments of Notre Dame Federal Credit Union, now! You may obtain the special promotion code by logging into Home Banking. Enter the code when prompted by the online college planning service, and your report will be FREE!
Student Loans
The Notre Dame Federal Credit Union (Lender Number 830731) offers student loans in order to help its members meet their financial aid needs in pursuit of higher education. Filling out the Free Application for Federal Student Aid (FAFSA) is the first step in the process. Students are encouraged to file electronically at www.fafsa.ed.gov. The FAFSA is the core document necessary to apply for all types of student financial aid available through the state and federal governments as well as the colleges and universities.
COMPLIANCE DISCLAIMER Notre Dame Federal Credit Union is a membership-based financial cooperative. We would love to take your loan application, but you must first qualify for membership. Before applying for a student loan, please call our toll-free number to find out how you may qualify for membership.
Federal Stafford Loan
- Federal Subsidized Stafford Loan. With this loan, the interest is paid by the government while the student is in school, and during periods of grace and deferment. Repayment generally begins 6 months after the student ceases to be enrolled in school on at last a half-time basis. Yearly loan limits are based on year of school and set by the Department of Education.
- Federal Unsubsidized Stafford Loan.With this loan, the interest that accrues is paid by the borrower all throughout the grace period, deferment and repayment. The interest on this loan can be capitalized onto the principal loan balance before the loan goes into repayment. Repayment generally begins 6 months after the student ceases to be enrolled in school on at last a half-time basis.
Loan repayment period generally extends up to 10 years.
Federal PLUS Loan
The PLUS loan is a loan that is granted based on the creditworthiness of the parent or legal guardian of a student. The interest begins to accrue immediately with payments beginning within 60 days after the loan is fully disbursed. Parents can defer payments for up to 5 years by filing an annual forbearance. Parents may borrow up to the full cost of education minus student aid. Loan repayment period generally extends up to 10 years.
Federal PLUS Loan for Graduate Students
A federal loan for graduate and professional students. Deferred payment while in school and borrow up to the cost of education minus student aid.
General Information
Sallie Mae provides all processing and maintenance on all the above loans. Funds are sent directly to the school through electronic funds transfer or loan checks which are made co-payable. For additional information, visit Sallie Mae Loan Services at www.salliemae.com.
