Student Loans

With the raising cost of a higher education, sometimes you just need some assistance in paying for it. Let BayLands FCU help by providing you with some loan assistance.

Two types of Student Loans are available with the help of BayLands' loan department: the Federal PLUS Loan (Parent Loan for Undergraduate Students) and the Federal Stafford Loan.

PLUS Loans allow the parents to borrow up to the difference between school costs minus financial assistance. It carries an annually adjusted variable rate of interest with a 9.00% maximum interest rate, and is available to parents. Eligibility is determined by school, but not based on need. The borrower must have a good credit history. Repayment begins within 60 days after the loan is fully disbursed.

Stafford Loans (subsidized and unsubsidized) have an annually adjusted variable rate. Eligibility for the subsidized Stafford is based on financial need and features deferment of principal and interest charges while enrolled at least half time.

As an additional alternative, the Unsubsidized Stafford is for independent students who do not qualify for the subsidized Stafford Loan. The Unsubsidized Stafford is not based on financial need.

A standard Stafford Loan repayment may run up to ten years. Repayment of principal begins six months after graduating, leaving school, or whenever enrollment drops below half time. The government pays interest for the unsubsidized loan until repayment begins. The borrower pays all interest charges for the unsubsidized loan, which may be deferred and capitalized (at extra cost to the borrower). The annual amount to borrow is variable.

Our loan officers can supply you will information about the above listed loans. Come by or call us at (804) 843-2520 for more information and
ask to speak with a loan officer.

For more information about Student Loans visit the following:

US Department of Education
www.finaid.org

Other information to help you with your loan making decision
Current Rates & Fees
Calculators

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