One type of Federal Stafford Loan is designed for students dependent upon their families. The subsidized loan is "need based." The need being ascertained by the Federal Government after the student submits a Free Application for Federal Student Aid. Different amounts are available based on your families' proven financial need, up to a maximum of $65,000 (including graduate studies). These loans are guaranteed by Great Lakes Higher Education Corporation, one of the nation's soundest loan guarantors.

The unsubsidized Federal Stafford Loan is available for all students, regardless of income. Although it is not needs based, students must have gone through a federal needs analysis to determine if they qualify. Students may borrow $2,625 or more per year between the two Federal Stafford Loan programs. The interest rate is variable with a 8.25% cap.

Stafford Loan Addendum

Stafford Loan Application and Master Promissory Note

 

Federal PLUS loans are available to dependent student's parents. These loans are not need-based; everyone is eligible pending credit approval. The interest rate is variable, with a nine-percent cap and the loan is guaranteed by Great Lakes. Parents may borrow up to the cost of education minus other financial aid received, at a variable rate, not to exceed nine percent.

PLUS Loan Addendum

PLUS Loan Application and Master Promissory Note

 

Easy Student Loan Payments through Loan Consolidation
Over the course of your college career, the amount of your student loan debt can add up. And if you've obtained multiple loans from multiple lenders, you know how complicated it can be to pay back all those loans.

We can help lighten the burden of multiple payments and save you up to 50% on your monthly payments by consolidating all your loans into one Federal Consolidation Loan. The advantages you'll enjoy include:

• A simplified payment process with one lower monthly payment and one payment due date.
• The potential to consolidate as many eligible Title IV loans as you wish - there is no maximum dollar limit on a Federal Consolidation Loan.
• One fixed interest rate.
• Loan Consolidation is free for members.
• Federal grants which do not need to be repaid;

The requirements for loan consolidation include:

• Must be a credit union member.
• If all loans are funded through a single lender, you must first approach that lender for consolidation. If the lender is unable to offer Federal Consolidation Loans, or has declined to provide a consolidation loan with an income-sensitive repayment option, you may choose your credit union. Exception: If all loans are William D. Ford Direct Lending loans, you may choose any lender to consolidate. If the borrower has two or more FFEL (non-Direct Lending) lenders, they can choose any lender for consolidation.

As of July 1, 2002, consolidation loan rates are the lowest they have ever been. Don't miss this opportunity to lock your student loans into the lowest rate ever. Ask us about the different repayment options you can select from.

To learn more about qualifications for loan consolidation, call Sun Federal or stop by our office to speak with a loan representative.

Loan Consolidation Addendum

Loan Consolidation Application and Promissory Note

 

Applying for student aid and loans can seem like an overwhelming task. Especially when you are just beginning to research all the options. Here's a step-by-step process that should clarify and simplify things for you.

1. Fill out a FAFSA and submit it early.
   The first step in the process is to fill out the Free Application for Federal Student Aid (FAFSA). It is available from your high school guidance counselor, local library, or you may request one from the school to which you are applying. You can also print out a FAFSA or submit it electronically through the Department of Education's Web site at www.fafsa.ed.gov. Fill the FAFSA out completely since an incomplete application may be returned creating an unnecessary delay for your application. Make sure to answer "yes" to the item on the FAFSA about your interest in a student loan, so your eligibility for one will be determined.
   
   You stand a better chance of getting the best aid package possible for your situation if you complete the application process early. We recommend submitting your application no later than March 31 (do not submit it earlier than January 1 or it may be returned). You should also check with the school you wish to attend, as they often set their own application deadlines.
    
2. The federal government determines your eligibility.
   The information you supply on the FAFSA allows the federal government to determine your eligibility for various financial aid programs including: Federal grants which do not need to be repaid; Federal work-study, which allows a student to work part-time on campus; and Federal loan programs, which may be low-interest and interested-deferred (these are offered through your credit union).
    
3. Receive your SAR report.
   Within four to six weeks a Student Aid Report (SAR), summarizing the financial aid programs for which you qualify, will be sent to you and the school(s) to which you applied. If you applied via the Web, you will receive an SAR by mail about one to two weeks after a complete application is received. Based on the SAR, your school will determine the maximum amount of aid for which you qualify under each program and send you an "award" letter.
    
4. Receive your award letter.
   The award letter breaks down the total amount of federal aid for which you are eligible in an academic year, into the specific types of aid. And each type of aid is broken down further by the amount per semester. If your award letter shows you are eligible for a student loan, or your parents would like to take out a PLUS loan for you, please contact Sun Federal. We make applying for your loan as simple and easy as possible. Be sure to use our lender code # 832582, anywhere it is requested. This will indicate that we are the lender for your loan.
   
   If you have any questions you can contact the Support Center at
   (419) 893-2170 or toll free at (800) 786-0945. .
    
5. See Sun Federal if you are eligible for a student loan.
   If the award letter shows you are eligible for a student loan or your parents would like to take out a PLUS loan for you, please contact Sun Federal. We make applying for your loan as simple and easy as possible. Be sure to use our lender code # 832582, anywhere it is requested. This will indicate that we are the lender for your loan.

If you need more information on the financial aid application process, contact your high school guidance counselor or the financial aid office at the school you will be attending. The Department of Education Web site is another good source, offering a wealth of information at www.ed.gov, as is Great Lakes Higher Education Corporation at www.mygreatlakes.com or Pennsylvania Higher Education Assistance Agency (PHEAA) at www.pheaa.org.

 

A tuition term loan is also available at Sun Federal for the purpose of student expenses up to the tuition amount plus books. The loan balance must be paid off upon completion of the class, quarter or semester. This type of loan is ideal for employees who will be reimbursed by their employer. The loan may be repaid in a single payment at the end of the term or in monthly payments during the term.

Sun Federal thinks education is important. That's why we offer Federal Family Education Loans and Tuition Loans for members, with different programs designed to meet different needs.

Call or visit your local branch for complete information about student loans.