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Partners In Education
Federal Stafford Loans
Federal PLUS Loans
Federal Consolidation Loans
Apply for Federal Student Aid in Just Five
Steps
Credit Union Tuition
Loans
Get Your Student Loan at Sun
Federal!
It's Easy...Enter
Our Lender Code # 832582
on
your student loan application.
Partners in Education
A college education is important to succeed in today's
world. For half of all college students, financial aid is
necessary, particularly student loans. Along with a complete
array of financial services geared to serve young adults, Sun
Federal can also help provide the funds you need to graduate.
The Credit Union is a Federal Family Education Loan Program (FFELP)
provider. To meet your particular financial needs there are
four types of federal loans available. We offer
Federal Stafford Loans- subsidized and
unsubsidized,
Federal SLS
(Supplemental Loans for Students) and
Federal PLUS (Parent
Loans for Undergraduate and Graduate Students) and
Federal
Consolidation.
If you have questions after reading this
page, please call or visit your
local branch for complete information about student loans.
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Federal Stafford Loans
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
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Federal
PLUS Loans
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
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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
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Apply for Federal
Student Aid in Just Five Steps
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.
- 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.
- 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).
- 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.
- 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.
.
- 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.
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Credit Union Tuition Loans
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.
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