With the recently enacted Health Care and Education Affordability Reconciliation
Act of 2010 (H.R. 4872), the Federal Family Educational Loan (FFEL) Program has
been eliminated. Private lenders, like Unison Credit Union, no longer have a role
in originating or funding federal Stafford, PLUS or Consolidation loans. Beginning
July 1, 2010, all new federal student loans will be issued via the William D. Ford
Direct Loan Program.
Unison is no longer able to fund or originate Stafford, PLUS or Consolidation loans.
We will, however, still service current loans held with Unison. For members with
questions related to an existing FFEL loan secured through Unison, they can contact
our chosen servicer, Great Lakes, by phone at 1-800-236-4300 or online at www.mygreatlakes.org.
Other options that can be used include:
- Sallie Mae Smart Option Student Loan®
- Home equity loan
- Home equity line of credit
- Personal loan (unsecured)
- Kwik Cash line of credit
- Creative financing options, like borrowing against a car that is paid off