Investing in a college education will pay dividends for years to come and Unison is committed to providing you with the products and knowledge you'll need to finance your college education.
Unison Credit Union can help you with the loan process. To grasp the entire financial aid process, you'll want to focus on three critical areas:
- What types of student loan products are available?
- How do I apply for Financial Aid?
- How do I go about repaying the loans?
Unison is an ideal place to learn about the Federal Family Education Loan (FFEL) Program. While each loan varies according to your financial situation, here's an overview of Stafford and Parent Loans for Undergraduate Students (PLUS).
Stafford Loans
- Subsidized
- Based on Financial need
- Government pays interest while in school
- Unsubsidized
- Based on need, but family income is not a determining factor
- Borrower pays interest or defers
PLUS Loans
- Parental Loan for Undergraduate students
- Not need based
- Parents must be credit worthy
- Borrowing limit is figured by taking the cost of education and subtracting the aid that the student has received for the year.
Other Options
- Home Equity Loan
- Home Equity Line of Credit
- Consolidation Loans
Below is a list of easy steps to help you when applying for Federal Financial Aid and Student Loans.
- Complete the Free Application for Federal Student Aid (FAFSA). This must
be done for each academic year in which you would like to receive federal aid. You can obtain a FAFSA from your high school guidance office, your college financial aid office, or from the Department of Education's Website. FAFSA's are accepted and processed after January 1st of the year a student is planning to attend school.
- A Student Aid Report (SAR) will be created once your FAFSA has been
processed. You will receive a copy and so will the schools you list on the FAFSA. You should receive the SAR in four to six weeks, two to three weeks if filed electronically.
- You will receive an award letter from your school notifying you of your
financial aid award for the coming academic year. If you qualify for a Stafford Loan, the school will either include a Master Promissory Note (MPN) with your award letter or instruct you to get one from a lender. Unison Credit Union's lender code is #825446.
- Return your Master Promissory Note (MPN) to your credit union.
- If your financial aid is not sufficient to cover the costs or
you don't qualify for a Stafford Loan, your parents or stepparents can
apply for a PLUS Loan. For more details, email Brian or call
920-687-6000.
- Your school will receive the funds. Both Stafford and PLUS Loans are
guaranteed and serviced by Great Lakes Educational Loan Services. When Great
Lakes receives the MPN from the credit union and School Certification Form
from the school indicating the loan amount and disbursement dates, funds will be
sent to the school.
- Access your loan account online. You can check the status of your loan, view
your account information and make payments form your bank account 24/7 at
www.mygreatlakes.com.
Loan repayment on a Stafford Loan begins six months after you graduate, drop below half-time enrollment or withdraw from school. By making these payments on time, you preserve your credit history, which will help you when it comes to buying a house or an automobile.
Although Unison will process your loan, the loan is serviced by Great Lakes Higher Education. You will be receiving payments and information from them in regards to your loan. Make sure that if something changes with your financial situation that you contact Great Lakes Higher Education, they can work with you to make your payments more affordable. Also, the credit union can help you with a Consolidation Loan.
Questions? Give us a call at 920-766-6000 and talk to one of our Student Loan Experts, or email Brian for more information today!
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