PFCU is pleased to support the education goals
of our members and their children by participating in Federal
Student Loan programs. (PFCU does not set
the student loan rates and terms - they are determined by the
U.S. Department of Education). Consult with your school’s
Financial Aid counselor to determine the best loan program for
you and the amount needed. Or, for an informative overview of
available programs, costs and terms, use this Quick Reference
Guide:
Federal
Family Education Loans Quick Reference Guide
Loan
Type
Federal
Subsidized Stafford
Federal
Unsubsidized Stafford for Dependent Students
Federal
Unsubsidized Stafford for independent Students
Federal
Plus
Eligible
Borrowers
•Dependent
Undergraduate
•Independent
undergraduate
•Graduate
or professional student
•Based
on financial need
•Dependent
undergraduate student
•Not
based on financial need
•Independent
undergraduate
•Graduate
or professional student
•Not
based on financial need
•Creditworthy
parent/step parent of dependent
•Not
based on financial need
Annual
Borrowing Limits
Year
1
$2,625
Year
2
$3,500
Year
3
$5,500
Year
4
$8,500
Year
1
$2,625
minus subsidized Stafford awarded
Year
2
$3,500
minus subsidized Stafford awarded
Year
3 - 5
$5,500
minus subsidized Stafford awarded
Year
1
$6,625
minus subsidized Stafford awarded
Year
2
$7,500
minus subsidized Stafford awarded
Year
3+
$10,500
minus subsidized Stafford awarded
Grad & Prof
$18,500
minus subsidized Stafford awarded
Parents/stepparents
are eligible to borrow up to the cost of education less any
aid the student receives.
How To Apply for Federal Financial Aid and Student
Loans
To apply for Federal Financial Aid, complete a Free
Application for Federal Student Aid or FAFSA. The forms are
available from your high school guidance counselor or from the financial
aid office of any of the schools to which you are applying.
You can even apply over the Internet at www.fafsa.ed.gov.
Please call 1-800-4-FED-AID or your financial aid office with questions
regarding completion of the FAFSA.
Remember to put Parsons Federal Credit Union down
as your lender. Our lender code is 833213.
Once completed, mail the FAFSA to the designated
processor listed in the application or send it over the internet.
The FAFSA should be submitted as soon as possible after January
1st.
In 4-6 weeks, the processor will mail you and each
of the schools to which you've applied, the results in the form
of a Student Aid Report or SAR. The schools will determine
the financial aid for which you qualify and notify you in an award
letter.
Once you've selected which school you'll be attending,
request a loan application from your credit union (if the award
letter shows you are eligible for a subsidized Federal Stafford
loan or an unsubsidized Federal Stafford loan).
If the award letter says that there is still unmet
need or that you do not qualify for either of the Federal Stafford
loans, your parents/step-parents may borrow under the Federal PLUS
loan program (if you are a dependent undergraduate student).
After completing the loan application, return it
to:
Credit Union Student Loan Network
Great Lakes Higher Education Corporation
P. O. Box 64080
St. Paul, MN 55164-0080
1-800-247-0462
Want to look up loan information yourself? Go to www.mygreatlakes.com.
Click on "Borrowers" and follow the instructions.
This credit union is federally insured by the National Credit Union Administration
