Make College a Reality
Get Your Student Loan from
Co-op Credit Union
Lender Code: 831171

You know the value of a college education. 
Getting a college degree is a very worthwhile goal, but the cost of a college education can be overwhelming for both students and parents. That’s why Co-op Credit Union offers Federal Family Education Loan Program (FFELP) loans. If you or another family member plans to attend a university, technical college, or any specialized training program, CCU can help you with the funding you need to pursue your dreams.

FFELP offers loans for students and parents.

·         Stafford Loans

o        The subsidized Federal Stafford Loan is based on financial need. The government pays the interest while you are in school, grace, and deferment period.  Repayment begins 6 months after dropping below half-time (as determined by school). 

o        The unsubsidized Federal Stafford Loan is not based on need but family income is a determining factor. You pay all the interest, although you can have the payments deferred until after graduation.  Repayment begins 6 months after dropping below half-time (as determined by school).

           
  Apply Now for a Federal Stafford Loan

 

·         Parent PLUS/Grad PLUS Loans

Creditworthy parents/stepparents of dependent undergraduate students and graduate/professional students can apply for this loan, which is not based on need.  Parents can borrow up to the cost of education minus any other financial aid the student is receiving.
 

Apply Now for a Federal PLUS (Parent) Loan

Apply Now for a Federal Graduate/Professional PLUS Loan

Learn more about low-interest federal student loans.
Refer to the Student Loan Quick Reference Guide for more details on Stafford and PLUS Loans including:
·         current rate
·         loan limits
·         borrower fees 

Federal Family Education Loans Financial Aid Process:

1. Complete a FAFSA 

Before you begin applying for a Stafford and/or PLUS Loan, you must first complete the Free Application for Federal Student Aid (FAFSA). It must be completed for each academic year that you request federal aid. FAFSAs for the upcoming academic year are available online on or after January 2. Contact your school for their application deadline.

2. Receive your SAR 

Once your FAFSA is processed, a Student Aid Report (SAR) is created. If you completed your FAFSA online, allow 1-2 weeks for you and your school to receive the SAR electronically. Paper FAFSAs take 6-8 weeks to process.  

3. Receive your Award Letter

Your school(s) use data from your SAR to determine your financial aid award for the current academic year and send you an award letter by e-mail or US Mail. (If your letter mentions the William D. Ford Direct Lending Program, contact your school for the appropriate promissory note.)

4. Complete a Master Promissory Note

Apply fast and easy on-line and receive answers to frequently asked questions.  

5. School Completes School Certification Form
Your school must complete a School Certification Form indicating the loan amount and disbursement dates and return to the loan servicer, Great Lakes. It is suggested that you stay in contact with your school to determine their timeline to certify and to expedite the completion of the form.

6.  Your School will Receive the Funds
Upon receipt of the School Certification Form, verification of credit union membership, and credit approval for Parent PLUS/Grad PLUS borrowers, the loan will be guaranteed within 24 hours.  Funds will be sent to the school on the date the school has indicated.  Once the loan is guaranteed, you will receive a disclosure outlining the amount of the loan, disbursement dates, and the interest rate.
 

7. Access Your Loan Account Online

You can check the status of your loan, view your account information and make payments from your account 24/7 at www.mygreatlakes.org,  Choose ”Borrowers” and then log in to access Borrower Status Tool (BST), and Internet Borrower Inquiry Service (IBIS). 

8. Call These Toll-free Numbers for Loan Inquiries

·         Contact BEFORE your loan is disbursed to the school: Great Lakes at 1-800-247-0462

·         Contact AFTER your loan is disbursed to the school: Great Lakes at 1-800-236-4300

After graduation, consolidating your student loans is an option.  CCU's Consolidation Lender Code:  871171

After you graduate, you can consolidate your student loans, even if you only have one.  Contact a Great Lakes Consolidation Representative by calling 1-800-950-0152 to determine if consolidation is in your best interest.  If you wish to consolidate your loans and your eligible loans have a total balance that exceeds the minimum requirements, you may consolidate online using Great Lakes Consolidation Loan Assistant.
 

Plan your future. Visit these Web sites.
www.studentaid.ed.gov - Detailed student aid and student loan info from the U.S. Dept of Ed.
www.fafsa.ed.gov  - Online application for financial aid (FAFSA).
www.pin.ed.gov  - Apply for a PIN number to complete online FAFSA.
www.nslds.ed.gov  - View the history of the federal student financial aid you have received.
www.collegeplan.org - Information on college selection, admissions, financial aid and scholarships.

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Remember, low or no cost "student pack" services are available from CCU for the college student:

     * FREE checking
     * VISA Debit/ATM card
     * Line-of Credit Overdraft Protection
     * MasterCard (appropriate limit)
     * Teller-Phone audio response access
     * HFS (Home-internet Financial Services)