College is a big investment, and whether planning for yourself or a family member, it is important to first explore all federal aid, grant and scholarship options. Once these routes have been exhausted, we can help to finance a student loan to cover the amount still needed.
Saving for College
If college is still a few years away, it may be a good time to set up a savings plan to help cover tuition in the future. We offer a range of options to help, including:
- Savings Account dedicated to college costs, allows you to contribute and use funds as needed without any restrictions.
- Certificates typically earn higher interest, and are a great way to put aside money for the future.
- Coverdell ESA savings or certificates, may allow for tax benefits when used for tuition, books, or other qualified expenses.
- 529 Savings Plan is created by Congress and allows for higher contributions while also offering tax benefits, provided funds are used for qualified education expenses.
Federal Student Aid
Before applying for a private student loan, we recommend you take advantage of the subsidized and unsubsidized loans offered through the federal government. These often provide lower costs and offer favorable repayment terms. Visit the FASFA website for more information and to apply.
To qualify, you must be enrolled at least half-time in a degree-seeking program in the United States. A cosigner may help qualify for a lower interest rate, but keep in mind that all applicants must be MEFCU members.
We offer flexible terms up to 15 years, with fixed or variable rate options. Payments are deferred until six months after graduation, and during this time you have the option of making interest or proactive payments towards the loan. You are able to borrow a minimum of $2,500, up to the cost of attendance per year. The maximum amount is $100,000 for undergraduate or $150,000 for graduate loans.
If after applying you find a cheaper way to cover tuition costs, you have up to 30 days to cancel the loan without any penalty.