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Lender Code: 832935
Several types of government-backed education loans are
available to students under the Federal Family Education Loan Program (FFELP)
including: Subsidized Federal Stafford Loans for
Undergraduates and Graduates:
If you demonstrate financial need, you can borrow a "subsidized" FFEL to
cover some or all of that need. For a subsidized loan, the U.S. Department of
Education pays the interest while you're in school at least
half time, for the first six
months after you leave school, and during a period of deferment—a postponement
of loan payments. Unsubsidized
Federal Stafford Loans for Undergraduates and Graduates:
You might be able to receive loan funds beyond your subsidized loan limit
or even if you don't have demonstrated financial need. In that case, you'd
receive an unsubsidized loan. For an unsubsidized loan, you're
responsible for the interest from the time the loan is disbursed until it's
paid in full. You can pay the interest as you go along. Or, you can allow the
interest to accrue (accumulate)—for example, while you're in school—and have
the interest added to the principal amount of your loan later. This means the
interest will be "capitalized." Note that if interest accumulates, the total
amount you repay will be higher than if you paid the interest all along.
Federal PLUS - Parent Loan for Undergraduate Students:
A PLUS loan is a federally insured loan a parent receives for a dependent
undergraduate student. Parents may borrow up to the cost of education, minus
any other financial aid received. The PLUS loan is not based on need. However,
the applicant must be determined creditworthy based on Federal regulations
and/or lender criteria. PLUS loans are the parent's loan, not the student's.
Repayment begins when the loan is fully disbursed and the first payment on the
loan is usually due 60 days after the loan is fully disbursed.
Steps in Applying for Financial Aid
The following list offers seniors a "road map" of reminders for their
final year in high school. While all of the items may not be relevant to all
students, much of the information will have importance to most students.
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Complete the
Free Application for Federal Student Aid (FAFSA) as soon as possible
after January 1. You will need a copy of the most recent
year tax return to help in completing the FAFSA.
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Six weeks after submitting FAFSA, you will receive a Student
Aid Report (SAR), from the Department of Education notifying you of the
maximum annual amount of financial aid you are eligible to receive
(including grants and loans). A copy of the SAR will also be sent to
the colleges/universities you have listed on the FAFSA.
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Then, you will receive an Award Letter from your college
identifying the amount of financial aid you will receive based on the
Student Aid Report.
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Once you receive your Award, you will complete your loan
application and return it to your college's financial aid office.
Choose a Federal Stafford Loan Application (a loan for students), and/or a
Federal PLUS Loan Application (a loan for the student's parents). Be
sure to use the Cy-Fair FCU lender code of
832935 when filling out the
application.
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Your school's financial aid office will notify you when your
funds are available.
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Panhandle-Plains Student Loan
Center
Free Application for Federal Student Aid
(FAFSA)
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Information |
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Cy-Fair Federal Credit
Union can help you and your family with the cost of
tuition, fees and room and board at approved
colleges and universities through the Federal Family
Education Loan Program. Whether you are a student or
a parent of a student attending school, your Credit
Union can provide the assistance needed. CFFCU has a
loan officer that specializes in providing Student
Loan information
If you have a question or would like a student loan
packet of information,
email us and we will have our student loan
officer contact you. |
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