Education Loan

An affordable loan product designed specifically to assist with the costs of post-secondary education.

Affordable while in school: Expand/Collapse

"You just need to make interest-only payments."
- Interest-only payments until graduation or termination of studies.
- Lower rates available while attending school.

Affordable after school: Expand/Collapse

"You can arrange a repayment schedule that suits you life."
- Six months interest-only payments post-graduation with repayment plans up to 10 years.
- Variable rate available post-graduation or termination of studies.

Peace of mind: Expand/Collapse

"You have peace of mind knowing you have funds available for your education."
- Up to $10,000 annually to a maximum of $80,000 overall.
- Annual withdrawals up to $10,000. If you only use a portion, the remaining amount is available for future years.
- An education loan could be used to supplement a government student loan, if additional funds are needed.

"You can protect your assets."
- Loan Insurance available:

  • Life
  • Disability
  • Critical Illness

Convenience: Expand/Collapse

"You only need to complete loan documents once."
- Readvanceable (funds can be reborrowed once principle is paid back).
- Funds advanced by phone, email or in person.

Flexible: Expand/Collapse

"You have many options to meet your needs."
- A Variety of Repayment Options, including:

  • Payment frequency
  • Length and term of loan
  • Automatic transfers or self-service payments

Cost Savings/Earnings: Expand/Collapse

"You can make lump sum payments to your loan at any time and save on interest."
- No penalty

"You may share in the credit union's profits."
- ProfitShares program

Immediate or detailed information: Expand/Collapse

"You have many different ways to access your account information or history."
- In branch assistance.
- Online banking, telephone banking or mobile services.
- Monthly detailed statements.

Who might benefit from this product/service?

Anyone enrolled in a recognized college, university or technical school, with a 60% minimum course load.

 

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