When You're Ready...

Types of Student Loans Available

There’s no better investment than education. We're happy to help with the important financial decisions you'll be making at this phase of your life.

Subsidized Federal Stafford Loan - A loan eligible for interest paid by the federal government. The federal government pays interest that accrues on subsidized loans during the student's in school, grace, authorized deferment, and (if applicable) post-deferment grace periods, if the loan meets certain eligibility requirements.
Unsubsidized Federal Stafford Loan - A non-need-based loan such as an unsubsidized Federal Stafford loan or PLUS loan. The borrower is responsible for paying the interest on an unsubsidized loan during in-school, grace and deferment periods, in addition to the repayment periods.
Federal PLUS Program - The Federal PLUS (Parent Loans for Undergraduate Students) There is also a PLUS program available for graduate and professional students. Program makes loans available to parents of dependent students. All borrowers under the Federal PLUS Program must use the loan funds received solely to pay educational costs.

Tips Before You Apply...

Plan ahead. SMFCU's Wealth Management advisor, Rick Hoel, can help you set up a 529 Savings Plan and explore other options as you plan for college. Call 952-445-0888 ext. 19 to set up your appointment.
Do research online. SMFCU has partnered with Great Lakes Higher Education Corporation, one of the nation's leading guarantors and servicers of student loans. The MyGreatLakes.org website contains lots of useful information for potential borrowers. It's a great place to start looking for college information! As for the application process itself, the Free Application for Federal Student Aid website (fafsa.ed.gov) has lots of information as well.
Download our Federal Financial Aid Process Guide (24KB, PDF).

Also available:
Student Visa Credit Cards.
Contact us at (952) 445-0888 for details!