Financial Aid & Student Loans

Southshore Credit Union participates in Stafford, PLUS and Consolidation loan programs through Great Lakes Education Loan Services.  In addition, Alternative Student loans (also known as "private loans") are available through the Credit Union Student Loan Network.  Scroll through the information provided below for summaries about these student loan programs and click on the links to get the details.  

Note that links to other websites are provided as a convenience. Southshore Credit Union does not guarantee these websites.  Southshore Credit Union is not responsible for the information provided and services offered on 3rd party websites and does not maintain or control privacy or security on them.

         Applying for Financial Aid

The first step towards getting federal student loans is to complete and submit the Free Application for Federal Student Aid (FAFSA). The information you provide is used to determine your eligibility for various types of federal aid including Stafford and PLUS loans.

Students should research and apply for other types of financial aid, such as scholarships and grants, for which they may be eligible.  Contact your high school guidance department or college financial aids office for information and assistance.  Southshore Credit Union gives Scholarship awards each year to high school seniors selected by our Scholarship Committee.  The application is available from the credit union or on our website from January to April each year.

The process for applying for federal student loans may vary slightly from school to school, but you must always complete a Master Promissory Note (MPN) that indicates you agree to the terms and conditions and will pay back the loan. Depending on your school, you may need to complete a paper MPN, or you may be able to complete it online.  To have your loan with the credit union, enter 831595 in the space for Lender Code on the Promissory Note.

  This link will take you to the Dept. of Education site for completing a  FAFSA form.

Stafford Loans (Subsidized and Unsubsidized)

IMPORTANT! Changes to the Federal Student Lending Process

If you are applying for a loan for the 2010-2011 academic year, please contact your school's financial aid office for assistance

You may complete this Master Promissory Note if applying for a loan for the 2009-2010 academic year (disbursement date must be prior to July 1, 2010).  

Stafford loans are the most common source of student loan funds and are for undergraduate, graduate, vocational, and professional students. There are two types: subsidized and unsubsidized. Your Application for Federal Student Aid (FAFSA) will establish your eligibility for both.

Subsidized Stafford loans are need-based. The federal government pays the interest on the loan while you're in school, during the grace period before repayment begins, and during periods of approved deferment. Monthly payments begin six months after you graduate, drop below half time, or withdraw from school.

Unsubsidized Stafford loans may be taken out by all qualified students, regardless of their income. You must meet the same requirements as those for subsidized Stafford loans, except you don't have to demonstrate financial need. Interest accrues from the time the loan is disbursed, and interest payments begin immediately but can be deferred.

Stafford Loan limits for the 2009-2010 academic school year:

	Dependent Undergraduate Student	Independent Undergraduate Student
Freshman	$3,500	$9,500 - Max of $3,500 can be in subsidized loans
Sophomore	$4,500	$10,500 - Max of $4,500 can be in subsidized loans
Junior or Senior	$5,500	$12,500 - Max of $5,500 can be in subsidized loans
Maximum Total Debt from Stafford Loans:	$23,000	$46,000 - Max of $23,000 can be in subsidized loans

The amount you can borrow is based on your grade level and your status as a student. Independent students may be eligible to borrow more because they are paying for college without assistance from their family.  It is important to note that even if a student is financing their education on their own, dependency status is still determined by the school. Based on your award letter, you may not always qualify for the maximum Stafford Loan amount.

To have the credit union hold your Stafford loan, enter 831595 in the Lender Code space on the Promissory Note.

For more information on Stafford Loans, click here.

 

PLUS Loans

IMPORTANT! Changes to the Federal Student Lending Process

If you are applying for a loan for the 2010-2011 academic year, please contact your school's financial aid office for assistance

You may complete this Master Promissory Note if applying for a loan for the 2009-2010 academic year (disbursement date must be prior to July 1, 2010).  

PLUS loans supplement Stafford loans and other financial aid.  Parents or step parents with good credit can borrow up to the total cost of their dependent's undergraduate education, minus any other aid for which the student is eligible. Parent PLUS checks are released as copayable to parents and schools and sent directly to schools.

To have the credit union hold your PLUS loan, enter 831595 in the Lender Code space of the Promissory Note.

For more information on PLUS Loans, click here.

Consolidation Loans

IMPORTANT! Changes to the Federal Student Lending Process

If you are applying for a loan for the 2010-2011 academic year, please contact your school's financial aid office for assistance

You may complete this Master Promissory Note if applying for a loan for the 2009-2010 academic year (disbursement date must be prior to July 1, 2010).  

Federal student loan consolidation lets you combine all of your federal student loans into a single loan with a fixed interest rate. Because you only have one loan from a single lender, you only have one monthly payment.

You can consolidate most kinds of federal student loans, as long as the loans are in your name. For example, if you took out Stafford loans for each year you were in school, you can consolidate them. But you can't consolidate them with Parent PLUS loans your parents took out to help pay for your education. You also can't consolidate federal loans with alternative (private) loans.

For more information on Consolidation Loans, click here.

  If your current financial aid isn't enough, check out Alternative Loans. 

The application process for alternative loans is very similar to that of federal loans. The FAFSA should be completed and all federal financial aid options should be exhausted before applying for alternative loans.  Click on the "Alternative Loans" link above for more information and the on-line application for loans available through the Credit Union Student Loan Network.