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Student Loans - Lender Code #830301
Loans available through Federal Family Education Loan Program
for students continuing education at two- or four-year colleges.
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FEATURES |
BENEFITS |
| 1. Federal government may pay interest while student
is in school |
1. Saves student money, and student has no payment
obligations until after graduation |
| 2. Rates are subsidized an dare below other types
of loans |
2. Saves student money with low interest |
| 3. Repayment can be extended up to 10 years depending
on amount and terms |
3. Provides for low monthly payments after graduation |
| 4. 2% interest rate reduction after 36 on-time consecutive
payments |
4. Student benefits from good payment history |
| 5. .25% interest rate reduction with automatic payments |
5. Student saves money by getting special discounted
rate |
| 6. $500 loan forgiveness (when loan balance reaches
$500 or less) |
6. Student receives substantial savings near the end
of the loan |
Application Process
- Complete a free application for Financial Student Aid
(FAFSA) and mail to the Department of Education. Get
your application from www.fafsa.ed.gov.
- Approximately six weeks after mailing 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).
- 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.
- Once you've received your Award Letter, you will complete
your loan application and return it to your college's financial
aid office. Choose a Federal Stafford Loan Application
(for students) and/or a Federal PLUS Loan Application (for
parents). Remember to list River City Federal Credit
Union as Lender #830301.
- Your school's financial aid office will notify you when
your funds are available.
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