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SFCU participates in the education financing plan administered by the New York State
Higher Education Services Corporation for undergraduate and graduate  students
FEDERAL PLUS LOANS designed for parents to supplement a dependent or independent child who is enrolled in graduate or undergraduate studies at least part-time.
FEDERAL STAFFORD LOANS (subsidized and unsubsidized) are low interest loans made to undergraduate and graduate students attending an accredited school at least part-time. Features no payment of interest or principle while in school, and for up to six months after.
SUBSIDIZED STAFFORD LOANS are available if you can demonstrate financial need. With a subsidized Stafford Loan, the government pays the interest for you while you are in school or during other specified periods.
UNSUBSIDIZED STAFFORD LOANS are available regardless of family income. With an unsubsidized Stafford Loan you are responsible for the interest during in-school and deferment periods.
In addition SFCU offers the following...
EDUCATION ASSISTANCE FINANCING is now being offered for those seeking ways to pay for education in addition or other than financial aid. SFCU offers two low cost, affordable options to finance or supplement the financing of this worthwhile investment...
OPTION I: Fixed Rate Loan at prime rate for a 12 month term. Minimum of $2,500 with automatic repay available.
OPTION II: Variable Rate LOC at 3% over prime rate for a 5 year draw and 10 years to repay. Minimum of $2,500 with automatic repay available.
The interest paid on education loans may be tax deductible. We suggest that you consult with your tax advisor regarding the tax deductibility of this type of financing.
We are happy to help you with all your financial aid needs.
If you have any questions regarding Student Loans or the Education Assistance Financing, please call 631-924-8000 or 800-622-SFCU (outside the 631, 516, 718 and 212 area codes), select '7' on the Automated Attendant and a Representative will personally assist you.
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