Take the Fear out of Funding Your Education
These days the rising costs of a college education can make pursuing a degree seem downright unachievable. Whether you're looking to enhance your education or you're putting the kids through college, Nebraska Energy Federal Credit Union’s Education Assistance Line of Credit, we can help members bridge the gap that conventional loans don’t cover.
Overview
Nebraska Energy Federal Credit Union Education Assistance Line of Credit is designed to supplement (not replace) financial aid for higher education expenses. We understand that higher education can be expensive, so we’re here to help. An Education Assistance Line of Credit is limited to $10,000 per calendar year and maximum $40,000 per household.
Line of credit advances can be made under the plan for up to five (5) years or graduation date, whichever occurs first. Advances must be directed to a Nebraska Energy Federal Credit Union share draft account. After the five (5) year advance period or upon leaving school, the Education Assistance Line of Credit limit will be removed.
Education Assistance Line of Credit must be held under member(s) account from which credit qualification was determined and said member will be responsible for monthly payment (ie. parents helping their child would be borrowers, while the student would be a co-borrower).
The accumulated balance will require a 1.3% monthly payment based on the outstanding balance after the most recent advance or $50.00, whichever is greater. This payment must be set up as an internal transfer from a Nebraska Energy Federal Credit Union share draft account.
Criteria
- Completed application
- Satisfactory credit score
- At least 2 years of credit history
- Income sufficient to make payments
- Loan must be held under member(s) account from which credit qualification was determined and said member will be responsible for monthly payment.
- Payment of 1.3% monthly must be set up as an internal transfer from a Nebraska Energy Federal Credit Union share draft account.
- Provide “Proof of Enrollment” at an accredited post- secondary school.
- U.S. citizenship or Permanent resident status
- Credit Union recommends student co-signs the Education Assistance Line of Credit
- Available to non-traditional students
- $1,000 per credit hour – Up to $10,000 maximum per calendar year.
- Maximum of $40,000 per household.
- The interest rate on an Education Assistance Line of Credit is a variable rate and subject to change on the first day of each month based on Prime Rate (Index) plus 4% APR*. The APR* will never be greater than 8.75% APR*.
- Funds are to be used for school-related purposes and cannot be used to consolidate government student loans.
Study up on your options - call NEFCU to talk about an Education Assistance loan today!
Helpful Links
Have you signed up for FAFSA yet? If not, you’ll want to be sure to sign up for this helpful financial assistance. Find out how much FREE federal education assistance you qualify for now.
Pocket Cents can help you make sense of your finances. This online educational resource can assist you with managing major milestones like college costs. Check it out now … it just makes good sense!
