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Student Resource Center
One Source Federal Credit Union
Lender Code: 832984
Getting a college degree is a worthwhile goal. Borrowing to pay for an education is an important personal and family decision. Higher education is expensive but worth the investment of time, effort, and money. Research shows that higher education can significantly increase what an individual earns over a lifetime. That’s why One Source FCU offers Federal Family Education Loan Program (FFELP) loans. If you or another family member plans to attend a university, technical college, or any specialized training program, One Source FCU can help you with the funding you need to pursue your dreams.
Types of Loans
Subsidized
Stafford
Loan -
This is a need based Federal Student Loan for Undergraduate and Graduate Students. The Federal Government pays the interest on these loans during school, the grace period and any authorized deferment periods. Repayment begins after a drop in enrollment below part-time and following a six month grace period. The minimum monthly payment is $50.00. Early principal and interest payments can be made without forcing the loan into repayment.
Unsubsidized Stafford Loan -
This is a non-need based Federal Student Loan for Graduate, Independent Students (as defined by the Federal Government) and Undergraduate Students whose parents have been denied a Parent PLUS Loan. Interest accumulates during school, the grace period and any authorized deferment periods. Repayment begins after a drop in enrollment below part-time and following a six month grace period. The minimum monthly payment is $50.00. Early principal and interest payments can be made without forcing the loan into repayment.
Parent PLUS & Graduate/Professional PLUS Loan
These are credit-worthy Federal Student Loans for Parents of Undergraduate Students and for Graduate/Professional Students allowing applicants to borrower up to the cost of attendance minus other aid received. Repayment begins 60 days after the full loan disbursement is made. Deferment options may be available. Parents PLUS and Grad PLUS loans will require applicants to complete a pre-approval application. A Parent PLUS denial is required for a Dependent Undergraduate to receive an Unsubsidized Loan.
Complete Graduate PLUS Loan MPN
(https://accountaccess.ppslc.com/gplus/TermsAndConditions.aspx?LID=832984&RU=http://www.onesourcefcu.coop/ls_student.html)
Complete Parent PLUS Loan MPN
(https://accountaccess.ppslc.com/plus/TermsAndConditions.aspx?LID=832984&RU=http://www.onesourcefcu.coop/ls_student.html)
Loan Details:
Fixed Interest Rate (7/1/08-6/30/09) – Set annually by the Federal Government.
6.0% Undergraduate Subsidized
Stafford
Loans
6.8% All Unsubsidized
Stafford
Loans
6.8% Graduate Subsidized
Stafford
Loans
8.5% Parent PLUS/Grad PLUS
Dependent Undergraduates can get up to $3,500 in subsidized loans in year 1; $4,500 in subsidized loans in year 2; $5,500 in subsidized loans in years 3, 4, and 5. The maximum lifetime amount is $23,000. Those students whose parents qualify for a PLUS loan may qualify for an additional $2,000 in unsubsidized funds each year. The maximum lifetime amount is $31,000, no more than $23,000 of which can be subsidized.
Independent Undergraduates can get an additional $6,000 in unsubsidized loans in years 1 and 2; $7,000 in unsubsidized loans in years 3, 4, and 5. The maximum lifetime amount is $57,500, no more than $23,000 of which can be subsidized.
Graduate/Professionals can receive a maximum of $20,500 a year (no more than $8,500 can be subsidized). The maximum lifetime amount is $138,500, no more than $65,500 of which can be subsidized.
These amounts are based on a full-year program and include Subsidized and Unsubsidized Stafford Loans. Expect lower amounts if the program is less than a full year.
Steps to apply:
Step 1. Complete the FAFSA. (http://www.fafsa.ed.gov/)
This is the Free Application for Federal Student Aid and is required to be eligible to receive all types of aid, including student loans. You will need to have a FAFSA Personal Identification Number (PIN) (http://www.pin.ed.gov) to complete this process.
Step 2. Correct your SAR.
The Student Aid Report is a report you will receive containing the summary/results of your completed FAFSA. There is nothing to do if it is correct, however, if it is incorrect you will want to report your
changes as soon as possible.
Step 3. Complete an MPN
(https://accountaccess.ppslc.com/stafford/TermsAndConditions.aspx?LID=832984&RU= http://www.onesourcefcu.coop/ls_student.html)
You will need to complete a Master Promissory Note to obtain your student loan. Please visit your school’s financial aid web site for instructions; each has a preferred process. When asked to choose a lender, select One Source FCU 832984. If One Source FCU is not present contact the financial aid office and inform them of your choice. The Federal Government ensures your right to use the lender you are most comfortable with and we thank you for choosing us.
Serviced by PPSLC
One Source Federal Credit Union has partnered with
Panhandle-Plains
Student
Loan
Center
for lifetime repayment servicing. For more information please visit www.ppslc.com.
Access Your Account Online
You can check the status of your loan, view your account information and make payments on your account 24/7 by logging into your PPSLC account at Online Account Access.
Contact PPSLC
To speak with an agent regarding loans origination call 1-866-358-4537.To speak with an agent regarding your student loan account call 1-800-736-5727.
Mailing Address:
PPSLC
1403 23rd St
PO Box
839
Canyon
,
TX
79015
Plan your future. Visit these Web sites.
mapping-your-future.org - Detailed information about career planning, selecting a school, and paying for college.
studentaid.ed.gov - Detailed student aid and student loan information from the U.S. Department of Education.
fastweb.com - Scholarship information.
fafsa.ed.gov - Online application for financial aid (FAFSA).
pin.ed.gov - Apply for a PIN number to complete online FAFSA.
nslds.ed.gov - View the history of the federal student financial aid you have received.
loanlocator.org - Helps you keep track of your loans if you have more than one loan servicer. This site is useful when consolidating student loans.
Need help?
For help with the student loan process, call the credit union at 915-592-0223.
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