Student Loans
Members who cannot afford the education they desire, but deserve, can get student loans at LGFCU. These loans are administered by the federal government and include subsidized and unsubsidized loans. Subsidized loan interest is paid by the government while the student is in school and for six months following graduation. Interest on unsubsidized loans is due upon disbursement of the funds although principal repayment may be deferred until completion of college.
Federal Family Education Loans (FFELs)
FFELs, which include subsidized and unsubsidized loans, are administered through LGFCU.
- Repayment period ranges from 65 months to 10 years
- For more information, call 877.367.5428
Stafford Loans
Subsidized or unsubsidized Stafford Loans are offered for undergraduate and graduate students. Students applying for subsidized Stafford Loans must show financial need. To be eligible, a student is required to be enrolled in school at least part-time.
Repayment plans are generally available up to 10 years. Rates are adjusted on July 1 each year.
Maximum loan amounts per year
- Dependent Students: First year of undergraduate school: $5,500, with no more than $3,500 being subsidized; Second year of undergraduate school: $6,500, with no more than $4,500 being subsidized; Third year and beyond of undergraduate school, $7,500, with no more than $5,500 being subsidized.
- Independent Students: First year of undergraduate school: $9,500 with no more than $3,500 being subsidized; Second year of undergraduate school: $10,500, with no more than $4,500 being subsidized; Third year and beyond of undergraduate school: $12,500, with no more than $5,500 being subsidized; Graduate/professional students $20,500, with no more than $8,500 being subsidized.
Aggregate lifetime maximums for Federal Stafford Loans
- Dependent undergraduate students - $31,000
- Independent undergraduate students - $57,500
- Graduate students (including any undergraduate loans) - $138,500
Parent Loans for Undergraduate Students (PLUS)
The PLUS loan is available only to parents of a student. The parents must have an acceptable credit history.
- Amount borrowed cannot exceed total cost of educational expenses
- Not based on financial need
- Interest rate is variable with a maximum of nine percent
- Origination fee equal to three percent of the loan approved
- Guarantee fee may range from zero to one percent of the loan amount
- Repayment on loan begins immediately
If you are interested in consolidating your student loan(s) with LGFCU, call 800.236.6600. A student loan specialist will go over your specific situation to determine if the consolidation option will benefit you in terms of interest rate and monthly payment.
- Identify yourself as a member of the Local Government Federal Credit Union—this is the legal name of LGFCU.
- If you are asked to provide our consolidation lender ID or our student lender ID, call 877.367.5428.
