 Student
Loans
Stafford
Loan Program
The Stafford
Loan Program provides low interest loans to students to help pay
the cost of attending post-secondary schools. OECU loans the funds
to the borrowing member, and the guarantee agency, Great Lakes
Higher Education Guaranty Corporation, insures OECU against loss
due to default.
Federal Subsidized
Stafford Loan
The Federal Stafford
Loan provides some of the best financial benefits because the government
will pay the interest for you while you are in school, and during
the 6-month grace period after you leave school.
Aid from the
Federal Stafford Loan is based on need, as determined through the
application process, using the Federal Application for Federal Student
Aid.
Federal Unsubsidized
Stafford Loan
The Unsubsidized
Stafford Loan is available to students who may not qualify for the
Federal Stafford Loan or may qualify for only partially subsidized
Stafford Loans. The provisions are the same as for the Federal Stafford
Loan, except that the borrower is responsible for interest that accrues
while he/she is in school. In addition, independent undergraduate,
graduate and professional students have higher loan limits. Aid from
the Unsubsidized Stafford Loan is not based on need. |
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Federal PLUS Loan
Program
The Federal PLUS
Loan Program provides loans to parents of dependent students attending
post-secondary schools. All loan funds received under the program must
be used to pay for the cost of attending a post-secondary school. OECU
loans the funds to the borrowing member, and the guarantee agency,
Great Lakes Higher Education Guaranty Corporation, insures OECU against
loss due to default. The Federal Plus
Loan is different from the Federal Stafford Loan due to the fact there
is no interest subsidy. It is available only to the parents of dependent
undergraduate students. There is no annual or aggregate limit for a
Federal Plus Loan and a parent may borrow an amount equal to the cost
of education minus any financial aid received by the student.
It's never too early to think about back-to-school financing.
With our full
range of student loans, we can help provide you with educational financing.
For more information or to apply for a loan, contact any OECU Office.
If you register for a student loan at your school, or anywhere
other than OECU, be sure to include the OECU Lender Code (832294) on
your application form. Then, OECU will be the primary funding source,
and your loan will be recognized for OECU Package Benefits.
OECU Lender Code: 832294
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