Student Loans
College is a big investment, and whether you are planning for yourself or a family member, it is important to review all federal aid, grant, and scholarship options. Once these routes have been explored, we can help you finance the remaining cost of a student loan. Mayo Employees Federal Credit Union is committed to helping our members responsibly finance their higher education through our student loan options, educational presentations, and our Financial Wellness Counselor's guidance.
Saving for College
If college is still a few years away, it may be a good time to set up a savings plan to help cover tuition in the future. We offer a range of options to help, including:
- Savings Account dedicated to college costs, allows you to contribute and use funds as needed without any restrictions.
- Certificates typically earn higher interest and are a great way to put aside money for the future.
- Coverdell ESA savings or certificates may allow for tax benefits when used for tuition, books, or other qualified expenses.
- 529 Savings Plan is created by Congress and allows for higher contributions while also offering tax benefits, provided funds are used for qualified education expenses.
Federal Student Aid
Before applying for a private student loan, we recommend you take advantage of the subsidized and unsubsidized loans offered through the federal government. These often provide lower costs and offer favorable repayment terms. Visit the FASFA website for more information and to apply.
Private Student Loans
We have partnered with Student Choice to provide private student lending solutions to our members! The Student Choice online marketplace connects you with credit-union-funded private student loan options, so you can cover the costs of higher education. There are multiple repayment options and in-school deferment is an option as well.
- Available for undergraduate and graduate students, who need to fill college funding gaps, and college graduates looking to refinance existing student loan debt.
- We offer fixed rate loan options with competitive interest rates.
- Line of credit structure on in-school private student loan that provides multi-year approval with just one application.*
- Potentially reduce rate by 0.25% by enrolling in automatic electronic payments during repayment.
- Ability for students to secure funding even if you're unsure of the college you plan to attend or exactly how much funding you need.
To qualify, you must be enrolled at least half-time in a degree-seeking program in the United States. A cosigner may help qualify for a lower interest rate, and all applicants must be MEFCU members.
Payments are deferred until six months after graduation, and during this time you have the option of making interest or proactive payments towards the loan. You are able to borrow a minimum of $1,000 up to the cost of attendance per year. The maximum amount is $100,000 for undergraduate or $150,000 for graduate loans.
*Subject to annual review and credit qualification. Must meet school's Satisfactory Academic Progress (SAP) requirements.