Student Loans

At UCU, we are committed to helping students find the best funding for their education. We proudly provide FAME's (Finance Authority of Maine) HELPP program to our members for their Stafford and Plus loan needs. The HELPP program offers lower interest rates, lower monthly payments and guaranteed savings.

Quick Links:

Federal Stafford Loan Application

Parent PLUS Loan Application

UCU Lender Code: 827305

FISC Loan Servicing
All UCU Student Loans are serviced through FISC.  You can contact them directly at 800-370-3472 for questions on your accounts or information on consolidating your loans.

FISC Online Borrower Services

Subsidized Federal Stafford Loan

Who can apply?
Undergraduate and graduate students.

Eligibility
Based on financial need. Students must complete and files the Free Application for Federal Student Aid (FAFSA).

Interest Rate
Fixed at 6.8% (Federal Interest Rate)

Origination and Default Fees
0% with University Credit Union's Loan Program in partnership with the Finance Authority of Maine.*

Annual Loan Limits (as of July 1, 2007)
Undergraduate:
1st year: $3.500
2nd year: $4,500
Remainder: $5,500
Cumulative: $23,000
Graduate:
Maximum per year: $8,500
Cumulative: $65,500

Disbursements
Check disbursements are mailed directly to the college the student will be attending in two or more payments, co-payable to the student and the college. Electronic Funds Transfers (EFTs) are becoming more popular and usually result in the college receiving and crediting the students account more quickly.

Repayment Begins
Payments of principal and interest are deferred until six months after student ceases to be enrolled on at least a half-term basis.

Repayment Terms
Term of ten years that may be extended up to 25 years depending on the amount borrowed; $50 minimum payment per month.

Deferment Options
Available under certain circumstances during which time the federal government will make interest payments.

* For Stafford loans made on or after January 1, 2008

Unsubsidized Federal Stafford Loan

Who can apply?
Students who do not qualify in whole or in part for the Subsidized Federal Stafford Loan.

Eligibility
Eligibility for a Subsidized Federal Stafford Loan must be determined prior to receiving an Unsubsidized Federal Stafford Loan. Student must complete and files the Free Application for Federal Student Aid (FAFSA).

Interest Rate
Fixed at 6.8% (Federal Interest Rate)

Origination and Default Fees
0% with University Credit Union's Loan Program in partnership with the Finance Authority of Maine.*

Annual Loan Limits (as of July 1, 2007)
Borrowers can receive both Subsidized and Unsubsidized Federal Stafford Loans totaling up to their applicable Federal Stafford limit. For example, a first year student applies for and receives a $2,000 subsidized loan, and also applies for an unsubsidized loan. Since the borrower's limit is $3,500 the borrower would be eligible for an unsubsidized loan for $1,500.

Disbursements
Check disbursements are mailed directly to the college the student will be attending in two or more payments, co-payable to the student and the college. Electronic Funds Transfers (EFTs) are becoming more popular and usually result in the college receiving and crediting the students account more quickly.

Repayment Begins
Principal can be deferred during period of enrollment, but the student is responsible for interest that accrues while in college.

Repayment Terms
Term of ten years that may be extended up to 25 years depending on the amount borrowed; $50 minimum payment per month.

Deferment Options
Available under certain circumstances during which time the federal government will make interest payments.

Capitalization of Unsubsidized Federal Stafford Loan Interest
Capitalization is a process whereby the lender adds unpaid interest to the principal balance of the loan. If you choose to not pay the accruing interest on your Unsubsidized Federal Stafford Loan, the lender will capitalize this interest when your loan goes into repayment.

* For Stafford loans made on or after January 1, 2008.

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