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 Make College a Reality
Get Your Student Loan from AFL-CIO Employees Federal Credit Union
Lender Code: 802198
You know the value of a college education.
Getting a college degree is a worthwhile goal. College graduates make an average of one million dollars more than those without college degrees (www.studentloanfacts.org). But the cost of a college education can be overwhelming for both students and parents. That’s why AFL-CIO Employees Federal Credit Union 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, AFL-CIO Employees Federal Credit Union can help you with the funding you need to pursue your dreams.
FFELP offers loans for students and parents.
- Stafford Loans
- The subsidized Federal Stafford Loan is based on financial need. The government pays the interest while you are in school.
- The unsubsidized Federal Stafford Loan is not based on need but family income is a determining factor. You pay all the interest, although you can have the payments deferred until after graduation.
- Parent PLUS/Grad PLUS Loans
Creditworthy parents of dependent undergraduate students and graduate/professional students can apply for this loan, which is not based on need.
Take advantage of these interest rate reductions at AFL-CIO Employees Federal Credit Union.
- 0.25% interest rate reduction to members making student loan payments through Automated Clearing House (ACH).
- 0.25% interest rate reduction after 48 on-time payments.
Here’s how to obtain a federal student loan
- Complete a FAFSA
Before you begin applying for a Stafford and/or PLUS Loan, you must first complete the Free Application for Federal Student Aid (FAFSA). It must be completed for each academic year that you request federal aid. FAFSAs for the upcoming academic year are available online on or after January 2. Contact your school for their application deadline.
- Receive your SAR
Once your FAFSA is processed, a Student Aid Report (SAR) is created. If you completed your FAFSA online, allow 1-2 weeks for you and your school to receive the SAR electronically. Paper FAFSAs take 6-8 weeks to process.
- Receive your Award Letter
Your school(s) use data from your SAR to determine your financial aid award for the current academic year and send you an award letter by e-mail or US Mail. (If your letter mentions the William D. Ford Direct Lending Program, contact your school for the appropriate promissory note.)
- Complete a Stafford Master Promissory Note
Complete and print the Stafford Master Promissory Note (MPN) and Addendum to Stafford MPN to get your loan at AFL-CIO Employees Federal Credit Union. While you must complete the FAFSA process to apply for aid each academic year, this Master Promissory Note will be used by the credit union to process all of your loans over multiple academic years at the same school. Be sure to indicate your FULL school name (no abbreviations) and school code (if known), city and state in the upper right-hand corner of the Master Promissory Note. Return it to the address below so we can complete the processing for you.
AFL-CIO Employees Federal Credit Union
Attn: Student Loan Department
1750 New York Ave. NW
Washington, DC 20006
- If Needed, Complete a PLUS Master Promissory Note
Parents or graduate/professional students can complete and print the PLUS Loan Master Promissory Note (MPN) and Addendum to PLUS MPN. The PLUS Loan Master Promissory Note will be used for all of your loans over multiple academic years at the same school. Be sure to indicate your or your child’s school name (no abbreviations) and school code (if known), city and state in the upper right-hand corner of the Master Promissory Note. Return it to the address below so we can complete the processing for you.
AFL-CIO Employees Federal Credit Union
Attn: Student Loan Department
1750 New York Ave. NW
Washington, DC 20006
- Need additional money…Credit Union Alternative Loan Program (CUALP)
Financial aid doesn’t always cover the full cost of college, so you may have to turn to alternative loans to make up the difference. Alternative loans are not part of the federal financial aid program and allow you to borrow up to the cost of education minus any financial aid you’re receiving. Consider alternative loans after federal loan options have been exhausted. And remember, the limits for how much you borrow with alternative loans can be very high, but borrow only what you need. You can inquire and apply online. [DOWNLOAD THE URL LANDING PAGE PROVIDED TO YOUR CREDIT UNION DURING THE SIGNUP PROCESS] For additional assistance contact a representative at 1-866-385-2862.
- Your School will Receive the Funds
Both Stafford and PLUS Loans are guaranteed and serviced by Great Lakes Educational Loan Services, Inc. (Great Lakes). When Great Lakes receives the Master Promissory Note from the credit union and School Certification Form from the school indicating the loan amount and disbursement dates, funds will be sent to the school.
- Access Your Loan Account Online
You can check the status of your loan, view your account information and make payments from your bank account 24/7 at www.mygreatlakes.com. Choose ”Borrowers” and then log in to access Internet Borrower Inquiry Service. This site offers a variety of tools for calculating the cost of your loan. It’s your resource for forms, a glossary of financial aid terms, contact information, and lots of other information to help you manage your loans.
- Call These Toll-free Numbers for Loan Inquiries
Need help?
For help with the student loan process, call the Credit Union at 202-661-7715 or send an e-mail to general@aflcioefcu.org
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