Student Loans

Student Loans

Northwoods Community Credit Union believes education is important and we're ready to help make college a reality!

You know the value of a college education and getting a college degree is a worthwhile goal. College graduates make an average of $1 million more than those without college degrees (www.studentloanfacts.org). However, the cost of a college education can be overwhelming for both students and parents. That's why Northwoods Community Credit Union offers private student loans to help with education costs that may exceed federal student loan programs. If you or another family member plans to attend a university, technical college, or any specialized training program, Northwoods Community Credit Union can help you with the funding you need to pursue your dreams.

Here's how to obtain a federal student loan:

1. 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.

2. 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.

3. 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.

4. Evaluate your award letter to determine adequate funding.

Once you receive your award letter, carefully review the award letter to determine if the funds available will be adequate to cover your expenses for college. If they are, contact your school's financial aid office and they can help complete all of the necessary paperwork. If not, please contact us at NCCU and we can consider you for a private student loan. By contacting any of our offices, a loan officer can help you get started with the necessary requirements.

Have questions? Plan your future by visiting these Web sites.
www.mapping-your-future.org - Detailed information about career planning, selecting a school, and paying for college.
www.studentaid.ed.gov - Detailed student aid and student loan info from the U.S. Dept of Ed.
www.fastweb.com - Scholarship information.
www.fafsa.ed.gov - Online application for financial aid (FAFSA).
www.pin.ed.gov - Apply for a PIN number to complete online FAFSA.
www.mygreatlakes.com - Great Lakes Educational Loan Services, Inc. is the guaranty agency for your student loans. You can check the status of your student loans here.
www.nslds.ed.gov - View the history of the federal student financial aid you have received.
www.finaid.org- Guide to student financial aid and scholarship search services.
www.collegeplan.org- Information on college selection, admissions, financial aid and scholarships.
www.princetonreview.com/home.asp- Offers powerful college search tools, useful links, expert advice and guidance from an experienced college panel.
www.usnews.com/usnews/edu/college/cohome.htm- US News & World Report's college search and financial aid assistance.

Still need help?
For help with the student loan process, call the credit union at 715-762-3208 or e-mail mail@northwoodscu.com

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