Undergraduate Student Loans
When Federal aid just isn't enough, we’re here to help! The cost of college continues to rise, forcing many students and families to resort to student loans to fill funding gaps.
The Waterbury CT Teachers Federal Credit Union has the unique ability to help our members and their families by offering our Student Choice private lending solution which features:
- Zero origination or prepayment fees
- Lower interest rates
- Simple one-time online application
- Deferment of principal and interest while in school
- Flexible repayment terms including graduated repayment for two years
- Convenient line of credit structure that lets you apply once and secure financing for your entire college career* (*Subject to qualification and annual credit review.)
For more information and to apply online visit our Student Choice website.
Graduate Student Loans
A credit union Graduate Student Loan is an unsecured loan, which means it is not guaranteed by the federal government. Graduate Student Loan proceeds are used to pay college tuition expenses for graduate studies.
Unlike other student loans, qualification is not based on "need" and members can borrow up to the full cost of attendance per semester less any financial aid. Amounts must be supported by a detailed tuition bill provided by the school.
A tuition bill is required at the time an advance is made and the proceeds are paid directly to the school.
A member’s total credit union student loan debt cannot exceed the maximum limit of $50,000.00. Maximum aggregate amount per student is $50,000.00. Maximum per Academic Year is calculated based on the cost of attendance as detailed on the tuition statement less any other financial aid.
At the time of each advance, a payment will be calculated based on a full amortization over an approximate term of 120 months. The minimum payment will be $50.00.
- The school must qualify as an eligible institution under Title IV of the US Dept of Education, Higher Education Act of 1965, as amended.
- Must have verification of school and a tuition bill.
- Borrowers and any co-borrower and/or co-signer - must meet our current credit criteria.
Checks are only disbursed directly to the schools.
Protect What Matters
Credit Disability payment protection products can help ease the financial concerns for you and your family if an unexpected financial challenge occurs. Consider, who would pay your bills If you became suddenly ill or injured, or if there was an unexpected death? Imagine your family’s wallet without your paycheck. You can purchase credit disability through WCTFCU at extremely competitive rates. Benefits include:
- Protection - Credit Disability or Loan protection helps insure that your loan will not end up in default if you die, or become disabled and are unable to work.
- Convenience – Apply for this insurance when you apply for your loan and you can include this monthly premium with your monthly loan payment.
- Support - Employer provided disability may not be enough protection. Bills could begin to pile up as you try to regain your health and your earning capacity.
Payment Protection comes with a 30 day no obligation policy. That means when you apply for Payment Protection coverage, you have 30 days to review your plan and decide that you want to keep the policy or cancel it without obligation; any premiums paid will be refunded. Need more information? Ask your WCTFCU Loan Officer.