Education Loans
Mountain America Credit Union offers several education loans to help you finance your education. Whether it is going to a college or university, continuing your education or you want to get a specific certification, we have the right solutions for you.
Mountain America offers the following Education Loans:
- Alternative Education Loan*
- Educational Debt Consolidation*
- Federal Stafford Loans (Subsidized & Unsubsidized)
- Federal Graduate/Professional PLUS Loan*
- Federal PLUS Loan*
Alternative Education Loans*
Our Alternative Education Loans will help you finance your education if:
- You do not qualify for Federal Aid
- Your school does not offer Federal Stafford Loans
- You are attending a trade or specialty school
- You are taking continuing education classes
- Your cost of attendance exceeds the amount of FAFSA
- Your taking certification courses (Real Estate, Securities Licenses, etc)
Prior to Applying:
- Complete the Federal Stafford Loan (FAFSA) process, if applicable
- You must be enrolled in an eligible program at a two-year or four-year public or private education institution, a career school, trade school or other approved programs
Where to Apply:
- Apply online now (must be set up for Online Branch)
- At your nearest branch
- With a Financial Aid Counselor at your school
- Call our Service Center at 1-800-748-4302
What happens after you Apply?
We’ll contact you by mail with a credit decision. If you’re approved, the following steps must be taken prior to closing your loan:1. Submit a School Certification Form (completed by the Financial Aid Office)
2. Complete the Student Loan Financial Counseling Program online by clicking here . Or set up an appointment with our partner, BalanceSM, by calling 1-888-456-2227. Tell them you’re calling for Mountain America’s Required Student Loan Counseling Session. This is a brief hour-long session to go over budgeting and using credit wisely.
A Student Loan Representative will contact you to set-up your closing at your nearest branch or at your Financial Aid Office. We’ll disburse the money by check or wire directly to the school.
Important facts to know:
- The loan is in student’s name.
- A cosigner is normally required (see below to determine if you need to apply with a cosigner).
How do I know if I need a cosigner?
Are you:
Yes No A U.S. Citizen or permanent resident
Yes No At least 18 years of age
Do you have:
Yes No A satisfactory credit history which includes at least 12 months
of borrowing, charging and repaying
Yes No No liens, judgments, charge-offs, excessive 30,60, 90-day
delinquencies on any loans or revolving charge accounts, etc
Yes No Verifiable income of at least $18,000 per year ($1,500 per mo.)
If yes to all: You may be eligible for an Education Line of Credit on your own credit.
If no to any: You will need a cosigner to support your loan application. To make the application process faster, please have a cosigner with you when you complete your application.
- The loan amount is determined by the total cost of education less any other financial aid received.
- Variable interest rate
- You’ll make interest only payments while you’re in school.
- You must maintain a 2.0 GPA. You must submit grades or a progress report every 4 months.
- The maximum loan term is 6 years (72 months).
- 6 months after graduation, withdrawal or if grades haven’t been received for 6 months, the Alternative Education Loan converts to the Educational Debt Consolidation (see Educational Debt Consolidation).
Educational Debt Consolidation*
The Educational Debt Consolidation is designed to help you repay education debt. You can even consolidate previous education debt with other lenders into one easy payment.
Where to Apply:
- Apply online now (must be set up for Online Branch)
- At your nearest branch
- Call our Service Center at 1-800-748-4302
What happens after you Apply?
- We’ll contact you by mail with a credit decision.
- If you’re approved, a Student Loan Representative will contact you to set up your closing at your nearest branch.
- We’ll send your money by check directly to the other lending institution(s).
Important facts to know
- Fixed interest rate
- The maximum loan term is 120 months (10 years) or 12 months per $1,000.
If you have any questions regarding any of our Education Loans please contact our Student Loan Department at 801-325-6574 or 1-800-748-4302 ext 6574.
*On approved credit
