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we offer student financial aid options
STUDENT LOANS
Do you need to fill college funding gaps? We can help! We just lowered our rates on our private education line of credit! Rates are now as low as 4.99% APR* Let Frankenmuth Credit Union help you fill the funding gaps that remain after you’ve exhausted scholarships, grants, and federal loans. Even if you’re unsure of the exact amount you need, you can apply for your line of credit today and come back later this summer to finalize the process. Don’t be left scrambling for ways to cover your college costs – start your online application now
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GRANTS And sCHOLARSHIPS
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Student Loan Deferment
Frankenmuth Credit Union (FCU) will award seven scholarships annually to seven graduating seniors from high school in the present year of applying with a grade point average of 2.50 or higher. The applicant must be a member of FCU or if not a present member, he or she may join at the time of applying if the applicant meets FCU’s current field of membership requirements. Applications will be available in early January at any FCU office or online and are due by March 1st.
Selection will be based on achievements in two areas:
- Extra-curricular activities – participation in organizations, sports and activities in the school, community, church and other areas of service.
- Written essay – submission of an essay in the 500 to 750 word range on a topic chosen annually by the FCU Management Team. The essay will be judged on content, originality and appearance. Each year’s application will feature a unique assigned topic.
All Frankenmuth Credit Union scholarship awards are contingent on the recipients attending an accredited institution or trade school of higher learning as a full time student during the next and following four years. The amount of $1,500 will be awarded at the beginning of each academic year for four years. The recipients must remain in school and maintain an average grade point of 2.50 or better in order to continue receiving the yearly installments. For winners to receive following year installment they can contact us. We will need a copy of your grades from the prior year and a copy of your transcripts for the following year. A graduating senior is eligible to win only one Frankenmuth Credit Union scholarship.
Budgets are cut tighter and tighter for schools which sometimes means that teachers are having to take from their own pockets to buy essentials for their classrooms. Frankenmuth Credit Union’s Teacher Mini Grant program is yet another way FCU is helping teachers provide the best educational experience for our students. Applications come out in February of each year and are due back to anyone of the Frankenmuth Credit Union office by April 1st.
| Description | APR* | Max. $ Amount |
|---|---|---|
| as low as | Maximum Dollar Amount | |
| Education Line of Credit | 9.19% | $50,000 Max. Line |
| Description | APR* | Rate** | Term |
|---|---|---|---|
| as low as | as low as | Term in Years | |
| Post Deferment Student Loan Refinance | 8.30% | 8.19% | 10 yrs to repay |
*APR=Annual Percentage Rate. APR based on sample loan amount of $25,000, payable in the number of months shown above. Actual APR may be higher or lower, depending on amount borrowed, length of repayment and credit score. A loan application fee applies and is included in the APR calculation. Must meet FCU's normal underwriting qualifications for approval. Rates may change at any time. **Rate is the annual rate of interest applied to the outstanding loan balance. Contact us for more details.
To estimate your minimum payment, use our Payoff Calculator. Click Here.
If you’ve exhausted free and cheap money for college costs and are still faced with funding gaps, you may be considering PLUS or private student loans. Review the pdf below to understand key differences.
Information and interactive calculators are available to you only as self-help tools for your personal use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from a Frankenmuth Credit Union professional regarding all personal finance issues. Call 989-497-1600 or find a branch near you.
