MECE Credit Union is now offering student loans. In order to qualify for a student loan, the student must be enrolled on a full or part-time basis in an accredited college, university or technical training program and provide proof of enrollment from the school. The student may need a qualified co-maker to be eligible to receive a loan. The current interest rate for student loans is 6.0%.
The student loan program will allow up to five years of advances and a maximum of $7,500.00 per year. The aggregate loan amount for all advances may not exceed $30,000.00. The student may pay interest only on an annual basis while attending school. Once the student graduates or leaves school; re-payment of principal and interest will begin not more than six months after the discontinuation of schooling. The maximum repayment period once the loans go into full repayment status is 10 years.
A student may choose to have their loans go into repayment status immediately after receiving the loan. In this case, the maximum repayment period is 15 years, which starts from when the first loan is received.
MECE Credit union also offers a student loan consolidation plan with a repayment period up to 10 years. The student loan consolidation plan will have a maximum loan amount of $30,000.00.
The MECE Credit Union student loan program was designed to help with the increasing cost of an advanced education. Please give one of our loan officers a call at 573-634-2595 and we will be happy to assist you.