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Heading to college soon? NMTW Community Credit Union is there to help you every step of the way! The college financing process is often difficult to maneuver through and can be confusing for both students and parents. NMTW is committed to providing families with the necessary products, resources, and guidance needed for college planning and financing. We understand the high cost of education in today's financial climate and offer smart financial solutions for students and their families - from Stafford and Parent PLUS loans to home equity loans and second mortgage programs to help you manage!
Follow the links for more helpful information:
Applying for Financial Aid
Student Loans at NMTW
Stafford Loans are federal loans that come in two forms, subsidized and unsubsidized. Students are not able to pick whether they receive a subsidized or unsubsidized loan - the type of loan the student will receive is decided by the college, university or program that the student is attending or enrolling in and what that particular institution offers them (i.e. subsidized or unsubsidized). The primary difference between the two is that subsidized loans are based on need while unsubsidized loans are not. The federal government pays the interest on the subsidized Stafford Loan while the student is in school and during the 6 month grace period, while the student is responsible for any accrued interest on an unsubsidized Stafford Loan. NMTW Community Credit Union offers subsidized and unsubsidized Stafford Loans at an interest rate of 6.0% APR*.
Parent PLUS loans
Parent Loans for Undergraduate Students(PLUS) are federal loans available to parents of dependent undergraduate students to help finance the child's education. Parents may borrow up to the full cost of their children's education, less the amount of any other financial aid received. NMTW Community Credit Union offers Parent PLUS loans at a rate of 8.50% APR*.
Apply for these loans by filling out the FREE Application for Federal Student Aid(FAFSA).
Frequently Requested Telephone Numbers & Websites: Federal Student Aid Information Center (FSAIC) 1.800.4.FED.AID (1.800.433.3243) TTY users: 1.800.730.8913
Direct Loan Borrower Services 1.800.848.0979 TTY users:1.800.848.0983
Direct Consolidation Loan Information 1.800.557.7391 TTY users:1.800.557.7395 www.ed.gov/offices/OSFAP/DirectLoan/index.html
Inspector General Hotline To report student aid fraud (including identity theft), waste or abuse of U.S. Department of Education funds
1.800.MIS.USED (1.800.647.8733)
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