Education Loans

It’s true that knowledge is power, but it doesn’t always come cheap. We can help you finance those dreams of a higher education. To make it easier to meet the expense of higher learning, Burbank Community Federal Credit Union offers an attractive educational loan program. We have loans to meet your needs including:

• Stafford
• Unsubsidized Stafford
• Parent Loans for Undergraduate Students (PLUS)

Subsidized Federal Stafford Loans
Based on financial need

Eligible Borrowers

• Dependent undergraduates
• Independent undergraduates
• Graduate or Professional student

Loan Maximums

• Year 1: $2,625
• Year 2: $3,500
• Year 3-5: $5,500
• Grad or Prof: $8,500
• Total maximum for an Undergraduate Degree: $23,000
• Total maximum for a Graduate Degree: $65,500

Unsubsidized Federal Stafford Loans
Not based on financial need

Eligible Borrowers

• Dependent undergraduate student

Loan Maximums

• Year 1: $2,625 minus any subsidized Stafford awarded
• Year 2: $3,500 minus any subsidized Stafford awarded
• Year 3-5: $5,500 minus any subsidized Stafford awarded
• Total maximum for an Undergraduate: $23,000 minus subsidized Stafford

Federal Unsubsidized Stafford for Independent Student
Not based on need

Eligible Borrowers

• Independent undergraduate
• Graduate or professional student

Loan Maximums

• Year 1: $6,625 minus subsidized Stafford awarded
• Year 2: $7,500 minus subsidized Stafford awarded
• Year 3: $10,500 minus subsidized Stafford awarded
• Graduate: $18,500 minus subsidized Stafford awarded
• Total maximum for Undergraduate: $46,000 minus subsidized  Stafford previously borrowed.
• Total maximum for Graduate: $138,000 minus subsidized Stafford  previously borrowed.

Pricing & Repayment
Fees: 3% origination fee (from loan proceeds)

Disbursement: Loan proceeds are sent to the school, generally in at least two disbursements, co-payable to the parent and school.

Repayment: Borrower has up to 10 years to repay with a $50/month minimum payment. Repayment begins six months after the student drops below half time study or leaves school. May prepay any part of the loan without penalty. With an unsubsidized loan the interest is payable from the date of disbursement and if deferred, will be capitalized to the loan balance after the in-school, grace or deferment period ends.

Please contact the Credit Union at 818.238.2900 for more information.