The EdAccess Loan is a private student loan that can be used to pay for qualified educational expenses including tuition, room and board, books, and other school related expenses. Private student loans serve as a way for students to fill the funding gap between the cost of attending school and the amount of federal loans, grants and available scholarships.

Federal student loans follow guidelines set forth by the U.S. Dept of Education and typically offer lower interest rates compared to private student loans. However, Federal loans, unlike private loans, have borrowing limits, which may not allow a student to borrow enough to cover the entire cost of education. Private loans help students fill the funding gap between the cost of attending school and the amount of federal loans, grants and available scholarships. Both private and federal student loans allow students to defer payments while in school and some offer economic forbearance options once a student completes school. Unlike federal loan programs, private lenders assess the credit history of the borrower and cosigner before making a loan.

Eligibility for federal, state and university funded financial aid is determined by completing the Free Application for Federal Student Aid (FAFSA). All students are strongly encouraged to apply for federal aid by completing the FAFSA, which can be obtained online at www.fafsa.ed.gov.

A credit union is a not-for-profit cooperative financial institution that provides financial services for its members. Credit Unions are owned by their members and their main purpose is to serve the financial needs of its membership. Because of this mission, credit unions are on the forefront of promoting thrift and providing high value financial products and customer service to its membership.

• Lower APR on most loan types, including student loans, mortgages, auto loans and credit cards
• Better rates of return on savings accounts and certificates of deposit
• Low fee or No fee checking accounts and ATM access
• Low or no minimum balances to maintain accounts
• Peace of mind with U.S. Government insured accounts up to $250,000
• Dividends are paid to members, not shareholders

Many credit unions offer a wide range of services, similar to banks. Other credit unions have more limited services. All credit unions specialize first and foremost in services for consumers, such as checking and savings accounts and personal and consumer loans. Many credit unions also have expanded to include credit and debit cards, IRA’s, mortgages, home equity loans, and other products and services.

The National Credit Union Share Insurance Fund, which is backed by the US government, insures federally chartered and many state chartered credit unions. The fund, similar to the FDIC for bank deposits, insures individual accounts up to $250,000.

A credit union's first priority is to serve the needs of its members, rather than to make a profit for stockholders. This fundamental difference ensures that credit union profits are reinvested back to the people they belong to, by way of dividends, lower rates and lower service fees. As member owned and governed institutions, this mission is always a top priority for credit union management.

More than 70 million Americans belong to a credit union, and it’s estimated that another 40 million qualify for credit union membership according to “field of membership” rules. There are more than 8,000 credit unions across the country.

Each credit union is democratically controlled and run by a volunteer board of directors who are elected by the members of the credit union. The directors are also members and any member can run for election to the board. All credit union members have a say in how the credit union is operated. The day to day managers of credit unions, and the staff who serve members needs, are paid, expert professional in the financial services field.