Congratulations, you have graduated! Now it is time to get off on the right financial foot. After your Federal Stafford loan 6-month grace period has ended, you will need to begin making payments on your student loan(s). Regardless of where you originally got your loan, you may be able to save by consolidating your loans with a fixed-rate Consolidation Loan at PCMCU.

 A Consolidation Loan could benefit you in three important ways:

 1. Lock into a Low Fixed Rate

Most student loans have a variable interest rate that changes with the 91 day T-Bill rate every July 1. By consolidating your student loans, you can lock into a low fixed rate for the life of the loan. This means that even when interest rates go up, you pay the same low rate that you lock into today. And if you consolidate your loans while in your grace period, you can save 0.6% in interest.

 2. Reduce your Monthly Payments

If you have more than one student loan, you can reduce your monthly payments by consolidating your loans. Use the Federal Loan Consolidation Calculator to estimate your loan payments. To use the calculator you will need to know the amount and interest rate of your current loans. If your loans are with PCMCU you can find that information at mygreatlakes.com.  If your loans are with another lender, contact them for that information or use http://www.loanlocator.org.

 3. Choose from Three Flexible Repayment Plans

·         Level Payment Plan – This option provides equal monthly payments over the maximum repayment period allowed. 

·         Graduated Income Sensitive Payment Plan B – This option allows for interest-only payments for the first one-third of the repayment period. The remaining two-thirds of the repayment period, you pay level monthly payments.  

·         Graduated Income Sensitive Payment Plan C – This option allows for interest-only payments for the first quarter of the repayment period. The second quarter, you pay level monthly payments on the balance, which are calculated using the original maximum repayment period allowed. For the last half of the repayment period, you pay level monthly payments, which are recalculated using the remainder of the original maximum repayment period allowed.

Want More Information?

A variety of tools for calculating the cost of your loan and examining the potential benefits of loan consolidation are available on mygreatlakes.com. It’s your resource to deferment, forbearance, forms, and a glossary of financial aid terms, contact information, and lots of other resources to help you manage your loans. You'll also find help if you ever have trouble making payments − though we hope you'll never need it.

 
The Federal Consolidation Loan Information Guide can also provide more details to help you determine if a Consolidation Loan is right for you. Or call the credit union at 920-499-2831. 

 Apply for a Consolidation Loan Today

To start the application process simply download the Consolidation Loan Information Guide ; Consolidation Requirements, Consolidation Application.  Once you complete and sign the consolidation form you may either drop it off at PCMCU and we will then forward it for processing, or you may mail it directly to:

Great Lakes Educational Loan Services, Inc
Loan Consolidation Dept.
PO Box 8956 
Madison, WI 53708-8956

Please be sure to refer to PCMCU's Lender Code when completing the required areas. 
Our lender code is:  829911

A smart start to your financial future...
starts with PCMCU
In addition to offering our student members loan services, we have a number of financial tools designed to help every student make a smooth transition to their new career and future.

• New eServices - Free eBanking, eStatements, eBillpay, and much more!  Enroll Today!

• Online Banking and TLC - students can keep in touch with their accounts using a computer or telephone.

• No Fee Checking Account - every student needs one!  No minimum balance and no monthly service fee.

• Master Money Debit Card - make purchases where major credit cards are accepted, and make cash withdrawals from ATMs worldwide.

• VISA and MasterCard - reasonable limits and a great low rate make is easy to cover necessities and emergencies.  Plus, students can begin to build a credit history.

Education is the road to success.  
Call us today at (877) 373-4023 to learn more about 
financing options for students.