Student Loans

Sallie Mae Student Loan

Your Legacy Federal Credit Union has two student loan options. Your Legacy Federal Credit Union is an authorized participant in the Sallie Mae Student Loan Program. You may click on the apply tab above to be linked to the Sallie Mae web site. There you can learn more about the Sallie Mae Student Loan Program and can simply and safely apply for a Sallie Mae Student Loan.

Your Legacy Federal Credit Union Student Loan

Your Legacy Federal Credit Union also has a student loan specifically designed for educational expenses. Each year, a student may borrow up to a certain amount, which may vary from year to year. Each subsequent borrowing is added to the existing total borrowings so that only one monthly payment is required. While attending classes, the borrower makes an “interest only” payment. Ninety days after completion of the student’s particular program, he/she begins to make principal and interest payments that will repay the loan over a specified term. The higher the amount of total borrowing, the longer the term of repayment. This provides for a reasonable monthly payment.

A student may apply for both a Sallie Mae student loan and a student loan from Your Legacy Federal Credit Union.

It is important to mention that oftentimes a cosigner is necessary because the student applicant may not yet have sufficient credit history or repayment capacity to borrow. The presence of a qualified cosigner will provide for approval when, individually, the loan request may not qualify.

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