Make College a Reality
Get Your Student Loan from
GATES CHILI FEDERAL CREDIT UNION
Lender Code: 830523

You know the value of a college education.

Getting a college degree is a worthwhile goal. College graduates make an average of one million dollars more than those without college degrees (www.studentloanfacts.org). But the cost of a college education can be overwhelming for both students and parents. That's why Gates Chili Federal Credit Union offers Federal Family Education Loan Program (FFELP) loans. If you or another family member plan to attend a university, technical college, or any specialized training program, Gates Chili Federal Credit Union can help you with the funding you need to pursue your dreams.

FFELP offers loans for students and parents.

Stafford Loans

• The subsidized Federal Stafford Loan is based on financial need. The government pays the interest while you are in school.
• The unsubsidized Federal Stafford Loan is not based on need but family income is a determining factor. You pay all the interest, although you can have the payments deferred until after graduation.

PLUS (Parental Loan for Undergraduate Students) Loans

• Creditworthy parents of dependent undergraduate students can apply for this loan, which is not based on need.

Learn more about low-interest federal student loans.

Refer to the Student Loan Quick Reference Guide for more details on Stafford and PLUS Loans including:

• the application process
• current rates
• loan limits
• toll-free numbers to check the status of your loan account

Take advantage of these interest rate reductions at Gates Chili Federal Credit Union.

• 0.25% interest rate reduction to members making student loan payments through Automated Clearing House (ACH)
• 0.25% interest rate reduction after 48 on-time payments

Here's how to obtain a federal student loan:

1. Complete a FAFSA

Before you begin applying for a Stafford and/or PLUS Loan, you must first complete the Free Application for Federal Student Aid (FAFSA). It must be completed for each academic year that you request federal aid. FAFSAs for the upcoming academic year are available online on or after January 2. Contact your school for their application deadline.

2. Receive your SAR

Once your FAFSA is processed, a Student Aid Report (SAR) is created. If you completed your FAFSA online, allow 1-2 weeks for you and your school to receive the SAR electronically. Paper FAFSAs take 6-8 weeks to process.

3. Receive your Award Letter

Your school(s) uses data from your SAR to determine your financial aid award for the current academic year and sends you an award letter by e-mail or US Mail. (If your letter mentions the William D. Ford Direct Lending Program, contact your school for the appropriate promissory note.)

4. Complete a Stafford Master Promissory Note

Complete and print the Stafford Master Promissory Note (MPN) and Addendum to get your loan at Gates Chili Federal Credit Union. While you must complete the FASFA process to apply for aid each academic year, this Master Promissory Note will be used by the credit union to process all of your loans over multiple academic years at the same school. Be sure to indicate your FULL school name (no abbreviations) and school code (if known), city and state in the upper right-hand corner of the Master Promissory Note. Return it to the address below so we can complete the processing for you:

Gates Chili Federal Credit Union
2300 Buffalo Road , Building 500-B
Rochester , NY 14624

5. If Needed, Complete a PLUS Master Promissory Note

Parents can complete and print the PLUS Loan Master Promissory Note and Addendum online. The Plus Loan Master Promissory Note will be used for all of your loans over multiple academic years at the same school. Be sure to indicate your child's school name (no abbreviations) and school code (if known), city and state in the upper right hand corner of the Master Promissory Note. Return it to the address below so we can complete the processing for you:

Gates Chili Federal Credit Union
2300 Buffalo Road, Building 500-B
Rochester, NY 14624

6. Your School Will Receive The Funds

Both Stafford and PLUS Loans are guaranteed and serviced by Great Lakes Educational Loan Services, Inc. (Great Lakes). When Great Lakes receives the Master Promissory Note from the credit union and School Certification Form from the school indicating the loan amount and disbursement dates, funds will be sent to the school.

7. Access Your Loan Account Online

You can check the status of your loan, view your account information and make payments from your bank account 24/7 at www.mygreatlakes.com. After you log in, choose My Loans, then Internet Borrower Inquiry Service to get started. This site offers a variety of tools for calculating the cost of your loan. It is your resource to forms, a glossary of financial aid terms, contact information, and additional information to help you manage your loans.

8. Call These Toll-free Numbers for Loan Inquiries

• Contact BEFORE your loan is disbursed to the school:
       Great Lakes Educational Loan Services, Inc. at 1-800-236-6600
• Contact AFTER your loan is disbursed to the school:
       Great Lakes Educational Loan Services, Inc. at 1-800-236-4300.

 

After graduation, consider consolidating your student loans.

After you graduate lock into a low fixed rate by consolidating your student loans, even if you only have one. Find out more about Consolidating your Student Loans.

Manage your finances.

Gates Chili Federal Credit Union and Great Lakes are committed to helping students learn to manage their finances. The regularly updated Personal Financial Management Resources provides information on anticipating college costs and staying in control of your finances while in school.

Plan your future. Visit these Web sites.

Need help?

For help with the student loan process, call the credit union at 585-247-1090 or e-mail: gcfcu@gateschilifcu.org.

Student Loan Consolidation

Congratulations-you have graduated! Best wishes as you begin to make plans for your future. After your Federal Stafford Loan six-month grace period has ended, you will need to begin making payments on your student loan(s). Regardless of where you originally obtained your loan, you may be able to save by consolidating your loans with a fixed-rate Consolidation Loan at Gates Chili Federal Credit Union.

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 1st. 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 Gates Chili Federal Credit Union you can find that information at mygreatlakes.com. If your loans are with another lender, contact them directly for that information.

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. For 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 is your resource to deferment, forebearance, forms, and a glossary of financial aid terms, contact information, and many other resources to help you manage your loans. You will also find help if you ever have difficulty making payments, though we hope you will 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 585-247-1090.

Apply for a Consolidation Loan Today

Complete and print the Consolidation Loan Application and Promissory Note and Addendum. Return the Consolidation Application with your signature to the address below:

Great Lakes Higher Education Loan Services, Inc.
PO Box 8956
Madison, WI 53708-8956

Make Payments Conveniently Online

You can log on to www.mygreatlakes.com to view your account information and make payments on demand from your financial institution account at any time. After you log in, choose My Loans, then Internet Borrower Inquiry Service to get started.

Gates Chili Federal Credit Union and Great Lakes are committed to helping you avoid the consequences of delinquency and default. Check out the regularly updated Personal Financial Management Resources for information on remaining in control of your finances.