Consumer Loans: Student Loans

Northern Hills Federal, we help finance your dreams.  Let us know what your dream is, and we’ll find solutions to help make your dreams come true.

Loans

Student Loans

Federal Student Loans are a popular means of financing education if you haven't been able to save up for education expenses. Unfortunately, young people are often saddled with student loan payments for years after they leave school. Borrow as little as necessary and pay these loans off as early as you can. Interest on these loans may be tax-deductible.  When applying, use our Lender ID # 829994.

  • Federal Subsidized Stafford Loans

    Loans are granted to students based on financial need and are used for both undergraduate or graduate-level studies. No interest accrues during schooling. Repayment begins six months after enrollment ends. Maximum term is ten years. There are loan limits for individuals and families. Variable rates are based on the 91-day U.S. Treasury bill yield plus 3.10% with an 8.25% rate cap.  Loans with first disbursements on or after July 1, 2006 are now a fixed rate of 6.8% for Stafford loans both Subsidized and Unsubsidized.  Rates current as of 12/11/06.

  • Federal Unsubsidized Stafford Loans

    Same as subsidized loans except financial need is not a factor. Interest accrues during schooling.

  • Federal Parent PLUS Loans

    Made to parents of dependent undergraduate students and to independent students. Loan limit is the cost of attendance minus all other financial aid. Maximum term is 10 years and the variable rate is based on the 52-week U.S. Treasury bill yield plus 3.10% with a 9% rate cap. Interest and principal payments begin immediately. Loans with first disbursements on or after July 1, 2006 are now at a fixed rate of 8.5% on PLUS loans.  Rates current as of 12/11/06.

    Northern Hills Federal Credit Union partners with Education Assistance Corporation (EAC), who is a private nonprofit corporation located in Aberdeen, SD, and was established in 1978 to guarantee loans under the Federal Family Education Loan Program. Through its subsidiary, EASCI, they service student loans for lenders. EAC also provides financial aid information and technical service to students and schools.

    When applying for your loan, use our Lender ID #829994.  For more information, contact Education Assistance Corporate at www.eac-easci.org.  They can help you plan for your educational needs.