Health and wellness encompass various facets of life, and the financial aspect often gets overlooked despite its significance. For students, the costs associated with tuition and living expenses can quickly add up, making financial aid seem inadequate at times. Opting for a tailored loan from a local credit union can provide a flexible solution to help manage these costs. Here’s a roundup of the top student-friendly credit unions in Pennsylvania.
1. PSECU
PSECU, or Pennsylvania State Employees Credit Union, located in Harrisburg, offers generous lending options for students with competitive rates and an array of affordable or free services. College students can apply for a PSECU Scholarship, allowing them to concentrate on academics while managing their finances effectively.
Membership eligibility includes employment at a Pennsylvania college or university, working for a related employer, or joining organizations like the Pennsylvania Recreation and Parks Society or Pennsylvania Consumer Council.
2. First Commonwealth Federal Credit Union
Based in the Greater Lehigh Valley, First Commonwealth Federal Credit Union is a member-owned financial cooperative dedicated to financial empowerment and inclusivity, offering vital financial resources to the local community.
The credit union supports students with resources ranging from financial wellness advice and automated calculators to loan options. It also offers scholarships for high school seniors and adult learners returning to school.
3. PenFed
As one of America’s largest federal credit unions, PenFed provides a wide range of personal and student loans to meet its members’ financial needs. Recognized as an Equal Housing Lender, it is federally insured by the NCUA.
Originally serving military personnel, PenFed now welcomes individuals from various backgrounds and serves about 2.9 million members. Students can explore their rates for undergraduate and graduate loans through its partnership with Sparrow.
4. Members 1st
Members 1st is dedicated to promoting financial wellness and committed to community service. They engage in various initiatives, including support for local charities and financial education.
Students can access resources that provide insights and strategies on earning less and managing repayments. Their programs involve no prepayment penalties, along with discounts for setting up automatic payments.
5. Citadel Credit Union
Citadel Credit Union is committed to providing personalized financial guidance and educational resources to help you establish accounts and apply for loans tailored to your situation.
In partnership with Sallie Mae, Citadel offers the Smart Option Student Loan, featuring various payment plans to assist borrowers in covering educational expenses beyond federal loans. Additional loans and scholarships are available for graduate students.
6. Lanco Federal Credit Union
Situated in Lancaster, Pennsylvania, Lanco Federal Credit Union recognizes students’ financial aspirations, whether saving for college or managing debt, and provides personalized support to meet these goals.
Membership is open to anyone who lives, works, or studies within Lancaster County, enabling access to benefits like private student loans, loan consolidation, or tuition reimbursement programs.
7. American Heritage Federal Credit Union
Located in Philadelphia, American Heritage Federal Credit Union is well-regarded as a not-for-profit, member-focused cooperative that keeps fees low and promotes savings.
Membership can be achieved by attending school in Philadelphia or being related to a current member, granting access to student-friendly programs like the Smart Option Student Loan. Additionally, their learning center offers resources on college savings.
8. TruMark Financial Credit Union
TruMark Financial Credit Union serves individuals in Southeastern Pennsylvania, including Bucks and Chester counties, providing members with smart financial tools and competitive rates to help achieve their financial ambitions.
The dedicated student lending center facilitates account creation for applications, funding requests, and repayments, along with options for one-on-one consultations regarding college funding.
9. Philadelphia Federal Credit Union
Run by its members and employees, the Philadelphia Federal Credit Union focuses on reinvesting profits back into their services to lower fees and better assist the community.
Students can expect affordable loans supporting their education journey, with options like the Smart Option Student Loan for undergraduates, and targeted programs for graduates in fields like veterinary medicine and radiology.
10. Clearview Federal Credit Union
Clearview Federal Credit Union serves a diverse clientele, including students, parents, and business owners, providing quality financial services to the local community. A quiz on their website can help identify the most suitable personal loan options for your needs.
Members can enjoy various loan types, ranging from fixed to flexible rates. If you’re unsure, financial aid resources and Student Choice loan solutions can assist with any unmet financial gaps.
11. APCI Federal Credit Union
Since the 1950s, APCI Federal Credit Union has functioned as a not-for-profit organization that places a strong emphasis on flexibility in personal loans and services, with low to no fees.
Students can secure loans to help realize their educational aspirations, with APCI collaborating with Sallie Mae to offer options for both undergraduate and graduate loans, featuring competitive interest rates and various repayment plans.
12. People First Federal Credit Union
People First Federal Credit Union is committed to enhancing the lives of Lehigh Valley residents by offering valuable financial services. Education plays a vital role in this mission, and they invest in community support.
For instance, they have established resource hubs in community schools, including an emergency food pantry, crucial for low-income students. Their Youth First Program aims to provide financial literacy training to cultivate better money management habits.
13. Belco Community Credit Union
Belco Community Credit Union offers a comprehensive range of services, from checking and savings accounts to loans and investment products, and has expanded to serve students from Adams, Cumberland, and other counties.
Students can apply for Sallie Mae student loans, provided they meet the credit and eligibility criteria, whether for undergraduate studies or vocational training.
14. Service 1st Federal Credit Union
Originally founded as the Geisinger Employees Federal Credit Union in 1975, Service 1st has grown through its merger with the Susquehanna University Employees Federal Credit Union while maintaining its commitment to providing financial assistance.
Students can choose between federal or private student lending options, with expanded financing opportunities arising from partnerships with Granite Edvance and Bank of Lake Mills. They also offer competitive rates for debt consolidation.
How to Apply for a Loan from a Credit Union
Applying for a loan at a credit union differs from conventional banks and federal reserves, as each institution has unique processes and requirements. Here are some tips to ensure a smoother application experience:
- Apply Early: Since credit unions require time to process applications, aim to apply at least a month before you need the funds to alleviate financial pressure.
- Provide Certification: You’ll need to prove your status as an enrolled student by presenting documents that validate your enrollment and tuition costs, justifying the loan amount you’re requesting.
- Set Up Disbursement: Typically, student loans are disbursed directly to the school for tuition and fees. Coordinate with your credit union for timelines, and ensure you manage repayments to maintain your financial health.
Achieve Financial Wellness
Financial health is a crucial aspect of overall well-being. Exploring student-friendly credit unions in Pennsylvania can help you navigate school-related expenses and maintain your financial stability. Be diligent with your application to secure the funds you need.
Author Bio
Oscar Collins serves as the editor-in-chief at Modded, focusing on health and fitness topics. Follow him on Twitter @TModded for updates, and subscribe to Modded Minute for more insights!
