Health and wellness can compose different aspects of your life. The financial side of it is one that often goes on the back burner despite its importance. For example, being a student can entail tuition and allowance expenses. The total for even just four years can be overwhelming, and financial aid can only do so much. Seeking a personalized loan from a local credit union can open doors to making these expenses more manageable and flexible. Here are the most student-friendly credit unions in Pennsylvania.
1. PSECU
PSECU, also known as the Pennsylvania State Employees Credit Union, is based in Harrisburg. It’s very open to lending for students, ensuring competitive rates and affordable or even free products and services. There’s a PSECU Scholarship application for college students, empowering them to focus on their education while taking care of their finances.
You’re eligible for a PSECU membership if you work for a Pennsylvania college or university or if you work for an employer within the industry. You can also qualify if you join the Pennsylvania Recreation and Parks Society or Pennsylvania Consumer Council.
2. First Commonwealth Federal Credit Union
Hailing from the Greater Lehigh Valley, First Commonwealth Federal Credit Union is a not-for-profit member-owned financial cooperative that champions financial strength and consumer inclusivity. It provides financial resources to invest heavily in the local community.
There are multiple resources available under First Commonwealth for students, from financial wellness advice to automated calculators to loans. It also has scholarship opportunities for high school seniors and adult learners returning to school.
3. PenFed
PenFed is one of the largest federal credit unions in America, providing personal loans, student loans and other financial services to fulfill member’s needs. It is recognized as an Equal Housing Lender and is federally insured by the NCUA.
While PenFed originally operated for military personnel, it now welcomes people from all walks of life. It currently takes care of 2.9 million members. Students can check their rates for undergraduate and graduate student loans, which are offered through its partnership with Sparrow.
4. Members 1st
Members 1st is an advocate for financial health, committed to serving the community. It fulfills several collective efforts, like local charities and financial education. Students can expect helpful information before making financial decisions.
Aside from student loans, tips and strategies are also provided to help you borrow less and pay on time. There are zero prepayment penalties for these programs, and there’s even a discount when you enable automatic electronic payments.
5. Citadel Credit Union
Citadel Credit Union is a not-for-profit organization with experts ready to equip you with financial guidance and educational resources. That way, you can set up the accounts and apply for the loans that make sense for your current situation.
Citadel partners with Sallie Mae to offer the Smart Option Student Loan. There are multiple payment options for borrowers who require financial assistance in paying for college expenses that may not be applicable to federal loans. Graduate student loans and scholarships are also available for those interested.
6. Lanco Federal Credit Union
Lanco Federal Credit Union is a financial institution and community within Lancaster, Pennsylvania. It recognizes students and their financial goals, whether it’s saving for college or paying debt. You can receive personalized service and support to fulfill your needs.
Memberships are available for anyone who lives, works, or studies within Lancaster County. By joining, you can take advantage of programs such as private student loans, student loan consolidation or tuition reimbursement.
7. American Heritage Federal Credit Union
American Heritage Federal Credit Union in Philadelphia is one of the most reputable credit unions within the state. It is classified as a not-for-profit and pro-member cooperative that keeps fees and rates low while allowing as much savings as possible.
There are numerous ways to join, such as attending school in Philly or being related to a current member of the institution. From there, you can qualify for student-friendly programs like the Smart Option Student Loan. There are also resources within its learning center regarding how to save for college.
8. TruMark Financial Credit Union
TruMark Financial Credit Union is a collective of members that includes anyone who resides in or studies in Southeastern Pennsylvania counties, whether it’s in Bucks or Chester. It aims to provide smart tools and competitive rates to members in the pursuit of their financial goals.
You can visit their dedicated student lending center, which allows you to make an account for applications, fund requests and repayments. You can also set up a one-on-one consultation regarding your college funding.
9. Philadelphia Federal Credit Union
Philadelphia Federal Credit Union is run by members and employees. It is committed to reinvesting profits back into its services to reduce fees and continue to help many more individuals in the long run.
You can expect affordable student loans that support you from the first semester all the way to your graduation day. The Smart Option Student Loan is ideal for undergraduate students. There are also more specific graduate programs, like medical school loans for those in radiology, veterinary medicine and other health-related degrees.
10. Clearview Federal Credit Union
From students to parents to business owners, Clearview Federal Credit Union ensures quality financial services for locals. You can take the quiz on its website to get a recommendation on what personal loan best suits your situation.
You can explore anything from fixed to flexible rates and terms. If you’re still uncertain, there are financial aid resources and Student Choice loan solutions that can help you cover whatever regular grants may be unable to meet.
11. APCI Federal Credit Union
APCI Federal Credit Union is a not-for-profit organization that has been working since the 1950s. It prioritizes flexibility when sending personal loans and fulfilling other financial services, keeping fees low to zero.
Students can take out loans that will help them fulfill their educational dreams. APCI has also partnered with Sallie Mae to accommodate both undergraduates and graduates. You can expect competitive interest rates and various repayment plans.
12. People First Federal Credit Union
People First Federal Credit Union identifies itself as a financial service provider that aims to assist Lehigh Valley locals in improving their lives and securing a better future. Education is an important step in that direction, so it invests time in helping.
For instance, it has provided community schools with resource hubs like an emergency food pantry. These resources are imperative for high-poverty public schools with minimal food supply throughout the month. There’s also a Youth First Program that instills financial literacy and habits to ensure proper money management.
13. Belco Community Credit Union
Belco Community Credit Union is a full-service institution that offers everything from checking and savings accounts to loans to investment products and other services. While it started in Central Pennsylvania, it can accommodate students from Adams, Cumberland and other counties.
Sallie Mae student loans are available. Applications are accepted from students and families that meet the credit and other eligibility criteria, whether you’re an undergraduate or undergoing career training.
14. Service 1st Federal Credit Union
Service 1st Federal Credit Union began as the Geisinger Employees Federal Credit Union in 1975. It later united with the Susquehanna University Employees Federal Credit Union before the official name and rebrand. However, its mission of delivering financial assistance has stood the test of time.
Students can pick primarily between federal student or private student lending options. Service 1st has also partnered with Granite Edvance and Bank of Lake Mills to expand its student loan financing opportunities. It offers debt consolidation options with competitive rates to manage the loans.
Getting A Loan From A Credit Union
Applying for a loan at a credit union can seem a little different compared to federal reserves and banks. Each establishment will likely have its own processes and requirements as well, so step one is to research what would be necessary for the credit union you’re eyeing. Use these other tips for a smoother process:
- Apply early: Most credit unions, if not all, will require some time to process your application. If you know the exact date when you need the funds, consider giving yourself a month’s worth of buffer. That way, you can avoid the financial stress of needing the money immediately
- Provide certification: Student-friendly credit unions will require you to certify that you are an actual student enrolled in college. Provide documents that would prove your enrollment status and tuition expenses. These act as justification for the loan amount that you’re trying to take out.
- Set up disbursement: Student loans will typically be disbursed directly to the school to cover tuition payments and boarding fees. Coordinate with your credit union regarding the exact time and date. You can also tackle repayments to maintain financial health and avoid extra costs.
Achieve Financial Health
Financial health is an underrated part of your wellbeing. Finding the most student-friendly credit unions in Pennsylvania can help you stay in good shape ahead of all the school-related expenses to come. Be thorough with your application to get the funds you need.
Author Bio
Oscar Collins is the editor-in-chief at Modded, where he writes about health and fitness. Follow him on Twitter @TModded for regular updates on his work, and subscribe to Modded Minute for more!