Education Loans

A Better Way to Pay for College...

Paying for college is never easy. For a long time, many of our members have taken advantage of the value of their homes to obtain a low rate Home Equity Line of Credit as a solution to their tuition expenses. Although that remains a viable option for many, BFCU has also created an alternative solution through its College Tuition Loan. This loan offers long term fixed rate financing for qualified members who are faced with today’s rising tuition costs and may not have the necessary equity available in their home. This loan may be rewritten annually subject to maximum limitations.

Table data for College Tuition Loan
 Rates Effective 11-14-2018
Term Rate APR Payment Example per $1,000 Alert Me
10 Years 6.99% 6.99% $2.68/Week
APR = Annual Percentage Rate
Rate reflects .50% discount for automatic payments from your BFCU account.
Maximum borrowing amount is $40,000.
Maximum term is 10 years.
No pre-payment penalties.

This loan may be refinanced annually to properly meet your tuition needs.
Because this is an unsecured loan, certain underwriting restrictions may apply.

Table data for College Tuition Loan Payment Example
 
Amount Term APR Payment Amount # of Weekly Payments Total of Payments Alert Me
$30,000 10 Years 6.99% $80.16 520 $41,679.69

Boston Firefighters Credit Union has introduced a NEW alternative student loan program that helps students fill the funding gaps that federal aid can leave behind.

Unlike other alternative loan products, The Boston Firefighters Credit Union Student Choice private loan solution offers:

Significantly lower rates 
Zero origination fees 
Flexible repayment terms, including:

Full payment deferment 
Interest only 
Principal and Interest

To find out more about applying for a Boston Firefighters Credit Union Student Choice loan, visit www.bosfirecu.studentchoice.org

Or you can call Student Choice toll free at (866) 825-6587

This loan offers an alternative method of stretching tuition payments over the course of the school year at a relatively low cost.

Table data for High School/Elementary School Tuition Loan
 Rates Effective 11-14-2018
Term Rate APR Alert Me
1 year 6.99% 6.99%
APR = Annual Percentage Rate
Payments are approximately $20.01 per week per $1,000. Rate reflects .50% discount for automatic payments from your BFCU account. Maximum borrowing amount is $15,000. Maximum term is 1 year. No pre-payment penalties.

Table data for High School/Elementary School Tuition Loan Payment Example
 
Loan Amount Term APR Payment Amount # of Weekly Payments Total of Payments Alert Me
$10,000 1 year 6.99% $200.14 52 $10,406.83

 

 

We Want Your Highter Degree to come with a Lower Degree of Difficulty!

Introducing the BFCU Professional Line of Credit
(for use with the PCIP Program)

At BFCU, we work hard to make sure our members have the tools they need to get the most out of their life opportunities. 

Brought to you in conjunction with BPPA, BPDBS & BPSOF, this low-cost loan program is designed to meet the specific needs of those looking to take advantage of the PCIP Program.

Table data for Professional Education Line of Credit (Variable Rate)
 Rates Effective 11-14-2018
Rate APR Payment per $1,000 Alert Me
Based on 5 year amortization schedule 5.75% 5.75% $4.45/week
Maximum borrowing amount is $25,000. Maximum advance is $7,500. 10 year loan based on a 5-year amortization schedule. Minimum payment will be calculated on a 5-year amortization schedule. Rate reflects .50% discount for payments made through payroll deduction. APR = Annual Percentage Rate. Variable rate APR is subject to change without notice. Maximum APR is 10.00%. No pre-payment penalties. Subject to credit approval. Borrow must provide a bill or a receipt from school before advances are made. The annual percentage rate is based on the value of an index. The index is the prime rate +1 published in the Money Rates column of the Wall Street Journal. When a range of rates has been published, the higher rate will be used. We will use the most recent index value available to us as of 1 day before the date of the monthly percentage rate adjustment.

Table data for Professional Education Line of Credit Payment Example (Variable Rate)
 Effective Date 11-14-2018
Loan Amount APR Weekly Payment # of Weekly Payments Total of Payments Alert Me
$25,000 Based on 5 year amortization schedule 5.75% $111.05 260 $28,872.68