HVFCU Higher Education Loan Program (HELP)
HELP is a variable-rate revolving line of credit accessible only while the student is in school (part-time or full-time acceptable). It can be a great supplement to government loan programs.
During school and for a 12-month grace period following graduation, interest-only payments are due each month – a real benefit to students and recent grads on tight budgets. Loans not paid off within 30 days from the maturity date will automatically be put into repayment. Once in repayment, principal and interest payments are due.
Students can borrow up to $30,000, with up to 72 months to repay while the student is in school and up to 120 months to repay the principal after graduation 1. A co-signer is required for a HELP loan for students dependent on a parent or guardian for support. Independent students do not require a co-signer.
.25% Rate Discount with AutoPay
Sign up to have your HVFCU higher education loan monthly payments automatically deducted from your savings, checking, or money market account and you’ll never have to worry about being late with a payment. You’ll save time each month and it’s a great way to keep your credit history strong. Plus, there’s an important bonus: HVFCU will lower the interest rate on your loan or line of credit by .25%. 2
New York State Assistance
The New York State Tuition Assistance Program (TAP) helps eligible New York residents attending in-state post-secondary institutions pay for tuition. Depending on the academic year in which the student begins study, an annual TAP award can be as high as $5,000. TAP is a grant, and does not have to be paid back.
For New York State residents who include a New York school in “step six” of the FAFSA, the NYS Higher Education Services Corporation (HESC) will automatically send the applicant an Express New York State Tuition Assistance Program (TAP) Application (ETA). Deadline for filing the TAP Application is May 1 of the academic year for which aid is sought. For more information, visit the HESC website.
If the FAFSA applicant will also be applying for TAP, remember to submit the FAFSA early enough to be able to receive and submit the TAP application before the May 1st deadline.
Servicemembers Civil Relief Act
The Servicemembers Civil Relief Act (SCRA) gives relief to individuals who are called to active duty in any branch of the military, including reservists or members of the National Guard. Servicemembers are provided interest rate relief on consumer and mortgage loans, relief regarding leases and protections regarding repossession, foreclosure, default judgments and eviction.
If you are a Servicemember and have questions about how SCRA affects your HVFCU loans, please call 845.463.3011 Monday through Friday, 8 am to 7pm ET and Saturday, 9 am to 5 pm ET. We will be happy to discuss any protections and programs that are afforded to you as a Servicemember.
1 As an example, the estimated maximum interest for a $30,000 HELP Education Loan would require interest only payments at 5.00% for 72 months of $123.00 and principal and interest payments for 120 months of $318.00
2 The stated rate is discounted by .25% and includes a requirement that loan payments are automatically transferred from your savings, checking, or tiered money market account for the life of the loan. The monthly payment is not decreased as a result of this discounted rate. Minimum annual percentage rate is 5.00%.