Nayreth Garcia
Content Writer At Gradehacker
We know that to achieve your goal of higher education, you may be facing a challenging economic path. Of course, you are aware of different types of financial aid like grants, scholarships, and federal loans, but sometimes even these are not enough to cover your college costs. Yet, a little-known option is available that can help you cover the rest of your high rising college costs. These are known as university federal credit unions.
A University Federal Credit Union Private Student Loan can be the extra help you need to finance college. If you’re a UA student, in this article, we’ll share everything you need to know about this credit union.
You can also learn more about scholarships you can apply to by reading the article: Best Scholarships for Non-Traditional Students | Find Yours!
Here at Gradehacker, we are more than happy to guide you with helpful information that can lead you to achieve your educational goals.
Let’s start!
What is University Federal Credit Union?
University Federal Credit Union is not a typical financial institution. In fact, it is the only credit union in the country that is part of a university. The University of Arizona Credit Union started as a finance club that wanted to serve its community. Then in 1985, it was granted a charter as a federal credit union by the National Credit Union Administration.
Because of its affiliation with the University of Arizona Credit Union, it does not have a typical banking fee structure, allowing it to take in non-traditional deposits that larger credit unions don’t want.
What Services Does University Federal Credit Union Offer?
Your University Federal Credit Union is the perfect place to start if you need help opening a checking account and getting back on your feet financially.
Members can enjoy great service and perks such as:
- Online and mobile banking services
- Mobile deposit
- Easily send money to anyone, anytime from your phone
University Federal Credit Union offers education assistance through many of its financial products and services. If you have student loan debt, University Federal Credit Union allows you to apply for a loan to lower your interest payments and reduce your principal. The money you pay will be applied to your loan balance. If you have trouble making your monthly student loan payments, University Federal Credit Union is the place to turn to when seeking financial assistance.
In addition to loan programs, University Federal Credit Union has education savings accounts, college savings accounts, CDs, stocks, mutual funds, and an auto loan.
How to apply to University Federal Credit Union?
To apply to a University Federal Credit Union, you need the following information:
- Government-issued ID/drivers license/State ID or passport with current address
- Current physical and mailing address
- Social Security Number
- Date of Birth
Once you have all that information, you can start completing your application here.
What Are The Qualifications For Joining University Federal Credit Union?
- You’ve reached the age of majority in your state.
- You and your cosigner (if applicable) are US citizens or permanent residents.
- You’re enrolled at least half-time at an eligible school.
- You have a GPA of at least 2.0.
- You meet the Satisfactory Academic Progress standards as defined by your school.
- You’re a member of University First Federal Credit Union (or become a member during the online application process).
Federal Credit Union vs. Regular Banks
One of the most significant differences we can highlight is that big banks tend to be more inflexible in their financial products and customer service because they have more strict rules that are not set locally; they are administered by national boards of directors and executive leadership.
Because of this, credit unions are more dedicated to serving their members, which makes them more flexible when it comes to customer needs. The account owners —the credit union members— are responsible for voting when it comes to changes since they all have equal voting rights.
What Are the Pros and Cons of Federal Credit Union vs. Regular Banks?
Federal Credit Union Pros:
- Offer lower interest rates and high savings rates
- Emphasis on strong customer service
- May have low or no-fee accounts and services for customers
Federal Credit Union Cons:
- Few financial products
- Inconvenience due to lack of branches
- Most credit unions cannot compete with banks when it comes to convenient access to ATMs
Regular Banks Pros
- Offer a wide range of banking, loan and retirement products
- Larger banks offer convenience with access to multiple branches and ATMs
- They offer more advanced online and mobile banking technology
Regular Banks Cons:
- Potentially higher interest rates on loans
- Less emphasis on personalized customer service
- Most checking and savings accounts come with high fees
Do You Think University Federal Credit Union Will Suit Your Needs?
At University Federal Credit Union, you will find all sorts of excellent services. You can use your credit union membership to access your checking account and other financial services. With University Federal Credit Union, you can also get a financial analyst to help you save your money. The financial analyst will guide you through the process of saving money to have an enjoyable lifestyle.
Being a college student, mainly a non-traditional student, can get overwhelming and complicated, so having an option that can help you release your stress from financial problems is something to be thankful for.
You can find different Federal Credit Union options around the U.S., here are a few:
Remember that you are not alone and that our Gradehacker team can be there to guide you before and throughout your college path, not only with information that colleges don’t want you to know but with our services. So, don’t give up and continue learning about college finances with these articles that can help you too:
