What Can DCU Save You?

Student Loans

Education financing options for you and your children

  • Options
  • Details
  • Resources
Student Loan Funding Options

Student Loan Options

  • Federal Student Loan Options
  • DCU Private Student Lending Solutions
  • DCU Home Equity Loans
  • Scholarships and Financial Aid
  • Money Savings Options For School

"Best Credit Union
In America! "

Open quote Before joining DCU I tried a few local banks but was disappointed by the lack of personal service. Once I joined DCU I was so pleased that they made me feel like a member of a family and not just a number. Close quote

— MrB87, Colonial Heights, VA

Handling the Cost of College

Studies show even some college will make a huge difference in the lifetime earnings of your children. Unfortunately, the cost of college continues to rise even faster than inflation. Most students and their parents need some assistance in covering the bill. This page outlines options for the gap between what you've saved and the total cost.

Federal Student Aid

Direct Federal Student Aid and the Direct Student Loan Program are handled by the U.S. Department of Education. They include a variety of grants and student loans that are often the first choice for financing education. Visit Federal Student Aid web site for up-to-date information on your options and how to apply. Here is a brief summary of what is available.

  • Federal Subsidized Stafford Loans – Loans are to students based on financial need. No interest accrues during schooling. It's used for undergraduate or graduate-level studies.
  • Federal Unsubsidized Stafford Loans – Same as subsidized loans except financial need is not a factor. Interest accrues during schooling.
  • Federal Parent PLUS Loans – Made to parents of dependent undergraduate students. Interest and principal payments begin immediately.
  • Federal Pell Grants – A one year cash payment for undergraduate education that does not have to be repaid. Based on financial need.

DCU Private Student Lending Solutions

DCU offers student lending solutions to help you fill the funding gaps that federal aid can leave behind. By partnering with other credit unions to form Credit Union Student Choice, we are able to offer members lower cost financing options that will help you or a family member achieve your dream of a higher education. Learn more about our student lending solutions or apply online!

DCU Home Equity Loans

Many members take advantage of the equity in their home to finance education. For most people interest is tax deductible and interest rates are low. See Home Equity Loans for more details. DCU is an equal housing lender. Your rate is determined by your personal credit history.

Scholarships and Financial Aid

The best way to pay for education is to get someone else to do it for you. There is an incredible amount of money available if you are willing to do the legwork.

  • Scholarships – Contact your high school and college financial aid offices. For scholarships, you should also talk to your employer, service clubs in your area, and local businesses to see what is available and how to apply. You may want to visit FinAid¬†–¬†The Financial Aid Information Page for more information on financial aid and to search for scholarships.
  • Employer tuition reimbursement – If you are working full-time and want to get your undergraduate or graduate degree, many employers have tuition reimbursement programs that pay all or part of the cost of college tuition, books, and fees. Most have a minimum grade requirement and may insist the degree be job-related. Currently, employer tuition reimbursement is not subject to federal income taxes for most people. Ask your employer's Human Resources Department for details.
  • DCU Memorial Scholarship Program – This annual program is for DCU members who are graduating high school seniors headed for accredited colleges or universities. We give out multiple scholarships every year.

Money Saving Options For School

The earlier you can prepare for your education expenses, the less the financial burden will be. You have several options.

  • DCU Coverdell Education Savings Account – Formerly known as the Education IRA, this program allows anyone to contribute up to $2,000 per year, after-tax, for higher education expenses for a child under 18. Earnings accumulate and can be withdrawn tax-free.
  • 529 Plans – This is a state-sponsored education savings plan named after Section 529 of the Internal Revenue Code. A key benefit of a 529 plan is that you pay no taxes as your account accumulates. Additionally, under the current tax law, withdrawals taken from the plan to pay qualified higher education expenses can be made free of federal income tax for both the account owner and the beneficiary (see below). You can get more information on 529 Plans through our DCU Financial.

  • Traditional IRAs – These IRAs allow you to make penalty-free withdrawals for qualified education expenses. However, you will owe taxes on the pre-tax contributions and earnings. If these funds are already earmarked for your retirement, this may not be a prudent choice. Funds withdrawn from retirement savings and used for other purposes are always a challenge to replace. What's more, you'll lose compound growth on those funds while they are gone. IRAs are available at DCU.
  • Education Planning – If you need advice on how to plan for education expense, DCU Financial can help.


"Fantastic"

Open quote I have been a loyal member of DCU for 6 years, and in that time, I have had nothing but great things to say about them. Close quote

— Smileygal, Boston, MA

Related Links

  • DCU Private Student Lending Solutions – DCU offers private student lending solutions to help fill the funding gap by offering lower cost financing options.
  • StreetWise Parents' Guide – Provides information on preparing your child for college and other related topics.
  • StreetWise IRA Guide – Provides general information explaining how Individual Retirement Accounts and Coverdell Education Savings Accounts work and what your options are.
  • DCU Financial – Provides a variety of non-traditional options for college planning and savings.
  • DCU Memorial Scholarship Program – Each January, DCU members who are graduating high school seniors can apply for one of twelve scholarships awarded by DCU each year.
  • Financial Wellness and Recovery – Learn what DCU can do for you if you are now or think you may soon experience a financial setback. The earlier you contact us, the more we can do to help.
Digital Federal Credit Union

220 Donald Lynch Boulevard

PO Box 9130

Marlborough, MA 01752-9130

508.263.6700  |  800.328.8797

ABA Routing Number: 211391825

    

Federally Insured by NCUA

© 2014 Digital Federal Credit Union

DCU Financial

220 Donald Lynch Boulevard

Marlborough, MA 01752-9130

800.328.8797, ext. 6077

Email: financial@dcu.org

Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. DCU and DCU Financial are not registered broker/dealers, nor are they affiliated with LPL Financial. The DCU Financial site is designed for U.S. residents only. The services offered within this site are offered exclusively through our U.S. registered representatives. LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AZ, CA, CT, CO, DE, FL, GA, IL, IN, KS, KY, ME, MD, MA, MI, MN, MO, MT, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, and WI
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