Guaranteed Student Loans

First New York FCU offers Stafford Loans for students and PLUS loans for parents and is a participant in the Federal Family Education Loan (FFEL) Program. 

We offer three federally secured student loans for students attending college:

Subsidized Federal Stafford Loans

• It's called "subsidized" because the government pays interest on your loan while you are school
• This loan is for undergraduate, graduate and professional students
• Loan is based on financial need
• Loan is awarded through the financial aid process
• Maximum loan amount varies by year of study
• When your college lets you know you qualify, come to us and apply!

Unsubsidized Federal Stafford Loans

• Apply for this loan through the financial aid process, but it is not based on financial need
• Government does not pay interest on the loan while the student is in school
• Student is responsible for the interest, although you can request to have interest payments deferred until graduation
• Maximum loan amount varies by year of study
• Some students may qualify for both subsidized and unsubsidized Federal Stafford loans

PLUS (Parental Loans for Undergraduate and Graduate Students)

• Allows credit worthy parents to borrow money to pay for education expenses
• Dependent and undergraduate students are eligible
• Loans are available through both the Direct Loan and FFEL programs
• Yearly limit on a PLUS Loan is equal to cost of attendance minus any other financial aid received