DFCU Education Financing Options

You have a dream for your future.  To realize that dream, you need additional training or education beyond high school.  Coming up with the funds necessary for your education can be difficult without help.  That's where we can help!  Call us today with any student loan questions.

Financial aid comes in a variety of forms, loans, grants, and work-study programs, and it can come from a variety of sources such as the federal government, financial institutions, or the school itself.

Eligibility for federal and college sponsored aid is determined on the basis of financial need and several other factors.  The financial aid office at the school a student plans to attend typically determines eligibility. 

How To Get A Student Loan

Federal Student Loans are a popular means of financing your education if you haven't been able to save up for education expenses.  Unfortunately, young people are often saddled with student loan payments for years after they leave school.  Borrow as little as necessary and pay these loans off as early as you can. 

There are three main types of federal student loans; a Perkins loan, a Subsidized Stamford Loan, and an Unsubsidized Stamford Loan. To receive federal aid, students and parents must fill out a FAFSA form.  The FAFSA is the primary form that determines eligibility for any federal or state programs that the school administers.  Families must complete this application before a school can award them any kind of federal and most types of state financial aid. 

Follow these steps in apply for a Federal Student Loan:

• Complete the Free Application For Federal Student Aid (FAFSA).  You can get a FAFSA from your high school counselor, the financial aid office at the school you plan to attend, or you can fill out a FAFSA online at www.fafsa.ed.gov.    If you have questions in completing the FAFSA, call the Education Assistance Corporation (EAC) at 1-800-874-9033.  You should apply as soon after January 1st as possible, in the year the student will enter college ( for example, January 1, 2007 for a high school senior entering college in September 2007).  A lot of federal aid is distributed on a first-come, first-serve basis.  Eligibility is determined one award year at a time, so families have to fill out a FAFSA every year.  After a first application, a family may be able to apply easier and quicker in subsequent years by completing a Renewal FAFSA.

Completing The FAFSA

• Students and parents should get a PIN (personal identification number).  This is recommended, but it is not necessary.  Students and parents can request on a www.pin.ed.gov.  If families are applying online, a PIN acts as a signature from the student and parents on the Web.  A PIN also allows the parents or student to make corrections to their application information.  Students and parents can request a PIN as early as the student's senior year of high school.  For questions about a PIN call 880-4-FED-AID (or 800-433-3243).
• Families with dependent students will need to report both the student's and the parent's financial information.
• Parents and students need to refer to their previous year's income tax return (for example, if applying for aid for the 2007-2008 academic year, income tax returns from 2006), credit union or bank statements, W-2 forms, and business or farm records to answer many of the FAFSA questions.
• Students can list as many as six schools they're interested in attending and those schools will get the results of the application after it's been processed.

Other Information

• Your school will notify you of your financial aid eligibility, including your eligibility for a loan.
• Select a lender to make your loan.  Dakotaland Federal Credit Union is a participating lender.  You will need our lender code which is 831645.
• Complete the student loan promissory note which is provided to you.  Follow the directions carefully.  If you have any questions, call the Education Assistance Corporation (EAC) at 1-800-592-1802.
• EAC processes the guarantee on the loan and notifies you of the amount approved, the scheduled disbursement dates, and the scheduled disbursement amounts.
• Your lender sends your loan funds directly to the school you are attending.  The loan funds will be disbursed in equal amounts, depending on the number of terms in your school year.
• Your school will deliver the loan proceeds to you.

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.

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.

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. 

Apply for the South Dakota Central Chapter Scholarship Program
The South Dakota Central Chapter of Credit Union's recognizes the lifetime value of a college education.  The program is designed to assist outstanding students with the cost of their college education. 

Four (4) $300.00 scholarships will be awarded in April of each year to area graduating high school seniors, those who have previously completed high school, or those who are currently attending a college, university or technical institute.

Applicants must be a member of a credit union in the South Dakota Central Chapter* for at least one year prior to submitting the application.  The deadline for submitting an application is March 1st of each year.  Dakotaland Federal Credit Union will match the scholarship amount if awarded to a member of DFCU.  (Total scholarship amount for a DFCU member would be $600.)

*Affiliated Credit Unions with the South Dakota Central Chapter are:  Dakotaland Federal Credit Union, H&B Federal Credit Union, Huron Area Education Federal Credit Union, Huron CNW Federal Credit Union, Huron Telco Federal Credit Union, M-O Federal Credit Union, and Turtle Creek Federal Credit Union.

Applying is easy!  Each year, applications are available from January 1st and are due back to the Credit Union listed on the application no later than March 1st.  Scholarships are awarded each year in mid-April.

You can download an application in .pdf format.  Or, you can visit any of our locations from January 1 through February 28th to pick up an application.