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The EFC takes into consideration your family’s financial strength – income and assets.

Other factors considered include the number of family members and number of family members in college.

[TOP] To apply for a Common Wealth One FCU Private Student Loan, you must be a US Citizen or Permanent Resident enrolled at least half-time in a degree-granting program at an eligible school, and you must be a member of Common Wealth One FCU.

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Private student loans serve as a way for students to fill the funding gap between the cost of attending school and the amount of federal loans, grants, and available scholarships.

[TOP] Federal student loans follow guidelines set forth by the U. Dept of Education and typically offer fixed and lower interest rates compared to private student loans.

However, federal loans, unlike most private loans, have borrowing limits, which may not allow a student to borrow enough to cover the entire cost of education.

Private loans help students fill the funding gap between the cost of attending school and the amount of federal loans, grants, and available scholarships.

Both private and federal student loans typically allow students to defer payments while in school and some offer economic forbearance options once a student completes school.

Unlike federal loan programs, private lenders assess the credit history of the borrower and cosigner before making a loan.[TOP] Eligibility for federal, state and university funded financial aid is determined by completing the Free Application for Federal Student Aid (FAFSA).All students are strongly encouraged to apply for federal aid by completing the FAFSA, which can be obtained online at [TOP] The financial information you provide in the Free Application for Federal Aid (FAFSA) is used by the government to determine your Expected Family Contribution (EFC), which is the amount you and your family are expected to pay towards your education.The EFC is then subtracted from the cost of attendance for your respective school to determine the amount of financial aid you are eligible to receive.[TOP] The EFC is a calculated assessment of how much your family is expected to contribute to your college costs.