DCECU makes it as easy as possible for you to gain financial assistance for your college career. Federal Student Loans from DCECU provide relief from the incredibly high cost overshadowing a valuable college education. It's an important decision, but also an expensive one to attend college. You don't need to feel like you are dealing with this major expense alone.

There are several steps you should follow in your search for an affordable college career:

1) After being accepted at the college of your choice, you should complete the Free Application for Federal Student Aid (FAFSA) as soon after January 1 as possible. This application may also be obtained from the Financial Aid Office of the school you will be attending.

2) Once you've completed this application, your school will inform you what you are eligible to receive. This may include Federal Student Loans, Pell Grants and other forms of aid.

3) If you need further financial assistance, or you are eligible for a Federal Student Loan, contact the Financial Aid Office at your school and they will guide you through the process.

We offer three types of Federal Student Loans:
1) Stafford Loans - With this loan, repayment does not begin until 6 months after you graduate or leave school. There may be a small origination fee charged by the guarantor, however DCECU charges no additional fees.

2) PLUS Loans - This is a loan taken out by parents of the college student. Many parents find this loan is an excellent way they can help pay for their son or daughter's college education in the most affordable way possible. There may be a small origination fee charged by the guarantor, however DCECU charges no additional fees.

3) Consolidation Loans - Let Dow Chemical Employees' Credit Union Student Loan Department help you combine all of your student loans into ONE LOW MONTHLY PAYMENT!

If you currently have your Federal student loans with another lender, you're still eligible to apply for a consolidation loan with us. It's easy! You may be able to reduce your monthly payments and extend your repayment period by consolidating your loans. There are no fees charged to consolidate. This gives you the convenience of having one loan payment with one lender.

The following loans are eligible for a Student Consolidation Loan:

  • William D Ford Direct Loans
  • Subsidized Federal Stafford Loans
  • Unsubsidized Federal Stafford Loans
  • Federal Supplemental Loans for Students (SLS)
  • Federal PLUS Loans
  • Federal Perkins Loans (formerly NDSL)
  • Auxiliary Loans to Assist Students (ALAS)
  • Federal Consolidation Loans
  • Federally Insured Student Loans (FISL)
  • Health Professions Student Loans (HPSL)

You may consolidate your eligible student loans while they are in grace period or repayment status. Borrowers who plan to return to school and take out additional loans should wait until completing their education before consolidating their loans.

The current interest rate for a Student Consolidation Loan is a fixed rate based on the weighted average of the interest rates being consolidated, rounded up to the nearest 1/8th percent or 8.25%APR*, whichever is less. Depending upon the amount of the loan, repayment is available up to 30 years. All Student Loans are also eligible for the potential year-end interest rebate.

Please note that DCECU does not offer private student loans.

For additional information or to apply for any of the three types of student loans, please contact our Student Loan Department at (989) 832-4808 or (800) 835-7794, extension 4808.

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*APR = Annual Percentage Rate