Riverfront offers education loans to students and parents of students to make financing higher education more affordable. We do this through a partnership with the Pennsylvania Higher Education Assistance Agency (PHEAA). Whether you're a student or a parent, you can call AES/PHEAA Loan Guaranty and Grant Services toll free at 800-692-7392 to request an application or you can contact lending@riverfrontfcu.org for more information. Riverfront’s Lender Code is 813381KB.
For
Students:
Students, why pay loan costs at other institutions when you can
save money through Riverfront? For you, we offer the KeystoneBEST (Benefits
Expanded for Student Tuition) loan program. This is what’s in it for you…
For Students:
We offer the KeystoneBEST (Benefits Expanded for Student Tuition) loan program
which includes the following…
• Zero loan origination fees to the student. Riverfront covers 1% of the cost
and PHEAA covers the other 1%.
• No default insurance fee. PHEAA pays the 1% fee.
• Students receive a 0.25% interest rate reduction for choosing direct debit of
payment.
• Flexibility of combined or separate billing for multiple loans.
Before applying for a KeystoneBEST loan, borrowers should first complete the
Free Application for Federal Student Aid (FAFSA). This application is used to
determine eligibility for federal student loans. Once accepted, students may
file a loan application with Riverfront.
For Parents:
Parents, you can save money, too, when you borrow
through Riverfront. For you, we offer the KeystonePLUS (Parent Loan for
Undergraduate Students) loan program. This is what’s in it for you…
• Rebate up to 2% of the loan amount (1% rebate after the first 24 on-time
payments and 1% after the 48th on-time payment).
• 1% interest rate reduction immediately at first disbursement.
• Interest rates vary, but cannot exceed 9% annually.
• Interest rate reduction of 0.25% for choosing direct debit of payment.
• Single-statement billing available.
• Access to account information 24 hours/day.
• Low 3% origination fee.
• Borrowers may be eligible for an extended repayment term of up to 25 years.
For Graduate Students:
Effective July 1, 2006, PHEAA is offering a GraduatePLUS program
to graduate students attending approved Pennsylvania schools or are Pennsylvania
residents. The benefit structure for this program is identical to the
KeystonePLUS (see For Parents), except that it is provided directly to you. A
credit check is required for this loan
To determine eligibility under the KeystoneBEST, KeystonePLUS or GraduatePLUS
program, visit PHEAA’s website for more information by clicking here
http://www.pheaa.org/educationalloans/ .
Tax Tips:
The IRS offers tax credits intended to ease the burden for taxpayers attempting to pursue higher education or finance higher education for a family member. For more information on the following tax credits, consult a tax accountant or visit the IRS’s website at www.irs.gov and search for the publications noted.
- The Hope Credit (of up to $1,500 for each eligible student) may be available to taxpayers who paid qualified tuition and related expenses. Refer to IRS Publication 970 Tax Benefits for Education.
- A Lifetime Learning Credit (of up to $1,000) may be available to you if you pay higher education costs. Refer to IRS Publication 970 Tax Benefits for Education.
- The Child Tax Credit is for taxpayers with children. Refer to IRS Publication 17 Your Federal Income Tax.
- The Earned Income Tax Credit is for taxpayers with low or moderate incomes. Refer to IRS Publication 596 Earned Income Credit (EIC).
- Tax payments on education loans may be tax deductible.
Some tax credits affect student loan repayment. Visit the American Education Services’ national website at www.aesSuccess.org to learn more about student loan repayment. Also, consult your tax advisor regarding the applicability of tax credits and deductibility of education expenses related to your financial situation.
Contact Lending@riverfrontfcu.org
for more information.
