Education Loans

The Federal Student Lending Process
When the Health Care and Education Affordability Reconciliation Act of 2010 (HR 4872) was enacted, the Federal Family Educational Loan (FFEL) Program was eliminated. Private lenders, such as Beach Municipal Federal Credit Union, no longer have a role in originating or funding federal Stafford, PLUS or Consolidation loans.

While we do not offer student loans, we do have several lending options to help you cover educational costs. For example, tuition and other large expenses can be paid with personal loans and Home Equity Lines of Credit while smaller items such as books and supplies can be purchased with a credit card.  Students may want to consider applying for a Take Charge Secure Credit Card in their own name to start establishing a positive credit record.

For more information, please contact a Loan Officer or click here to apply online.

Federal Direct Student Loans: As of July 1, 2010, all new federal student loans are issued via the William D. Ford Direct Loan Program.  The lender for your federal loans will be the U.S. Department of Education rather than your Credit Union or other financial institutions.

Stafford and PLUS Loans:   Visit the Federal Student Aid website for information about Federal Direct Stafford and PLUS loans. It is suggested that you stay in close contact with your school’s Financial Aid Office to apply and monitor application status.

Consolidation Loans:  You may have the opportunity to consolidate your existing loans through the Federal Direct Loan Consolidation Program. To view consolidation loan detail, visit the Department of Education Consolidation Loan website.

Direct Lending Borrower Aids: Although our Credit Union no longer funds federal student loans, we will assist you in whatever way we can.

For Information on Existing Loans
For questions or service related to an existing Federal Family Educational Loan secured through our Credit Union prior to the enactment of the Health Care and Education Affordability Reconciliation Act of 2010, contact Great Lakes (our chosen servicer) at 1.800.236.4300 or access your account information online at

For questions regarding who holds or services your existing federal student loan(s), please access the National Student Loan Database which is a Department of Education central database for student aid.