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IMPORTANT UPDATE
SACU has made a difficult decision to temporarily suspend making new student loans under the Federal Family Education Loan Program (FFELP), effective August 1, 2008. SACU will honor all disbursements for those loan applications guaranteed through July 31, 2008. This decision has been made as a direct result of legislative changes to the federal loan program. SACU representatives in the Education Loan Center remain available to offer options and assist members with questions. If you have a pending FFELP loan with SACU, you may find the following information helpful: SACU continues to offer the CU Student Choice Loan, a private loan for undergraduate students, to help families fund their students' education. Stafford Loan applicants:
CU Student Choice - for undergraduate students
CU Student Choice is a private student loan program designed to help you fill the gap that federal aid may leave behind. Benefits include zero origination fees, lower interest rates and flexible repayment options. Here is more information that includes an online application. Note: This site may also include options that are not currently available through SACU.
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FFELP INTEREST RATES
Loans disbursed on or after July 1, 2008 All federal Stafford and PLUS loans that are first disbursed on or after July 1, 2008, will have a fixed interest rate as follows:
All federal Stafford and PLUS loans first disbursed on or after July 1, 2006, will have a fixed interest rate of 6.8 percent and 8.5 percent, respectively, for the life of the loan. The variable interest rates provided above will not apply to these new loans. Loans disbursed prior to July 1, 2006: On July 1, 2008, interest rates on federal Stafford and PLUS loans that are subject to the variable-rate provision and were first disbursed on or after July 1, 1998, but before July 1, 2006, will be as follows:
Frequently Asked Questions:
Does SACU offer any other student loans?
Yes, SACU offers CU Student Choice, a private student loan for undergraduate students. Here is more information that includes an online application. Note: This site may also include options that are not currently available through SACU. What happens to my existing FFELP loan with SACU? The temporary suspension only affects new and pending loans with a scheduled disbursement date of August 1, 2008 or later. All previous loans obtained through SACU remain with SACU and are serviced by Nelnet. If you have questions about your existing loans, you may access your account information online (www.nelnet.com) or call 877-804-3603. How long is the temporary suspension? It is unsure at this time when SACU will re-enter the FFELP. However, we hope to be accepting applications soon. Changes to the economic climate will determine the timeline. We will remain diligent in communicating updated information. If I change lenders, will my loan amount remain the same? Yes, your school determines the eligibility for your Stafford or PLUS loan amounts; therefore, the amounts will remain the same.
Important Contacts:
 SACU Student Loans: 1-800-234-SACU, ext 1987 or (210) 258-1987  Department of Education: 1-800-433-3243 FAFSA on the web:www.fafsa.ed.gov Texas Guaranteed Student Loan Corporation: 1-800-845-6267
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Nelnet:
Nelnet representatives are available to assist SACU members with questions about existing loans at 888-486-4722. Here is online information about your existing loans and an option to manage your account.
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