Student Loans

Sallie Mae Smart Option Student Loan®

The Smart Option Student Loan® by Sallie Mae® is an ideal solution to help bridge that gap between federal loans and the cost of your education expenses.

The Smart Option Student Loan® features and benefits:

  • Competitive interest rates
  • Borrow up to 100% of school certified education costs (minimum $1,000)
  • Multiple in-school repayment options available
  • Borrower benefits available - like rewards and interest rate reductions
  • Rates that reward credit worthy borrowers
  • Applying with a creditworthy co-signer may help you qualify and/or receive a lower rate
  • Fast Online Application. Our easy-to-complete application takes about 20 minutes.
  • 24/7 online account management
  • No prepayment penalties

Applying is quick and easy. Complete the secure online application today.

Federal Financial Aid

Haven’t applied for Federal Financial Aid yet? That’s the first step in the college funding process. Below are steps to follow when applying:

1. Complete the Free Application for Federal Student Aid (FAFSA). This can be obtained by calling
1-800-4FEDAID or online at www.fafsa.ed.gov. Applications are accepted and processed after January 1 of the year in which you plan to attend school.
2. You will receive your Student Aid Report (SAR) 6-8 weeks after filing a FAFSA.
3. If you qualify for financial aid, you will also receive an Award Letter from the school you will be attending.

Home Equity

Put your home’s equity to good use

Consolidate debt, make home improvements, pay for an education, or prepare for the unexpected with a Home Equity option from Postal Credit Union.

A Home Equity Loan makes a great option because:

  • Home equity loans offer potential tax savings with interest paid being tax deductible
  • Home equity loans typically have lower rates than credit cards or other unsecured loans
  • Home equity loans are a great way to access your hard earned equity to fund other life expenses

PCU Home Equity Options

Visa Platinum Home Equity Line of Credit

Tap your equity when you need to, with great rates and flexible terms. Draw funds from your equity line of credit with a simple swipe of a card. And since VISA is accepted at millions of locations, getting what you need when you need it will be a cinch! Check Rates & Apply Today

Home Equity Installment Loan

Pay for education expenses, a wedding or lower your total monthly payments by consolidating high or variable interest rate bills into one affordable payment. Enjoy a fixed rate and term plus consistent monthly payments you can manage. Check Rates & Apply Today

Home Equity Line of Credit (HELOC)

PCU’s Home Equity Line of Credit is a flexible revolving credit line available for you to use when needed. Access funds from your HELOC by contact PCU for a loan advance when you need funds. As you pay down your line of credit balance, you can borrow again up to your credit limit. Minimum loan amounts start at $10,000. Check Rates & Apply Today

Eligible Medical Expenses

HSA funds are payable on demand. There are no restrictions on when or how you may take distributions. However, to fully recognize the tax advantages, funds must be used for qualified medical expenses.

ELIGIBLE MEDICAL EXPENSES FOR 2010

BEGINNING IN 2011, EXCEPT FOR INSULIN, OVER-THE-COUNTER MEDICATION IS NO LONGER AN ELIGIBLE EXPENSE UNLESS IT IS PRESCRIBED BY A PHYSICIAN.
• Abdominal Supports
• Abortion
• Acupuncture
• Air Conditioner*
• Alcoholism Treatment
• Ambulance
• Anesthetist
• Arch Supports
• Artificial Limbs
• Autoette
• Birth Control Pills*
• Blood Tests
• Blood Transfusions
• Braces
• Cardiographs
• Chiropractor
• Christian Science Practitioner
• Contact Lenses
• Contraceptive Devices*
• Convalescent Home*
• Crutches
• Dental Treatment
• Dental X-rays
• Dentures
• Dermatologist
• Diagnostic Fees
• Diathermy
• Drug Addiction Therapy
• Drugs (prescription)
• Elastic Hosiery*
• Eyeglasses
• Fees Paid to Health Institute
   Prescribed by a Doctor
• FICA and FUTA Tax Paid for
  Medical Care Service
• Fluoridation Unit
• Guide Dog
• Gum Treatment
• Gynecologist
• Healing Services
• Hearing Aids and Batteries
• Hospital Bills
• Hydrotherapy
• Insulin Treatment
• Lab Tests
• Lead paint removal
• Legal Fees
• Lodging (away from home for
  outpatient care)
• Metabolism Tests
• Neurologist
• Nursing (including board and meals)
• Obstetrician
• Operating Room Costs
• Ophthalmologist
• Optician
• Optometrist
• Oral Surgery
• Organ Transplant (including
   donor's expenses)
• Orthopedic Shoes
• Orthopedist
• Osteopath
• Oxygen and Oxygen Equipment
• Pediatrician
• Physician
• Physiotherapist
• Podiatrist
• Postnatal Treatments
• Practical Nurse for Medical
  Services
• Prenatal Care
• Prescription Medicines
• Psychiatrist
• Psychoanalyst
• Psychologist
• Psychotherapy
• Radium Therapy
• Registered Nurse
• Special School Costs for the
   Handicapped
• Spinal Fluid Test
• Splints
• Sterilization
• Surgeon
• Telephone or TV Equipment to
   Assist the Hard-of-Hearing
• Therapy Equipment
• Transportation Expenses
  (relative to health care)
• Ultra-Violet Ray Treatment
• Vaccines
• Vasectomy
• Vitamins (if prescribed)
• Wheelchair
• X-rays

ELIGIBLE OVER-THE-COUNTER DRUGS

• Antacids
• Allergy Medications
• Pain Relievers
• Cold Medicine
• Anti-Diarrhea Medicine
• Cough Drops and Throat Lozenges
• Sinus Medications and Nasal
  Sprays
• Nicotine Medications and Nasal
  Sprays
• Pedialyte
• Wart Removal Medication
• Antibiotic Ointments
• Suppositories and Creams for
   Hemorrhoids
• Sleep Aids
• Motion Sickness Pills
• First Aid Creams
• Calamine Lotion

HSA INELIGIBLE MEDICAL EXPENSES

• Toiletries (including toothpaste)
• Acne Treatments
• Lip Balm (including chapstick or
  carmex)
• Cosmetics (including face cream
  and moisturizer)
• Suntan Lotion
• Dietary Supplements
• Fiber Supplements
• Weight Loss Drugs for General
   Well Being
• Herbs
• Vitamins (daily)
• Medicated Shampoos and Soaps

* Conditions apply.
This list is provided with the understanding that PCU is not engaged is rendering tax advice.  Use this list as a quick reference.  If you need additional information, refer to IRS Publication 502 or contact a tax professional.

Certificates of Deposit

Certificates of Deposit
CDs are popular because they deliver insured safety, attractive rates, and terms ranging from 91 days to 5 years. Minimum deposits start at $100. Rates for new CDs are set every week and interest is compounded monthly for all terms.

Health Savings Account Tax Advantages

Learn about the unique tax benefits a HSA creates for accountholders.
TAX ADVANTAGES:
Contributions are 100% tax-deductible
  • Funds grow on a tax-deferred basis and if the funds are used for an eligible medical expense they are tax-free
  • Funds roll over from year to year, and funds used after age 65 can be used tax-free for eligible medical expenses or at a normal tax rate for any other reason
  • Federally qualified Health Savings Accounts are tax-deductible, tax-deferred and tax-free
    • Tax-deductible: Contributions to your HSA can be deducted from your gross income
    • Tax-deferred: HSA funds grow without being subject to taxes until they are used for non-eligible medical expenses
    • Tax-free: The funds in an HSA are completely tax-free when used for eligible medical expenses
Federal vs. State Tax Benefits
Health Savings Accounts are made available through the federal government on a tax-favored basis. To determine if your state also provides tax benefits for Health Savings Accounts, please contact your state tax resource.
Keeping Track:
Accountholders are responsible for keeping records/receipts for all medical expenses when the HSA has been used. To help, we have several tools available through our online banking program. Get access to:
  • Account activity, as far back as 18 months -- and with electronic statements, you can view the past 7 years worth of statements
  • Images of your checks written
  • Records of your debit card transactions.

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