Working to Fight Low College Enrollment
with the Student Choice Student Loan Program
Having passed the June 30th deadline to complete the Free Application for Federal Student Aid (FAFSA), late applicants for federal financial aid should be receiving their award letters from colleges and universities and will know whether they will need additional funding through a private student loan program like the Hawaii Central Federal Credit Union (FCU) Student Choice Student Loan Program.
The Student Choice Student Loan Program can help fill funding gaps left after students apply for federal student aid to fund their 4-year undergraduate degree. Before Hawaii Central FCU can help, however, students must have filled out the FAFSA for the year in which they are applying to determine whether there is a gap. Once that process is complete, we are here to help when federal student aid is not enough to make the dream of higher education and lifelong career goals a reality.
The application process is easy; and once approved, the funding renews yearly over the 4-year term through a revolving line of credit for students who continue to meet loan requirements. Loan requirements include meeting academic requirements with their 4-year educational institution.
“Although we are recovering from the pandemic, it had a huge impact on college enrollment, and we want to be a part of the solution,” says Hawaii Central FCU President Drake Tanabe. “Our keiki are our future, and we need to set them up for success.”
According to the 2021-2022 year-end report by P-20, college enrollment remains below pre-pandemic levels. The report states, “Public-school graduates who enrolled in college was down from a pre-pandemic level of 55% to 51%”.
P-20 is a statewide partnership led by the Executive Office on Early Learning, the Hawai`i State Department of Education, and the University of Hawai`i System that works to strengthen the education pipeline from early childhood through postsecondary education and training with data-informed decision making, advocacy, policy coordination and shared action.
College students away from home and their families may want to consider our College Bundle as well. The College Bundle is a host of products and services designed to keep students connected with mom and dad, making it easy for parents to ensure their child is prepared, financially, to meet day-to-day expenses as well as address emergencies as they arise. Video Banking Specialists are available to get families started with the College Bundle, which includes:
- Central Savings
- Central Checking with Debit Card (Apply to see if you qualify)
- VISA Share Secured Credit Card (Apply to see if you qualify)
- Shared Branching (5,000+ locations nationwide)
- NO SURCHARGE FEE – ATM Access (30,000+ATMs nationwide)
- Online & Mobile Banking with Mobile Check Deposit
Those interested in the College Bundle may also come into one of our branches for more information and to get started in person.
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