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Student Loans 

Paying for College the Smart Way


IBEW Local #56 Fedederal Credit Union is proud to announce a new student loan opportunity.   This loan is available to our members attending college, members with children attending college, as well as members family members.


As college tuition costs continue to rise, more students are in need of private student loans to help fund the gap between financial aid and college expenses.  With the Smart Option Student Loan® from Sallie Mae® in partnership with  IBEW Local #56 FCU , you can choose from three in-school repayment options to help you pay off your loan faster and save money compared to the conventional private loan. By offering  interest rates among the lowest in the country, the Smart Option Student Loan enables you to choose to make payments while in school and graduate with less loan debt or defer your payments and enjoy more flexibility while in school.   


·         Interest Repayment Option –Take advantage of a shorter loan term and maximum savings on your total loan cost.

·         Fixed Repayment Option- Pay a small fixed monthly payment while in school to take advantage of a shorter repayment term and save on your total loan cost

·         Deferred Repayment Option- Defer payments until after school, or pay as much as you want while in school, to enjoy maximum flexibility while still paying off faster than the conventional private education loan


Features and benefits of the Smart Option Student Loan® include:

  • Interest rates among the lowest in the nation
  • Borrow up to 100% of school-certified education costs (minimum $1,000)
  • Rewards for on-time payments and automatic payment plans
  • Applying with a creditworthy cosigner may help applicants qualify and receive a lower rate
  • Fast online application 
  • No prepayment penalty
  • No application or disbursement fees

Seeking higher education is an exciting and valuable experience, and we want to help make it happen.  Together we can do this.  Find resources for navigating the college application process, learn more about the Smart Option Student Loan, and apply at

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By clicking on any of the links above, you will be leaving the Credit Union's web site and linking to an alternate web site not operated by the Credit Union.  The IBEW Local #56 FCU is not responsible for the content of the alternate web site and does not represent either the third party or the member if the two enter into a transaction.  Privacy and security policies may differ from those practiced by the Credit Union.





IBEW Local 56 FCU
962 West 20 Street
Erie, PA 16502
Phone:  (814) 455-2270      FAX:  (814) 455-4307
Toll Free:  (800) 723-7800

Routing Number: 243381065
IBEW Local #56 FCU - Once A Member ... Always A Member
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