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“A great partner makes all the difference. SchoolsFirst FCU is with us every step of the way.”

- Gwynne and Wayne S. 
Members Since 1957

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Service Credits Personal Loan
Service Credits Personal Loan

 

Participants in California State Teachers’ Retirement System (CalSTRS) or California Public Employees’ Retirement System (CalPERS) may be eligible to purchase service credit that can increase the amount of your monthly retirement benefit. This low-interest loan provides the funds you need to purchase these credits.

“Service credit” is defined as the accumulated years for which you’ve earned creditable compensation and made contributions under the Defined Benefit Program for both systems. It’s a factor in the formulas used to determine your eligibility for retirement benefits—the more service credit you have, the greater your retirement benefits will be.

While it may be beneficial over the long term to purchase additional service credit, it can be expensive to get what you need. This low-interest loan allows Members to purchase CalSTRS or CalPERS service credits to help ensure their comfortable retirement.

Features

  • Loan amounts up to $25,000
  • Terms up to 60 months

How to Apply

Call

Call

800.462.8328

Monday through Friday, 7 a.m. - 7 p.m.
Saturday, 9 a.m. - 3 p.m.

 

Branch

Visit

 

Any SchoolsFirst FCU branch

 

Annual Percentage Rate (APR) Loan Amount Term in Months Estimated Monthly Payment Per $100 Borrowed
5.40% APR

6.40% APR

7.40% APR
Up to $25,000 36 months

48 months

60 months

$3.02 per $100 borrowed

$2.37 per $100 borrowed

$2.00 per $100 borrowed

 

 

Disclosures

Rate reflects a 0.75% discount for payment made by automatic transfer from your SchoolsFirst FCU Savings or Checking account. Rate quoted is effective as of 8/1/17 and is subject to change. All loans subject to approval.

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WHO CAN JOIN?
WHO CAN JOIN?
School Employees

Employees and retirees of eligible primary and secondary schools, colleges and universities.

 

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Family Members

Immediate family members of existing SchoolsFirst FCU Members can join too.

 

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