Educator Loans

Relocation Loan

This loan would greatly benefit new school district employees as they begin their careers. We created this loan to help make housing and relocation expenses more affordable. This low interest loan can be used for expenses such as moving costs, first month’s rent or security deposit, or in any other way you need to comfortably settle into a new home. New teachers will find it a great relief to get a loan for $5,000 with three years to pay it off. The Teacher Relocation Loan gives new teachers who are just starting out a great way to get settled in to their new careers.

APR RATE RANGE: 1.99% – 9.99%*
TERM: 36 months
AMOUNT: up to $5,000

Members are required to have Direct Deposit and set up automatic payment or scheduled transfer (Online Banking).
TERMS AND CONDITIONS: *APR = Annual Percentage Rate. Certain credit qualifications may apply. Member must present valid work contract at time of loan origination. Work contract must be dated within 6-months of loan origination. Only one relocation loan may be originated at a time. No loan discounts. Payment Example: 12 monthly payments of $87.87 per $1,000 borrowed at 9.99%.

Professional Development Loan

This is a five-year loan up to $10,000. We understand that pursuing an advanced degree or professional certificate is an expensive endeavor for school employees striving to further their educational career. We want to assist in your efforts to reach your educational goals and offer this loan product to help pay for tuition, books and other expenses associated with continued education.

APR RATE RANGE: 1.99% – 9.99%*
TERM: 60 months
AMOUNT: up to $10,000

TERMS AND CONDITIONS: **APR = Annual Percentage Rate. Actual rates may vary based upon credit qualifications and are subject to change without prior notice. Loan only available to current school district employees. Member must present valid work contract, paycheck stub, or other proof of school district employment at time of loan origination. Copy of current tuition expenses must be presented prior to loan. The credit union will refinance original loan on a semester-by-semester basis, based on current tuition expenses, up to $10,000. No loan discounts.  Payment Example: 24 monthly payments of $46.16 per $1,000 borrowed at 9.99%. ** Available to all school district employees, Terms and conditions subject to change without notification.

First Year Teacher Loan

This is a loan to help brand new, first year teachers bridge the gap between accepting a job with a district and their first paycheck.

APR RATE RANGE: 1.99% – 9.99%*
TERM:   up to 6 months for $500
up to 9 months for $1000
up to 12 months for $1500
QUALIFICATIONS: Must be a first year teacher with a new teacher contract and completed direct deposit form.

TERMS AND CONDITIONS: *APR = Annual Percentage Rate. Certain credit qualifications may apply. Member must present valid work contract, paycheck stub, or other proof of school district employment at time of loan origination. Payment Example: 12 monthly payments of $87.87 per $1,000 borrowed at 9.99%.

Teacher Mortgage

If you are a teacher looking to buy a home, you are in luck. With a Gulf Coast Educators FCU Teacher Mortgage, you can finance your new home up to 100%, with no down payment or PMI required. To see if this is the right fit for you, check out all of the qualifications below.

• Must be a current teacher or administrator with at least two years of teaching experience in a public school district
• 680 or higher credit score
• 45% Debt-to Income limit
• $300K maximum loan amount
• $0 down payment required
• Member can use seller credit to cover closing costs
• No Private Mortgage Insurance

For information about our mortgage loans including current rates, contact one of the credit union’s mortgage loan officers:

Jeannette LaRue NMLS# 755123 281-436-5260 jlarue@gcefcu.org

Bob Hedrick NMLS# 198267 281-925-4149 bhedrick@gcefcu.org