Juggling student loans, credit cards, and other debts and daily expenses can sometimes feel overwhelming. But it doesn’t have to be. Working with the education community since 1975, Educators Financial Group has a trusted history of providing financial solutions to help teachers and educational workers lighten their debt load.
Consolidating your high-interest debts into one low-rate line of credit through Educators Financial Group has the potential to save you thousands of dollars in interest!
Take a look at the chart below to see the potential savings difference for yourself:
| Strategy | Credit Card | Loan | Average LOC | LOC through Educators |
| Interest Charged | 19% | 8% | 8% | 4% |
| Balance | $10,000 | $25,000 | $15,000 | $50,000 |
| Payoff Date | 4 years | 5 years | 3 years | 5 years |
| Monthly Payment | $299† | $506.91 | $470.05 | $920.83†† |
| Combined monthly payment: $1,275.96 | Save: $355.13/mo. | |||
The above illustration assumes these variables remain constant over the term period.
Click below to learn more about the types of lines of credit we offer:
With no fees to set up, and a maximum borrowing amount of $50,000, the unsecured option is perfect for those looking to consolidate multiple high-interest credit cards/loans into one low-interest option. Monthly payment is based on 3% of outstanding balance, or pre-set payment plan over a 5-year term. While a little higher than the secured rate, the unsecured rate still equals big savings when compared to department store and most big bank credit cards and lines of credit. As of today our Unsecured Line of Credit rate is 4%.
This option provides you with the benefit of the highest credit limit available to you; based on the security of equity in your home (up to 80% of its value), interest-only payments monthly, and a lower interest rate than you would get from the unsecured line. As of today, our Secured Line of Credit rate is 3%.
Please note that there are one-time costs/fees associated to setting up a Secured Line of Credit (approximately $800-$1,000).
Consolidate high-interest loans, save money and pay debt off sooner. Sound good?
Connect with one of our lending specialists to get the ball rolling!
†Monthly payment is 3% of balance. ††Monthly payments will be a fixed blended payment of principal and interest equivalent to a 5 year amortization for unsecured line of credits and10 years for secured line of credits. Lines of credit are facilitated through Teachers Credit Union, upon approved credit. Other conditions may apply. The annual percentage rate (APR) on the example above is based on a $50,000 unsecured line of credit with blended monthly payments and a 5 year amortization and assumes no fees apply. Legal, registration and appraisal fees would increase the APR. The interest rate is variable and based on the rate of prime as determined by Teachers Credit Union (as of December 8, 2011 – 3.50%) plus .50% for unsecured lines of credit and -.50% for secured lines of credit. Interest is calculated daily on the outstanding principal balance and payments will apply firstly to interest and secondly to principal. Interest rates are subject to change without notice. Notification of interest rate changes shall be provided in regular statements issued by Teachers Credit Union. Offer may be changed, withdrawn or extended at any time without notice. Speak to an Educators Financial Group lending specialist for full details.
