Member Opinions on our Website

 Dear Members,

We are planning to revamp our website to make it a more helpful and useful tool for all members. 

 

As part of our preparation, we are seeking the honest input of members who have accessed our website at any time during the COVID-19 pandemic. We want to know how you think our website user experience could be improved.

 

We are looking for member help in two ways.

 

Firstly, please email us with any ideas you might have to improve the site, including  what you would add, amend or delete, with a short explanation behind your suggested change.

 

Secondly, we are inviting members who would be willing to be interviewed to speak with an independent third party confidentially. This will be a more in-depth conversation regarding their user experience with our website.

 

So, if you have been a recent user of our website, please take a minute to let us know how you would like to see it improved.

 

If you are available to participate in a short interview or focus group to help us identify ways to give UCU members the best website experience possible, kindly let us know.

 

Please send all replies or questions you may have to website@ukrainiancu.com on or before Wednesday, September 22^tnd 2021.

 

Your anticipated help is much appreciated!

 

Best regards,

Ukrainian Credit Union Limited

UCU Student Lines of Credit

 

University is expensive and the cost of post-secondary education keeps going up - increasing exponentially year after year. Students not only have to worry about paying for tuition – they also have to budget for textbooks, transportation, and in many cases, housing and food. And the cost is even higher for students working towards their graduate or professional degrees.

UCU Student Lines of Credit  

UCU Student Line of Credit is a flexible, low-cost option to help you pay for expenses related to post-secondary education. You can borrow just the amount your need, when you need it, making interest-only monthly payments up to one year after leaving school.

How do Student Lines of Credit Work?

Qualifying UCU Student Members will be given access to a preset amount of money - with the option to borrow as little as needed, or up to the full amount of the Line of Credit.  While enrolled in school, the student will make interest-only monthly payments. Repayment of the principal borrowed will start one year after leaving school.

For Example

If your Student Line of Credit is $10,000 and you only borrow $4000 to pay for expenses - you will be left with $6000 in remaining credit to use if needed.

While enrolled in school, you will make interest-only monthly payments calculated on the $4000 borrowed – not on the total $10,000 Student Line of Credit.

One year after you leave school your total monthly payments will be calculated on the $4000 borrowed plus interest. 

How Much Can You Borrow

Once you are approved for a Student Line of Credit your limit is determined by your program of study. Undergraduate students can borrow as much as $40,000 while students enrolled in medical or dental school can borrow upwards of $275,000.

The maximum credit limit will be made available in equal installments for each year of study. For example, a $40,000 credit line for an undergraduate degree will be made available in $10,000 increments in each of the 4 years of study.

A full list of UCU Student Credit Line limits can be found here.

Competitive Interest Rates Based on your Program

The interest rate for medical and dental school students - UCU Prime Rate  

The interest rate for all other professional and graduate programs - UCU Prime Rate + 1%

The interest rate for undergraduate programs – UCU Prime Rate + 2%

Line of Credit Repayment Grace Period

UCU offers a 12 month grace period on the repayment of the amount borrowed – the grace period is 6 months if the student withdrawals from a program of study early. While you are enrolled in school, you will make interest-only monthly payments.

Manageable Repayment Schedule

After the 12-month grace period, you will start making monthly payments of the principal money borrowed plus interest. UCU offers the option of keeping the original Line of Credit agreement or converting the amount owed into a blended payment personal loan. A UCU loan expert with help you determine which repayment option is best for you.

How to apply for a Student Line of Credit

If you are a UCU Member and enrolled in a post-secondary institution, you can apply for a UCU Student Line of Credit. You will need to provide proof of enrollment and a statement of tuition and residence fees. In some cases, you might need someone to co-sign your agreement – this person consents to make your monthly payments in case you are unable.  The co-signer – who is usually a parent – must provide proof of employment.

Talk to a UCU Loan Expert

Book an appointment at your local UCU Branch to talk with one of our loan experts. Come in with your co-signer and bringing all necessary documents with you to your meeting. Our loan experts will work with you to come up with a Line of Credit agreement that will help you pay for your post-secondary education expenses.

More information about UCU Student Lines of Credit can be found on our website.

 

UCU Credit Cards – Helping Students Build Good Credit

Congratulations! You turned 18 - and you are about to start your new journey as a university or college student. Your area of study will set the stage for your career - and the financial choices you make during school will lay the foundation for your financial future. Make the right choices early on and enjoy the many benefits for years to come.

Building a good credit history is one of the most important things you can you for yourself and your financial future. A good credit score can help you get approved for a mortgage, car loan and credit cards – it will also help you when applying for certain jobs, a new apartment, car insurance, utilities and even cell phone plans.

The sooner you start building your credit, the more time you have to build a great credit score.

Here are some tips to get you started.

Learn How Credit Scores are Calculated

Your credit history can reveal a lot about you to a potential financial lender, landlord or employer. A good credit score will help you get a loan with better interest rates and a bad credit score can hinder your chances of being approved for a loan.

Here is how your credit score is calculated.

Payment History - 35%. Your payment history is just like it sounds – it’s your history of repaying your debts. This includes the number of times you made on-time monthly payments - and it also lists your late or missed payments.

Takeaway – strive to make your payments in full each month or at least make the minimum payment and avoid late or missed payments.

Used Credit vs. Available Credit - 30%. This is the amount you owe compared to the credit you have available. Also known as the credit utilization ratio – it is the amount you are currently borrowing divided by your credit limit. As your credit utilization increases, your credit score can go down. Lenders view high credit utilization as a risk for defaulting on a loan because a significant portion of your monthly income is going towards paying your debts.

Takeaway – keep your credit utilization below 30% to prevent your credit score from going down. For example – if your credit limit is $1000 then your monthly purchases should be typically below $300.

Credit History - 15%. This is how long you have credit – including how long your oldest and most recent accounts have been open.

Takeaway – a long credit history signals to creditors that you can responsibly handle your credit accounts over time.

Public Records - 10%. This is a list of bankruptcies or collection issues related to you not paying your monthly balances.

Takeaway – Strive to have this section empty as any recorded issue may have a significant negative impact on your credit score.

Inquiries - 10%. Anytime your credit file is accessed for any reason, the request for information is logged on your file as an inquiry. Too many inquiries for your credit information can lower your overall credit score. 

Takeaway – Limit the number of times you apply for a credit card or other credit.

Get a Credit Card

If you are enrolled in a post-secondary institution and have a source of income then getting a credit card is a great place to start if you want to build good credit.

UCU Credit Cards offers students a Mastercard with a relatively low credit limit - making it easier for you not to overspend. A lower credit limit will also make your monthly payments manageable.

The UCU Collabria Cash Back Mastercard offers cash back for certain purchases making it an attractive first credit card for students.

More information about UCU Credit Cards can be found on our website.

Use Your Credit Card Responsibly

The key to building good credit with a credit card is to use your card wisely. Avoid spending near the upper credit limit on your card to keep your credit utilization ratio low. And try to use your card for purchases you can pay for right away – this will reduce the chance of you getting into debt.

Pay off Your Balance Every Month

If you can, pay off the entire balance of your monthly statement – this will help you maintain a solid payment history. Pay at least the minimum amount each month on time to avoid late or missed payments that will negatively impact your credit rating.

Make Regular Payment on Your Other Loans

Make regular payments on a student line of credit or student loan. The repayments of these loans show up on your credit report history and contribute to your overall credit rating. A late or missed payment can result in a lower credit rating,

Don’t Apply for Too Many Credit Cards at Once

Applying for several credit cards at once can lower your credit score since new credit inquiries make up 10% of your score.  

Check Your Credit Score

Monitor your credit score to check for any errors that could damage your credit rating. There are two main credit bureaus in Canada: Equifax and Transunion. Contact one to request your credit report.

For more information visit your local UCU Branch and speak with one of our loan experts.