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Learn About Credit Unions
- Historical Timeline of Credit Unions
  As not-for-profit depository institutions, credit unions were created to serve members as credit cooperatives.
- How is a Credit Union Different than a Bank?
  In the United States, credit unions are not-for-profit organizations that exist to serve their members rather than to maximize corporate profits.
- How to Find a Credit Union in Your Area
  Once you select a specific credit union, you can view more details about that credit union, including contact information, branch locations, services offered, and recent financial statements.
- How to Join a Credit Union
  Anybody can join a credit union. Each credit union serves what’s called their “field of membership” – that’s the commonality between the members.
- How to Start a Credit Union
  If your group is eligible, NCUA's staff will assist you with preparing an application for a charter and see that your group receives guidance in getting your federal credit union started.
- Is a Credit Union Right for Me?
  Because credit unions are not-for-profit financial institutions, their focus is serving the financial needs of their members and not making a profit.
- Credit Union and Bank Interest Rate Comparison
  In general, credit unions offer higher savings rates, meaning that your money grows faster, and lower rates on loans, meaning that you will owe less over the lifetime of the loan.
- Learn More About Your Credit Union
  NCUA makes financial information about credit unions available to the public through Financial Performance Reports (FPRs).
- Low Income Credit Unions
  Credit unions provide valuable access to financial services for people underserved and unserved by traditional financial institutions.
- Understanding Differences in Federal vs. Privately Insured Credit Unions
  Federally-chartered credit unions are regulated by the National Credit Union Administration and insured by the National Credit Union Share Insurance Fund, which is backed by the full faith and credit of the United States government.
- What is a Credit Union?
  A federal credit union is a cooperative financial institution chartered by the federal government and owned by individual members.
Protect Your Finances
- Credit Reports and Credit Scores
  It’s a good idea to monitor your credit report on a regular basis to make sure that the information is accurate. You can also verify that no one has stolen your identity to make fraudulent charges.
- Share Insurance Coverage
  Federally insured credit unions offer a safe place for you to save your money, with deposits insured up to $250,000, per individual depositor.
- Online Financial Safety Tips
  When performing transactions on your credit union's website, it's wise to make sure that the website is legitimate and that your deposits are federally insured.
- Prevent Identity Theft
  If you believe that someone has stolen your identity, you should contact any credit union, bank or creditor where you have an account that you think may be the subject of identity theft.
- Frauds and Scams
  NCUA reports on frauds and scams aimed at credit union members. In this section, we provide an overview of recent activity.
- Tips for Young Adults
  Credit unions offer young adults desirable, affordable financial services, as well as the advantage of personal service developed to help them grow their savings. Many credit unions offer services within schools or have student-run branches.
- Pocket Cents
  Learn about the history of money, different currencies used around the world, the power of dividends and how to be smart about preparing for your financial future with Pocket Cents from NCUA.
- Understand Your Privacy Rights
  Federal privacy laws give you the right to stop (opt out of) some sharing of your personal financial information. The law permits your financial companies to share certain information about you without giving you the right to opt out.
Financial Tools and Resources
- College Savings Calculator
  Grants, scholarships and loans will likely be part of how you will pay for college. With tens of billions of dollars of financial aid available every year, some of that aid could be yours. It’s important to know what’s available to you.
- Consumer Loan Calculator
  You can adjust variables, including number of payments, principal, and interest rate, to determine your monthly payment.
- Consumer Resources
  The following links to government websites may be helpful as you investigate the financial tools available to you.
- Mortgage Loan Calculators
  Compare the monthly payments and the amount of equity you will build in your home for several kinds of fixed and adjustable rate mortgages.
- Personal Budgeting Worksheet
  This worksheet will help you understand where you can be flexible each month.
- Savings & Retirement Calculator
  The Social Security Administration’s Retirement Estimator calculator will provide estimates based on your actual Social Security earnings record.
- Share Insurance Estimator
  The Electronic Share Insurance Estimator helps credit union members calculate their coverage under National Credit Union Share Insurance Fund.
Credit Unions and You
- Dealing with Debt
  Bill payer services, or debt consolidation services, can help consumers preserve their credit scores by merging debts and establishing a workable schedule to pay down money owed to creditors through a single monthly payment.
- Buying A Car
  It's important to know how to make a smart deal. Your credit union can discuss car loan options with you.
- Paying off Credit Cards
  Read your statement carefully for information about how long it would take to pay off your account balance if you only pay the minimum payment. It can take years, even decades, to pay it off.
- Home Ownership and Mortgage Options
  Once you are ready to buy a home, consult your credit union about competitive interest rates and to find out about your mortgage options, including the term of the loan and the conditions.
- Mortgage Modifications
  NCUA encourages credit unions to work constructively with residential mortgage borrowers who may be unable to meet their contractual payment obligations.
- Preparing for Retirement
  Between longer life expectancies and fewer employers offering traditional pension plans, it’s a good idea to take an active role in planning for retirement.
- Saving for College
  Whether you are saving for your own education or for your children’s, it’s wise to start planning for college as soon as possible.
- Short Term Loans
  Payday loans (a.k.a. deferred advance loans, cash advance loans, check advance loans, post-dated check loans, or deferred deposit check loans) are loans borrowers promise to repay from their next paycheck or salary deposit.

Pocket Cents

Youth
Have you ever thought about why money is worth anything? It's just paper and ink, or a small piece of stamped metal. To do a lot of things we need to use money. Money can give you choices and independence. Have you ever thought about how you could earn your own money? Or, how much money you should you save? The way you manage your money could determine if are able to buy food, a movie ticket, a pair of jeans, just about everything. Learn about the history of money, why we use it, how to save it, and how to protect it.
Teens and Tweens
You may be thinking about your first checking or savings account, your first job, or even your first car. Soon, you will have the opportunity to pursue your dreams. You could go to college, launch your career, or start a business. No matter what you decide, you will need money to make it happen. It's never too early to learn smart financial habits. Whether saving a portion of a weekly allowance or understanding the deductions on the pay stub from a first job, good money management skills can last a lifetime. In this section, you will not only learn how to prepare financially for life after high school, but also how to avoid scams and common money mistakes.
Young Adults
Are you prepared to make wise and informed financial decisions? Do you know how to recognize predatory credit offers? Can you balance a checkbook? Do you have a savings plan? Smart financial choices you make today could help you can achieve that new car purchase, or sail through an apartment lease or mortgage application. However, money mistakes when you're just starting out can leave you in debt and ruin your credit score. Learn how to live within a budget, handle credit and debt, and build a solid financial foundation for your future.
Parents And Educators
How do you teach kids about money? It may be as simple as talking about your job, taking a trip to the grocery store, or opening a savings account at a credit union to deposit allowance and birthday money. The bottom line is that it’s never too early to start teaching children smart financial habits and the value of money. Educating, motivating, and empowering kids to become regular savers will enable them to keep more of the money they earn. Whether at home or in the classroom, this section will provide you with the tools and resources to teach kids how to grow into financially responsible adults. The reward could mean a life free from the anxieties of debt.
Seniors
Did you know that seniors account for almost 30% of all fraud victims? Whether you are looking for information for yourself or for a loved one, in this section you will learn how to defend against these scams, as well as, find information on reverse mortgages, prepaid funerals, emergency savings, and long-term care. Additionally, you will find articles that will help with money management, post-retirement planning, and maximizing government benefits.
Marriage and Family
You may have a retirement account. But, do you really know how much you should be saving? Do you budget to save, and not just when you have extra money left over in your paycheck? Have you thought about saving for college? Does your family have an emergency fund? Anyone can learn how to save money and invest in their future. In this section, you will learn how to take control of your financial future, including how to defend against fraud and scams, tips on buying a car or home, how to handle credit and debt, and information about credit reports.
Servicemembers
Are you financially ready? Servicemembers and military families face unique financial challenges, whether on active duty, returning to civilian life, or living as a veteran. In recent years, servicemembers have joined the ranks of those who are considered most vulnerable to predatory lenders and identity theft. Most military families today are not saving adequately for retirement, and many do not have an emergency fund. In this section, you will learn how to protect yourself from financial vulnerabilities, as well as, how to budget, save, and handle debt and credit. Additionally, learn about free financial resources, benefits, and special protections offered by the U.S. government for servicemembers and their families.

YOUTH TEENS AND TWEENS YOUNG ADULTS PARENTS AND EDUCATORS SENIORS MARRIAGE AND FAMILY SERVICEMEMBERS

Credit Reports & Credit Scores

Your Credit Report Your Credit Score How to Order a Free Credit Report Credit Report Errors

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UNDERSTANDING STUDENT LOANS
IN REAL TERMS

We have all heard the statistics: Tuition keeps rising, while student debt continues to increase. In fact, the United States now has more total student loan debt than credit card debt. The good news? Borrowers are eager to provide students with loans to make their college aspirations a reality. The bad news? Those same students will graduate with thousands in loan payments. Unfortunately, students often do not recognize the full impact of taking on additional debt. Let’s get nerdy and put an average debt load in terms anyone can understand.

Let’s start with some background on student debt:

Average Student Debt

The Average Credit Card Debt In The US Is: $15,956

Average in 2010: $25,250
Public Schools: $22,420
Private Non-Profit: $30,690

Students Accumulating Debt

2/3 of all students graduate with student loan debt

Public Schools: 62%
Private Non-Profit: 72%

Interest Rates

Federal Loans: 3.4% Stafford Subsidized, 5% Perkins, 6.8% Stafford Unsubsidized
Private Loans: 3.4%, 9.5% Average, 13.5%

Note: Variable Interest Rate Private Loans Can Vary From 3 – 17%

Repayment Costs

So how much will your payment be?

$19,695 Private Loans
$25,250 (in 2010) Mix of Federal/Private Loans Above With Conservative 5.1% Effective Interest Rate
$5,555 Federal Loans

10 Years at 5.1% Interest Rate $282 Monthly $8,559 Total Interest Paid

20 Years at 5.1% Interest Rate $183 Monthly $18,634

How much is $183/month, really?

Lease A Brand New Car Every Three Years

2012
2015
2018
2021

Buy A New iPod Every Month For 20 Years

That’s A Total Of 240 iPods

Buy One iPod And 38K Songs

That’s Roughly 152,640 Minutes

106 Days Of Music.

That’s Right. Non-Stop.

Be Invested In A 401K

And Worth $100,000 After 20 Years

Buy A Tropical Island

Yes, Really. $30,000 will get you a nice spread even Robinson Crusoe would admire.

Skydive Twice A Week For 20 Years

That’s Over 2,000 Jumps

But don’t avoid college just because of debt. The average college graduate with a bachelor’s degree is expected to earn $1.2 million more over the course of their lifetime than those with just a high school diploma.

$1,200,000+

Average Salary

$33,000 Take Home Pay (Approx.)
$51,171 Average Bachelor’s Degree Salary
8.8% Student Loan Payment
30% Taxes (Approx.)

$3,100 of your gross annual salary will be needed to cover $2,200 in loan payments (after taxes)

Student Debt is not all bad, but it’s important to be aware of your future obligations and understand that responsible planning now can save you a lot of money later.

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