Career Transition Loans

Help is here for those who need it!

If you are looking to make a change in careers because of possible job displacement, Communications Family Credit Union is offering a new program that may be able to ease the financial burden - the Career Transition Program.

As one of Michigan's leading credit unions, we're glad we can reach out this way to help many people who feel they must change careers. Here's how the program works:

Purpose
Provide affordable educational assistance for Communications Family Credit Union members, who may require new or advanced training in a vocation or trade due to their unique situation in the job market.

Eligible Schools
Qualified vocational or trade school, or accredited college

Assistance Eligibility

• Member or joint member of Communications Family Credit Union for a minimum of 12 months
• At least 2 years of prior full-time work experience
• At least 21 years of age
• Must maintain membership at Communications Family Credit Union in "good standing"
• Approval subject to credit guidelines
• Involuntary displacement has occurred within the last 12 months through no fault of the applicant.

Program Guidelines

• Maximum assistance per member of $10,000
• All assistance disbursements must be made within 24 months from the date of the first disbursement
• First disbursement requires a class schedule and tuition bill from eligible school. Check will be made payable to the school and the member
• Future disbursements will require a class schedule and tuition bill, from eligible school, along with proof of successful completion of previous courses

Loan Type

• No payments or interest for the first 24 months
• Then a fixed-rate loan for a maximum repayment term of 10 years
• Interest rate will be set at .50% below the standard Stafford student loan rate in effect at the time the loan begins its repayment period. Contact Communications Family Credit Union for the current rate.

To support the Career Transition Program, the Michigan Department of Labor & Economic Growth will provide a total of $1.5 million to reimburse students for the cost of books. Each program participant may be reimbursed up to $500.00 maximum per semester. To find out more about book reimbursement, contact your local Michigan Works! Service Center at 800-285-WORKS.

For more information, or to apply for the Career Transition Program, please call Communications Family Credit Union's Call Center at 989-249-8201 or 800-227-2328. You can also visit www.ctpforcumembers.com for information on the Career Transition Program.