Fed Star CU offers program to assist furloughed government employees

In line with the credit union philosophy of “people helping people,” FedStar Credit Union is stepping up to assist federal employees who are experiencing a financial hardship due to the government shutdown.

On Jan. 7, FedStar Credit Union board members approved an emergency bridge loan program that allows the credit union to lend much-needed funds to current members affected by the shutdown. The College Station, Texas-based credit union is offering low-interest loans with a deferred payment schedule for up to $6,000 for qualified members employed by the federal government. The programs will continue for as long as the shutdown is in place.

There is no application fee to apply, and the credit union will not run credit on any current member who is a federal employee. Loans will be available up to one month of current income at a rate of 2.00 percent APR. Members can repay the loan through payroll deduction within 12 months of the loan date.

Additionally, the credit union has waived fees on loan payment deferrals on existing loans. Eligible federal employees may have access to additional loans if the shutdown continues.

FedStar's core membership includes the USDA, Social Security Administration, and Federal Prison System employees.

"We exist to serve our members with low interest rates on loans and higher dividends on deposits,” said FedStar Credit Union President/CEO Mary Beth Borroni. “As a not-for-profit financial institution, we keep our fee structures low and most services that we provide have no service charge or fees. We are here to help our current members who are federal workers impacted by the shutdown."

FedStar Credit Union welcomes anyone in our community who lives, works, goes to school or worships in the Bryan-College Station area. For more information, please visit fedstarcu.com.