Student Loans

Information subject to change to conform with Federal regulations.

Thank you for your interest in the Independence Federal Savings Bank Student Loan Program.

As a result of legislative changes and current market conditions, effective December 31, 2008, Independence Federal Savings Bank will no longer accept applications for new federal student loans, including Federal Stafford (subsidized and unsubsidized), PLUS, and Grad PLUS Loans, under the Federal Family Education Loan Program (FFELP).

 If you would like to apply for a loan, please contact your college or university's financial aid office.

If you have applied for or accepted a federal student loan through Independence Federal Savings Bank, please be assured that we will fund all disbursements for loans guaranteed before December 31, 2008, as scheduled for the 2008-09 academic year. If you wish to apply for a new loan, please contact your college financial aid office.

The loan servicer for Independence Federal Savings Bank loans include the Student Loan Marketing Association (Sallie Mae) and Great Lakes Educational Loan Services. A servicer is a company that has a contract with a lender to administer its loan portfolio. Any questions you may have about your existing Independence Federal Savings Bank loan can be answered by our servicing partners. Their contact information follows:

• Student Loan Marketing Association (Sallie Mae)
  --->1-800-2Sallie (888-272-5543)
  www.salliemae.com
  
  
• Great Lakes Educational Loan Services, Inc.
  --->800-236-4300
  www.mygreatlakes.org

In September 2009 we established a partnership program with Sallie Mae for The Sallie Mae Smart Option Student Loan. This exciting new private educational funding source is described in the box below.