Teacher Loans: Get Help for Helping Your Classroom

western bank

Some banks or credit unions make low-interest loans, either to teachers for personal use (including mortgages and computers) or to schools for professional use (such as classroom supply loans). Many offer 0% APR loans to purchase classroom supplies. Others will allow teachers to skip payments over the summer, or deduct a set amount from paychecks over the year to be disbursed over the summer months.

We’ve compiled a list of credit unions that offer teacher and/or school loans. Because eligibility is often determined by location, please select your state below:

California | Florida | Georgia | Idaho | Michigan | Ohio | Texas | Tennessee | Virginia | Washington

If you know of any other educator loans, please let us know.

California

Schools Financial Credit Union

Website: https://www.schools.org

Eligibility: Membership is open to:

  • Anyone who lives, works, worships or goes to school in Sacramento, El Dorado, Placer, Sutter, Yuba, Butte, Nevada, San Joaquin, Solano and Yolo counties
  • Anyone who is a relative of a current Schools member
  • Employees of California schools, both public and private. This includes anyone certified or classified, part- or full-time, or retired.
  • Students and alumni association members of any California institute of higher education, including two- and four-year colleges and vocational schools
  • Members of the California Teachers Association
  • Employees of the California School Boards Association
  • Elected members of the California public school district boards of education

Loans offered:

Loan Description Term APR Loan Limit
Administrator Credential Loan Low-interest loan for those seeking administrator credentials 48 months 5.9% $6,000
Classroom Supplies Loan Unsecured loan to help teachers stock classrooms 10 months 0% $500
Educator Computer Loan For current and retired educators to buy personal computers 36 months 6.9% $5,000
Teacher Certification Loan Finances accreditation by NBPTS 24 months 5.9% $2,500
Teacher Relocation Loan Defrays moving costs for teachers relocating to a school within School’s field of membership 36 months 8.9% $5,000

Back to top

California Credit Union

Website: https://www.californiacu.org

Eligibility: Membership is open to:

  • Anyone who attends school in California
  • All California public and private school employees, current or retired
  • Parents of students in a California school
  • Family members of CCU members
  • Parent Teacher Association and Parent Teacher Student Association members
  • Public television contributors
  • Alumni association members
  • American Scouting members

Loans offered:

Loan Description Term APR Loan Limit
0% Classroom Supply Loan For classroom supplies 10 months 0% $1,000
Low-Rate Computer Loan Purchase computers, printers, etc. 24 months 5.9% $2,500
Teacher Credential Loan Borrow to fund an eligible school district credential program Unspecified 5.9% $10,000
Relocation Loan Use to defray moving costs 36 months 5.9% $5,000

Back to top

SchoolsFirst Federal Credit Union 

Website: http://www.schoolsfirstfcu.org

Eligibility: Membership is open to anyone who:

  • Is an employee of a public or private K-12 school in SchoolsFirst’s service area
  • Is an employee of county superintendent of schools
  • Is an employee of a community college, authorized college or education foundation in the service area
  • Members of the boards of trustees of eligible schools
  • Retired educators from eligible schools
  • Immediate family members of existing SchoolsFirst members
  • Service area: Imperial, Kern, Los Angeles, Orange, Riverside, San Bernadino, San Diego, San Luis Obispo, Santa Barbara and Ventura counties

Loans offered:

Loan Description Term APR Loan Limit
0% Classroom Supplies Loan Purchase classroom supplies, minimum $50 monthly payment 10 months 0% $1,000
0% Uniform Loan Purchase clothing and shoes to maintain a professional appearance 10 months 0% $500
Paycheck Assistance Loan Bridge loan to overcome pay cuts, unpaid time off, etc. 12 months 5.9% $2,000
Special Curriculum Loan For school employees enrolled in career advancement programs 60 months 5.9% $15,000

Special programs for school employees affected by budget cuts:

Loan Description Term APR Loan Limit
COBRA Health Insurance Loan Pay health insurance premiums in a period of unemployment 24 months 0% $2,500
Payroll Reduction Loan For employees affected by furloughs, pay reductions, etc. 24 months 3.9% $10,000

Back to top

Premier Community Credit Union

Website: http://www.premierccu.org

Eligibility: Membership is open to anyone who:

  • Anyone who lives or works in San Joaquin County
  • Employees, retirees and board officials of public and private San Joaquin County schools
  • Employees and retirees of JR Simplot
  • Members, employees and retirees of any active education associations in San Joaquin
  • Higher education students in San Joaquin
  • Anyone related by blood, adoption or marriage to a Premier member

Discounts offered:

  • Education Credential Loan: 2.5% APR discount
  • Teacher Relocation Loan: 1% APR discount

Back to top

Foothill Federal Credit Union

Website: www.foothillcu.org

Eligibility: Membership is open to anyone who is an employee of a San Gabriel Valley business or member of an association listed here individuals within field of membership, and anyone related to Foothill members.

Loans offered:

Loan Description Term APR Loan Limit
Pre-Approved Auto Loan Finance or refinance auto loan; available to new teachers employed for 1 year or less. Open to new teachers who meet minimum FICO score requirement. 72 months ? $25,000
Classroom Supply Loan Interest-free loan for school supplies 10 months 0% $500
Welcome to the District Loan For new teachers relocating into field of membership 48 months ? $5,000
Career Advancement Loan For educators and school employees to pay for education 48 months ? $7,500

Back to top

First Financial Credit Union

Website: http://www.ffcu.org

Eligibility: Membership is open to anyone who is a member or employee of:

  • The Association of California School Administrators (ACSA)
  • The California College Association (CCA)
  • The California Retired Teachers Association (CRTA)
  • The California School Employees Association (CSEA)
  • The California Teachers Association (CTA)
  • United Teachers Los Angeles (UTLA)

as well as employees of the groups listed here, and immediate family members of First Financial members.

Loans offered:

Loan Description Term APR Loan Limit
New Teacher Loan Helps new teachers cover living expenses as they get started. Unknown Unknown $2,500

Back to top

Grossmont Schools Credit Union

Website: http://www.gsfcu.org

Eligibility: membership is open to anyone who:

  • Is an employee of all who work in the East County educational community within the boundaries of the Grossmont Union High School District
  • This includes both public and private institutions
  • Is a spouse, child, or other immediate family member of anyone who is eligible

Loans offered:

Loan Description Term APR Loan Limit
Teacher Classroom Loan Helps teachers purchase classroom supplies not covered by the school’s budget 10 months 0% $500

Back to top

Florida

Suncoast Schools Federal Credit Union

Website: http://www.suncoastfcu.org

Eligibility: Membership is restricted to those who live or work, or work for companies headquartered in, the following counties: Charlotte, Citrus, Collier, Desoto, Glades, Hardee, Hendry, Hernando, Hillsborough, Lee, Levy, Manatee, Pasco, Pinellas, and Sumter. To see eligibility by county, click here. For the most part, educators and school employees are eligible, but membership requirements can be more lenient depending on the county.

Loans offered:

Summer Skip Loan: members need not make loan payments during July and August, but interest continues to accrue during the summer and payments are approximately 20% higher.
Back to top

Georgia

Delta Community Credit Union

Website: http://www.deltacommunitycu.com

Eligibility: Membership is open to anyone who:

  • Is a resident of Cherokee, Clayton, Cobb, Coweta, DeKalb, Fayette, Forsyth, Fulton, Gwinnett, Hall or Henry County
  • Is a current or former employee of one of a number of listed associations, or a member of listed associations. For full details, click here.

Loans offered:

Loan Description Term APR Loan Limit
New Teacher Bridge Loan Assists new or recently relocated teachers 60 months Unknown One month’s salary

Back to top

Idaho

Capital Educators Credit Union

Website: http://www.capedfcu.org

Eligibility: Membership is open to anyone who:

  • Is an employee, former employee or volunteer with any facet of the Idaho education industry
  • Is an immediate family member or household member of someone who meets the above criteria
  • Is an immediate family member or household member of a current member
  • Makes a donation ($1 for students, $5 otherwise) to the Idaho CapEd Foundation
  • For a full list, click here.

Loans offered:

Loan Description Term APR Loan Limit
First Year Educator in the District Loan Assists with costs of living before the first paycheck 12 or 24 months 2.50% or 2.75% $2,000
Professional Development Loan Assists with costs of pursuing higher education and certifications 12 – 60 months 2.50% – 5.00% $5,000
Classroom Supply Loan Assists with classroom expenses not covered by the district 10 months 2.50% $750

Back to top

Michigan

Michigan Schools & Government Credit Union

Website: http://www.msgcu.org

Eligibility: Membership is open to anyone who:

  • Employees, students, former students, alumni, and retirees of educational institutions in the Michigan counties of Genesee, Lapeer, Livingston, Macomb, Oakland, St. Clair, Washtenaw, and Wayne. This includes anyone that went to school in any of these counties or is related to someone that does/did.
  • Elected officials, appointed officials, employees, and retirees of any department or agency of the federal government of any state, county, or local government or political subdivision thereof located within the Michigan counties of Genesee, Lapeer, Livingston, Macomb, Oakland, St. Clair, Washtenaw, and Wayne.
  • Employees or members of employer groups or other organized groups or businesses which are located within 25 miles of any Credit Union office.
  • Any person over age 55 who receives a retirement annuity, pension, social security, or similar retirement payment from private or government sources, and lives in, or belongs to a retirement organization located in Genesee, Lapeer, Livingston, Macomb, Oakland, St. Clair, Washtenaw, or Wayne Counties.
  • A spouse of a deceased member if accepted into membership prior to remarriage.
  • Members of MSGCU who attained membership through other eligibility requirements in place prior to 8/1/2006 will retain their membership.
  • Relatives by blood or marriage of any of the above. Relatives are eligible to join even if above individuals are not members.

Loans offered:

Loan Description Term APR Loan Limit
Classroom
Loan
Purchase classroom supplies 10 months 0% $500

Back to top

Ohio

Directions Credit Union

Website: http://www.directionscu.org

Eligibility: Membership is open to anyone who:

  • Lives, works, worships, attends school, or volunteers in the following Counties: Wood, Fulton, Lucas, Ashland, Huron, Knox, Richland, Wayne, and Tuscarawas Counties

Loans offered:

Loan Description Term APR Loan Limit
Classroom Cash Line of Credit Gives teachers cash to get their classrooms ready for the year. ? 0% ?

Back to top

Texas

Credit Union of Texas

Website: http://www.cuoftexas.org/schoolzone.html

Eligibility: Membership is open to anyone who:

  • Lives and works in Dallas, Collin, or Rockwall Counties; and the Lewisville, Red Oak, and Midlothian school districts
  • Is a student attending an institution of higher learning in Dallas, Collin, and Rockwall Counties (includes trade schools, junior college, and four-year colleges)
  • Is a member of a school-related associations and organizations created to serve or assist public or private schools.
  • Works or is a member of a qualifying company or organization
  • Organizations whose members are within CUofTX’s field-of-membership.
  • Is a family member of anyone eligible to join
  • Is an employee of CUofTX

Loans offered:

Loan Description Term APR Loan Limit
First-Year Teacher Loan To defray cost of moving until first paycheck (offered in August and September only) 12 months 0% $2,500
Alternative Teacher Certification Loan To help with certification costs 60 months 1% discount $5,000
Classroom Supply Loan To help school employees furnish classroom 12 months ? $750
Teacher Retirement Buy-Back Loan Buy back existing loans 60 months 1% discount $20,000
Home Possible Neighborhood Solution Teacher Program Purchase or refinance a mortgage with reduced insurance requirements N/A N/A N/A

Back to top

A+ Federal Credit Union

Website: http://www.aplusfcu.org

Eligibility: membership is open to all Texas residents, age 18 or older.

Loans offered:

Loan Description Term APR Loan Limit
Klassroom Kash To fund out-of-pocket classroom expenses ? 0% $500
Teacher Home Buyers Program Discounted rates on mortgages, including a 0.5% origination fee discount N/A 0.25% discount N/A
Bridge Loan For newly hired school district employees paid once a month to defray initial expenses ? ? 75% of monthly income

Back to top

Firstmark Credit Union

Website: http://www.firstmarkcu.org

Eligibility: Membership is open to anyone who:

  • Lives, works, worships, or attends school in, and businesses located in Bexar County, Texas.
  • Is an employee or student of the public school districts, colleges or universities in the following 13 counties: Atascosa, Bandera, Bexar, Comal, Dimmit, Frio, Guadalupe, Kendall, La Salle, McMullen, Medina, Wilson, and Zavala.
  • Is a relative of those listed above

Loans offered:

Loan Description Term APR Loan Limit
0% Classroom Supply Loan Purchase classroom supplies, automatic payments required 10 months 0% $500
Pre-graduation Student Loan Assistance for student teachers 48 months ? $3500
Alternative Teacher Certification Loan Helps cover costs of alternative certification programs 60 months ? $5000
Post-Graduation Bridge Loan Assistance for graduating teachers yet to start their first teaching assignment 36 months ? $3500
Teacher Retirement Buy-Back Loan For teachers taking a leave of absence ,moving to a district without a retirement plan, or who have had a lapse in contributing to their retirement. 60 months ? $25,000

Back to top

Gulf Coast Educators Credit Union

Website: http://www.gcefcu.org

Eligibility: membership is open to anyone who:

  • Works regularly in the Educational Industry in the counties of Harris, Galveston, or Brazoria, Texas, meaning they work for:
    • an elementary school, secondary school, or post-secondary school;
    • a county superintendent of schools office;
    • an authorized education foundation; or
    • a school board, either as employees or trustees
    • Click here for a list of eligible school districts
  • Is a member of record of this credit union as of July 20,. 2006, the effective date of its conversion to a TIP charter
  • Is an employee of this credit union;
  • Is retired as a pensioner or annuitant from the above employment;
  • Is a spouse of a person who died while within the field of membership of this credit union;
  • Is an immediate family member of an eligible person

Loans offered:

Loan Description Term APR Loan Limit
Relocation Loan Aimed at new district employees with relocation expenses 36 months 3.90% $5,000
Classroom Supplies Loan Helps cover out-of-pocket expenses for classroom supplies 24 months 3.90% $1,000
Computer Loan Helps educators keep up with new technologies 24 months 3.90% $2,500
Professional Development Loan Helps educators pursue higher education for career advancement 60 months 3.90% $10,000

Back to top
Back to top

Tennessee

The Tennessee Credit Union

Website: http://www.ttcu.org

Eligibility: Membership is open to:

  • Employees and students of school districts and other public or private educational institutions in Tulsa, Creek, Osage, Adair, Cherokee, Craig, Delaware, Mayes, Nowata, Okmulgee, Ottawa, Rogers, Wagoner and Washington Counties
  • Employees and students of all public and private institutions of higher or continuing education in these counties.
  • Members of professional educators associations or governing boards of affiliated education institutions in the listed counties.
  • Immediate family of, or are living in a household with anyone who is eligible for membership under the primary eligibility conditions.
  • Retired educators who receive income from any educators’ retirement plan or system and reside in the 14 counties TTCU serves.

Loans  and other programs offered:

Summer Paydays: program allows you to deduct part of your paycheck into a savings account that will be paid out during the summer months

Loan Description Term APR Loan Limit
Teacher’s Loan Offered to teachers during the summer to cover classroom supplies or living expenses 12 months 7.9% ?

Back to top

Sevier County Schools Credit Union

Website: http://www.scscreditunion.org

Eligibility: Membership is open to:

  • Employees and retirees of the Sevier County Board of Education
  • Employees of the credit union
  • Members of the immediate families of credit union members (residing in the member’s household of member at the time of enrollment)
  • Organizations of the Sevier County Board of Education
  • Widows or widowers of credit union members who petition for membership within 6 months of the death of their spouse.

Loans offered:

Loan Description Term APR Loan Limit
New Teacher Loan Helps new teachers become established. No summer payments required. 10 months 10% $1000
Teacher Education Loan Helps teachers pursue higher education. No summer payments required. 54 months 2.99% ?

Back to top
Back to top

Virginia

Apple Credit Union

Website: http://www.applefcu.org

Eligibility: Membership is open to anyone who:

  • City of Winchester public/private schools faculty and staff
  • Fairfax County public schools faculty, staff, employees and students
  • George Mason University faculty, staff, students and alumni
  • Loudoun County public schools parents, students and employees
  • NVCC faculty, staff, students and alumni
  • Stafford County public schools staff, faculty, parents, students and alumni
  • Manassas City public school employees
  • Falls Church City school employees, parents and students

Loans offered:

Loan Description Term APR Loan Limit
0% New Teacher transition Loan Helps new teachers get started with money for teaching supplies, new wardrobe, etc. ? 0% ?
Educator Development Line of Credit Finances professional development, certification programs, and degree work. 1% APR discount for automatic/electronic transfers. ? 1-year Treasury rate + 0.5-2% $35,000
Summer Pay Account Deduct pre-set amount from paycheck during the year, to be disbursed over the summer. N/A APY 2% N/A

Back to top

Washington

Cowlitz Credit Union

Website: http://www.cowlitzcu.org

Eligibility: Membership is open to anyone who:

  •  Lives, works, worships, or goes to school in “qualified communities”, described as school districts within the State of Washington as recognized by the Office of the Superintendent of Public Instruction.
  • Lives or works in Cowlitz County
  • Are an employee of PeaceHealth or Teamsters Local #58
  • Has a relative that is eligible to be a member

Loans offered:

Loan Description Term APR Loan Limit
Teacher Loan Helps teachers with classroom expenses 12 months 0% $500

Back to top