Emergency Relief for Members Impacted by COVID-19

We Are Here to Help


April 4, 2020

If you’re experiencing a hardship caused by COVID-19, please know your Credit Union is here for you. For more than 85 years, we have supported our Members, in good times and challenging ones. Today is no exception.     

Effective immediately, we’re offering financial relief and protection on consumer loans, credit cards, and mortgage and home equity loans you have with Schools Financial. There will be no negative impact to your credit for using these programs.

Additionally, we’re also waiving early withdrawal penalties on withdrawals you make from a share certificate before the maturity date. You may also qualify to waive overdraft and late fees.
Please scroll down for details on these programs.


Consumer Loans and Credit Cards

  Consumer Loans Credit Cards
Offered For Auto, Personal and Other Loans All Credit Cards
Details
  • If you are impacted by COVID-19, you may choose to skip or defer payments up to two months within online banking.
  • During this time interest will continue to accrue.
  • You won't be charged late fees and there won't be a negative impact on your credit.
  • If you are impacted by COVID-19, you may choose too skip payments for up to two months.
  • During this time interest will continue to accrue.
  • You won't be charged late fees* and there won't be a negative impact on your credit.

*Other fees and charges outlined in the previously disclosed credit card agreement may apply.

How to Request

Log in to Online or Mobile Bankingsend us a message in the Message Center, select COVID-19 Help in the dropdown.

You may also call us at 800.962-0990.

We apologize in advance if there is a delay in taking your call or returning your message. Due to the number of Members we are helping, you may experience a longer than usual wait time. Thank you for your understanding.

Mortgages and Home Equity Loans

  90-Day Real Estate Forbearance 60-Day Foreclosure Moratorium
Offered For Mortgage, Home Equity Loans & Home Equity Lines of Credit Foreclosures will not be initiated or continued through at least May 31, 2020, unless this date is extended.
Details
  • If you are impacted by COVID-19, you can temporarily suspend loan payments for up to 90 days
  • No late fees
  • Negative credit reporting will not occur during the forbearance period
  • Interest will continue to accrue during the forbearance period
  • If you are impacted by COVID-19, your foreclosure process will be suspended for 60 days
  • Suspends evictions for 60 days to accommodate stay-at-home-orders
How to Request

For help with your first mortgage or home equity loans, please call:

916.569.5481

Monday - Friday, 8 a.m. to 6 p.m.
Saturday, 9 a.m. to 1 p.m.

We apologize in advance if there is a delay in taking your call. Due to the number of Members we are helping, you may experience a longer than usual wait time. Thank you for your understanding.

SBA Loans

Schools Financial is not an SBA lender and does not offer business loans.
Below is information on options available to businesses that have been impacted by COVID-19:

U.S. Small Business Administration emergency loans

Gov. Gavin Newsom officially submitted a request to the SBA for the coronavirus situation, unlocking economic injury disaster loans for businesses. After natural disasters, small businesses and private, nonprofit organizations in the areas affected are eligible to apply for loans up to $2 million. These loans help support businesses and the communities they serve by replacing lost revenue. Businesses can use the loans to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. These loans also have long-term repayment schedules, up to 30 years, to keep the payments affordable. Each loan is tailored to a business’ specific needs and financial situation.
Learn more here:
 

https://www.sba.gov/disaster-assistance/coronavirus-covid-19

 

https://www.sba.gov/funding-programs/disaster-assistance  

 

Contact the SBA disaster assistance customer service center directly at 800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.