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  • The school-based branch program is set up so students can open their own accounts without a parent or guardian's signature. 

    The goal is that students, when instructed as to the proper way to operate an account, will do so within the parameters of such accounts.

    The program is as follows:

    •  FRESHMAN…can open their own savings account.
    • SOPHOMORES…can open their own checking account (and after a conversation with a SCFCU staff member and successfully completing the debit card quiz, they will get their own debit card).
    • JUNIORS…can apply for (and receive) a credit builder loan.
      • Credit Builder Loan – is a $500.00 loan where the credit union holds onto the money and the student pays approximately $87.00 a month for 6 months.  After six months, the student is given the money. At that point, we would suggest to them that process over again with another credit builder loan.*

     *NOTE – when the student turns 18 years old, we can then report their activity to the credit bureaus, and they will start out with at least a decent credit score instead of NO CREDIT SCORE.

    • SENIORS…can apply for a line of credit that is attached to their checking account (SCFCU would instruct them as to the best way to operate this particular service). 
      • Seniors could also apply for a regular loan (of course, they would need to meet the criteria necessary to qualify, such as having a job, etc.)

    Students will need 2 forms of ID (student ID or driver’s license AND social security card or birth certificate). They would also need to show the credit union a copy of their most recent report card to use for proof of address and grade level.

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