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tuition loans
Loans for EAT tuition and travel expenses are available through the Permaculture Credit Union. You need to apply separately, directly to PCU. Once they receive your loan application and proof of income, they can turn around in 48 hour—but you should give them a good week at minimum to account for mail time, etc. Sooner IS better.

Two types of loans are available:
  1. Share Secured Loan: Interest rate is a mere 3.75%. For this loan, you, a partner, relative, employer, or someone who really, really likes you deposits the amount of loan in a savings account with PCU. Once you finish repaying the loan, they get their money back. Person depositing the amount doesn't get interest on this savings account—that's partly why the rate is so low.
  2. Signature Loan: You're on your own here, unsecured. Normal interest rate is 10-15.5%, depending on your "credit score." PCU gives a discount of .75 off the interest rate, because it will be used for a permaculture-esque purpose.
Amount of monthly repayment depends on amount borrowed. If under $1000, you have one year to repay. If over $1000, can repay over two years.

Requirements: You need to be a member of PCU to take out a loan. You become a member by opening a savings account (minimum of $50 deposit) and paying a $5 fee. You can become a member at same time as applying for a loan. You need to stay a member for the duration of loan repayment. After you've repaid your loan, you may close your account and receive your $50 back. To apply for the loan, you need their application, and to show proof of ability to repay, such as last two year's tax returns or paycheck stubs.

You can download loan application forms from their web site.

For more information, membership form, and loan application, contact:
Permaculture Credit Union
PO Box 29300
Santa Fe, New Mexico 87592-9300
toll-free phone: 1-866-954-3479
email: perma@pcuonline.org
website: www.pcuonline.org

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