Loan Interest for Education™ (LIFE)
You Save Money on PMCU Loans – We Give Money to Your School
The Premier Members Credit Union LIFE program is helping school parent/teacher organizations (i.e. PTA/PTO), the Parent Engagement Network (PEN™), and Impact on Education with the funding they need to provide meaningful educational programs.
The PMCU LIFE program shares loan interest earnings from loans opened at Premier Members CU, with schools just like Box Tops for Education™ and the grocery store programs do. Everyone can save money on their loans while generating monthly funding for their selected recipient.
Here’s how it works:
Online Loan Application (Non-Mortgage)
- Complete and submit your loan application
- Click on “Home” AFTER submitting your application
- Click on “View and Send Messages” under your loan app
- Send message indicating it is “LIFE” loan along with name of recipient school or PEN™
Online Mortgage Application
- Add the word “LIFE” in the Referral Source field during the application
- Please mention “LIFE” and school of choice or PEN to the Mortgage Officer in person during the loan process
In Branch Loan Application
- Visit a PMCU branch
- Mention LIFE to your PMCU Loan Officer during the loan application and select your school of choice or PEN™
That’s LIFE, and it’s that simple!
Here’s how your school/PEN™ benefits:
- $300 per Mortgage Loan (new purchase or refinance)
- 10% of Loan Interest on consumer loans (new purchase or refinance) including Home Equity Line of Credit, 2nd mortgage, auto loan, credit card, personal loan (debt consolidation)
Example of how the funds add up quickly:
- 10 mortgages = $3,000 for your selected recipient*
- 50 Auto Loans = $3,800 for your selected recipient*
For additional information on the LIFE program, please review the FAQ’s. To confirm enrollment in the LIFE program or for additional questions, please call 303.657.7558 or email life@pmcu.org.
Premier: Gives…
…provides our community with funds and volunteers to support initiatives of education, financial literacy, and community basics. Find out more about the Pillars of Being Premier and Premier: Gives today!
Ready to support the LIFE Program?
If you already have a Premier Members account, log in to online banking and select the loan type you wish to apply for:
Login to Apply for a LIFE Loan
If you do not have a Premier Members account, become a Member and then apply for the LIFE loan of your choice:
*LIFE program terms are subject to change at any time without further notification. Primary residence must be in Colorado. Delinquent loans of more than 60 days will be ineligible for payouts. Payouts will resume when loan is current. Elected schools must be accredited and at discretion of PMCU. PMCU gives to schools/PEN™ on a calendar quarterly basis. $300 total payout on 1st mortgages paid over a 6 month period at $50 per month. Restrictions on eligible loans apply please see Loan Officer for details. New loans and refinanced loans from another institution are eligible. Auto loan contribution example based on average auto loan of $17,199, average rate of 4.78% APR. Individual loan rate based on credit score.
LIFE Program FAQs
Q: How does it work?
A: When you finance a new loan and/or refinance any existing loan from another financial institution, with Premier Members Credit Union (PMCU) a portion of the loan interest will be given to the school of your choice, or the Parent Engagement Network (PEN™) each quarter until your loan is paid off. No card reloading hassles, no clipping and saving box tops. You’ll enjoy a low-cost mortgage, 2nd mortgage, HELOC, auto loan, credit card, etc. and your school earns funds. That’s LIFE, and it’s that simple.
Q: What’s the Catch?
A: NONE. There are no extra costs or higher financing rates associated with this program. In addition, there is no limit or cap on how much your school can earn. It is our way to help families and teachers/staff enjoy low-cost financing and to encourage borrowers to support and utilize their local, not-for-profit, eco-friendly financial institution.
Q: How does the school or PEN™ earn money?
A: A portion of the loan interest income from all of your PMCU loans (new or refinanced from another financial institution) that YOU ASSIGN to the school of your choice or PEN™ are eligible. The amount accumulates monthly and is forwarded to your selected school or PEN™ quarterly.
- Your school or PEN™ earns $300 on a mortgage loan.
- Your school or PEN™ earns 10% of the loan interest income on all other qualified consumer loans at PMCU including 2nd mortgages, HELOCs, auto loans, debt consolidation loans, credit card balances, and more
Q: Do I need to become a PMCU Member in order to apply for a loan?
A: Yes, please open a PMCU membership online or in-branch first and then continue with the loan application. A $5 deposit into the Primary Savings Account qualifies the membership.
Q: I want to apply for a LIFE loan in a branch – how does that work?
A: When you apply for any qualified consumer loan in-person simply mention LIFE and tell the Loan Officer the name of the school of your choice, or PEN™ to assign your PMCU loan(s) accordingly. PMCU will forward a portion of the loan interest income we receive from YOUR loan(s) to your selected school or PEN™, and the school or PEN™ will receive funds from PMCU each quarter until your loan(s) are paid off. The funding can add up quickly for your school. For example:
- 10 mortgage loans would equate to $3,000* in earnings for your school or PEN™.
- 50 auto loans could add up to $3,800* (based upon average loan amounts) …. that’s $6,800* combined!
- Additional funds can be earned with other eligible PMCU loans. That’s LIFE and it’s that simple.
Q: I want to apply for a LIFE mortgage loan online – how does that work?
A: Complete and submit your online mortgage application, just be sure to mention LIFE and the name of the school of your choice, or PEN™ when you speak with the Mortgage Officer in person. PMCU will forward $300 of the loan interest from your loan to your selected school or PEN™. This amount will be paid quarterly over a period of 6 months.
Q: I want to apply for a LIFE loan (non-mortgage) online – how does that work?
A: Complete and submit your online loan application. Click on “Home” after submitting your application. Click on “View and send messages” under your loan app. Send a message indicating it’s a LIFE loan along with the name of recipient school or PEN™. From that point on, PMCU will forward a portion of the loan interest income we receive from YOUR loan(s) to your selected school or PEN™, and the school or PEN™ will receive funds from PMCU each quarter until your loan(s) are paid off.
Q: I forgot to mention LIFE and select a school or PEN™ during the loan application – what do I do now?
A: Simply contact the Loan Officer or call 303.657.7558 with your Name, Membership Number and choice of school or PEN™ and we will do the rest.
Q: How long will my selected school receive these funds?
A: The selected school will continue to receive a portion of the loan interest income from your loans until 1) your loan(s) are paid off, 2) you decide to select another school, or 3) your loan is 60+ days delinquent. Please note that your name and confidential information is not shared with the school or PEN™ that you select.
Q: Can my family and friends participate in the LIFE program?
A: Absolutely! Please encourage your family and friends to finance a new loan with PMCU and refinance loans they currently have with other financial institutions into a PMCU loan so they can enjoy low-cost loans and know a portion of their loan interest will benefit your school or PEN™.
Q: Doesn’t Boulder Valley Credit Union work with the schools, as opposed to Premier Members Credit Union?
A: Premier Members Credit Union was born from a partnership of two strong, financially sound credit unions with over 100 years of combined banking experience in both Boulder County and throughout Colorado. On May 1, 2015 Boulder Valley Credit Union and Premier Members Federal Credit Union joined forces in a “merger of equals” to form a new credit union called Premier Members Credit Union. These two great financial institutions exist today as one acting as your preferred local financial institution alternative.
Q: How does my PMCU loan(s) benefit the school of my choice or PEN™?
A: Your school or PEN™ earns $300 on a mortgage loan. Your school or PEN™ earns 10% of the loan interest on all other qualified consumer loans including 2nd mortgages, HELOCs, auto loans, debt consolidation loans, credit card balances, and more.
Q: Is the use of funds that schools or PEN™ receive monitored in any way?
A: No, funds donated to schools or PEN™ may be utilized in any way they deem appropriate.
Q: How do I know exactly how much my PMCU loan(s) has benefited the school of my choice or PEN™?
A: This information will be available on your PMCU quarterly statement (mail or e-statements).
Q: How come I’ve never heard about this program?
A: The PMCU LIFE program was launched in August prior to the 2017/18 school year. Now that you know about this program, can we count on you to help spread the word?
Q: What if I have questions that are not covered within your FAQs?
A: Please call 303.657.7558 or email life@pmcu.org and receive an answer within 24 hours.