Student Loan Status and Payments

Proof of Student Status

Current students must provide a class schedule showing full-time enrollment status (a minimum of 12 credits per semester in a post-secondary school) to verify their eligibility. A loan will enter full repayment status if a student is no longer enrolled full-time or if FECU does not receive the necessary documentation for proof of enrollment.

Proof of full-time enrollment is due by August 31^st to confirm student status.  

• Email: Attach a class schedule and send to fedecu@fedins.com 
• Mail: FECU 1929 South Cedar Avenue, Owatonna, MN 55060 

Student Loan Payments

Full-time students may choose to pay a minimum of 1% of the outstanding balance or $25.00 per month, whichever is greater.  The Annual Percentage Rate of your loan payments will vary with the market based on the Prime Rate. Borrowers should review the monthly statement for updated payment information or view the current information in online banking. 

The borrower will be considered in full repayment status once the student is no longer meeting the full-time student status requirements. The maximum repayment term once in full repayment status is 120 months (10 years). 

Automatic payment options are available, so you never miss a payment. Please get in touch with the FECU Loan Department at 507-455-5430 or email fedecu@fedins.com if you have questions or would like directions for updating your loan payments. 

View the Student Loans FAQ for additional information.