Valuable Tips on Paying for College

The cost of college continues to rise, and finding the money to fund higher education can be challenging. In fact, the cost of a four-year college education has nearly doubled since 1992. According to the College Board, the average annual cost of attendance is $33,301 at
a private 4-year college and $16,357 at a public 4-year college.*

If you don't already have the money to cover the expenses of college, here are three options to consider:

• Free money is always the best option. So apply for as many scholarships and school grants as you can. College Scholarships is a good website that gathers available scholarships and grants opportunities for you to view all in one place along with helpful application tips.
• Next, consider a government loan based upon you financial need such as a Stafford Loan. To determine your need, fill out a Free Application for Federal Student Aid (FAFSA). The worksheet will take into account your estimated college expenses and any financial aid and scholarships you will receive. The Student Aid Report you receive back will tell you how much your family is expected to contribute toward college expenses. The difference between that and the cost of attending college is the amount you may be able to borrow.
• If you still have gaps consider a Private Student Loan. Once you have exhausted the resources available through scholarships, grants and federal aid, you may still find that you have a gap to fill in order to cover all the expenses of college–room and board, books, tuition etc. This is when you should consider a Priv ate Student Loan. A Private Student Loan can help cover college expenses when other aid falls short.

Benefits of a BECU Private Student Loan

• Rate as low as 5.49% APR*
• Receive up to $75,000 during your college span
• No origination fees
• Deferment of payment while in school
• Flexible repayment terms up to 25 years

To apply, visit BECU Private Student Loan or call Credit Union Student Choice at 866-253-5967.

*Data provided by Loan to Learn. Rates effective as of 4/1/2010 and are subject to change without notification. After account opening, APR may vary each quarter (Jan, Apr, Jul, Oct) based on changes in the Prime Rate (as published in the Wall Street Journal), subject to a maximum of 18% APR. Rates offered based on applicant's and co applicant's credit qualifications. Loans are subject to credit approval, applicant qualification and school certification of student’s enrollment at an accredited, approved school with confirmation that loan applicant meets certain eligibility criteria. The BECU Private Student Loan Program is subject to change without notification. Not every applicant will qualify for this program. This loan cannot be used for graduate level programs or consolidation (refinance) of prior student loans. To obtain the most current information, please visit www. becu.org/studentloans.

Understanding the New Federal Student Loan Bill

You may have heard about a bill that was recently passed into law that revamps the federal student loan program. Under the new law, government subsidies paid to private banks acting as middlemen in administering federal student loans will be eliminated and the government will now directly administer all federal student loans.

This does not affect private student loans such as the one BECU offers. BUT it does mean that student lending giant Sallie Mae, as well as large financial institutions such as Citigroup, JPMorgan Chase, and Bank of America, will no longer receive billions of dollars in business from the federal student loan program.

By eliminating the money given to private banks to administer federal student loans, the government intends to save over $60 billion in the next decade and use the savings to increase federal Pell Grants to needy students, invest in community colleges and help student-borrowers manage their student loan debt.

Is BECU’s Private Student Loan affected?
No, the bill only affects the federal student loan program and banks that administered federal student loans. BECU does not offer or administer federal student loans—we offer a private student loan.

What is the difference between a federal student loan and a private student loan?
Federal student loans will now be funded by the U.S. government in accordance with the new bill. These loans are need-based and may not fully cover all expenses associated with attending college and that’s where a private student loan steps in. The market for private loans has grown in recent years to help fill the gap between rapidly rising tuition costs and funding from federal student loans.

Before applying for a private student loan, it is important to consider and apply for available federal and state aid including grants, scholarships and federal student loans.

Want more information on applying for aid? Read Valuable Tips on Paying for College

What are the benefits of BECU Private Student Loan?
Students can use a BECU Private Student Loan to finance tuition and other costs associated with attending college, such as books and room and board when all other aid falls short.

Benefits of a BECU Private Student Loan

• No origination fees
• Maximum loan amount up to $75,000
• Rate as low as 5.49% APR* (well below the national average of 8.83% APR according to bankrate.com)
• Straight repayment or graduated repayment options available
• Up to 25-year repayment term and no pre-payment penalties
• 6-month grace period before repayment begins either upon graduation or separation from school
• Full deferment of principal and interest while in school
• Co-borrower release after 48 consecutive on-time payments
• Easy online application process

Questions?
For more information on the federal student loan bill, visit whitehouse.gov.

For more information on BECU‘s Private Student Loans call us at 800-233-2328 or visit becu.org/studentloans.

Rates effective as of 4/1/2010 and are subject to change without notification. After account opening, APR may vary each quarter (Jan, Apr, Jul, Oct) based on changes in the Prime Rate (as published in the Wall Street Journal), subject to a maximum of 18% APR. Rates offered based on applicant's and co applicant's credit qualifications. Loans are subject to credit approval, applicant qualification and school certification of student’s enrollment at an accredited, approved school with confirmation that loan applicant meets certain eligibility criteria. The BECU Private Student Loan Program is subject to change without notification. Not every applicant will qualify for this program. This loan cannot be used for graduate level programs or consolidation (refinance) of prior student loans. To obtain the most current information, please visit becu.org/studentloans.

BECU's New FHA Loan Puts Homeownership within Reach

As an approved FHA lender, BECU is making it easier for you to qualify for a home loan. FHA home loans are federally insured by the Federal Housing Administration and are designed for individuals who have minimal funds for a down payment or need flexibility on their credit. These loans have fewer restrictions than other conventional loans. With a small down payment as low as 3.5%, qualifying home buyers can make the dream of homeownership a reality.

Is an FHA home loan right for you?
An FHA home loan is ideal for first-time home buyers seeking low down payments; however, it may not be right for everyone due to borrowing limits. Here are a few benefits to consider:

• Easier to Qualify - Because FHA insures your mortgage, there are lower qualifying requirements so it's easier for you to qualify
• Less than Perfect Credit - Even if you have had credit problems, it's easier for you to qualify for an FHA loan than a conventional loan
• Low Down Payment - We have a low 3.5% down payment, and that money can come from a family member, employer or charitable organization–other loans do not allow this
• Help You Keep Your Home -The FHA has been around since 1934 and should you encounter hard-times after buying your home, FHA has many options to help keep you in your home and avoid foreclosure

Apply for an FHA home loan today.
We can help you determine if an FHA loan is right for you. Call us at 800-233-2328 x5772 or visit BECU Home Loans to get started.

Steps to Buying Your First Home

Have you ever wished someone would clearly explain the process of buying a house from every possible angle? We are here to help. Take a look at a few helpful tips we have below and keep reading to find out how you can connect with a Member Advocate at BECU to walk you through the whole process of buying a home.

Check your finances
It's important to have a clear picture of your finances. Figure out your monthly income and budget, including regular and incidental expenses. If you expect any changes that will affect your income over the next year, such as a raise or a new car, make a note of that as well. This will give you an accurate picture of your finances to help determine how fast you can save for a down payment.

Start a savings plan
Try to give yourself a timeline, such as a year, and a target amount to save. Once you have a budget, see if you can trim your spending. You can start by dining out less or taking public transit. You can also save extra money that comes in, such as bonus checks or tax refunds. And it's a good idea to keep your savings in a separate account to avoid the temptation to spend it.

Consider the up-front costs
The up-front costs associated with buying a home can add up. Most lenders require a minimum of 5 to 20 percent of the home's purchase price as a down payment. On top of that, many have closing costs to consider, as well as the cost of a home inspection, which can cost from a few hundred to a thousand dollars. You will want to make sure you save enough money to cover all of these costs.

Calculate how much you can afford
Before you begin looking at houses, you will need to know your price range. Keep in mind, along with a monthly mortgage payment you'll have to pay for utilities, property taxes and homeowner's insurance. By calculating how much house you can afford, you will have a better idea of where to begin.

Use this calculator to help–How Much Can You Afford?

Get pre-approved for a home loan
It's a good idea to get pre-approved for a home loan, before you make an offer on a home. A lender will pre-approve you based on your income, debts and credit. By getting pre-approved, you will know in advance how much you will be able to borrow so you won't have to make your offer dependent upon securing financing.

Use BECU Real Estate Services*
This exclusive program is free for BECU members. It is designed to take the guesswork out of selecting a real estate agent, and to ensure quality services are provided to our members. You are assigned your own personal Member Advocate who helps you through the entire home buying process. Your Advocate connects you with a CU Certified Real Estate Agent and works with the Agent to ensure all time periods and critical decisions are addressed correctly. The Advocate is looking out for your best interests throughout the transaction.

Ready to get started?
Visit BECU Home Loans or call us at 800-233-2328.

Source: Bankrate.com

*BECU Real Estate Services is a program provided by Prime Alliance Real Estate Services, L.L.C.

Tips for Refinancing Your Home

Looking to reduce your monthly payments? Want to switch from a variable rate loan to a fixed rate loan? Those are good reasons to refinance your mortgage. Many times you can save money, but there are also times when the costs to refinance outweigh the benefits. Here are some tips for making a good decision about refinancing.

Whether you currently have a mortgage with BECU or another financial institution, you may benefit from refinancing with BECU. Our guiding principle to promote responsible lending with competitive rates has made us the market leader for mortgages in the Puget Sound region.

We Have Refinancing Options for You
We offer refinancing opportunities for fixed-rate home loans. By refinancing, you can change your repayment terms and may be able to pay off your loan sooner with less interest. Here are more benefits you can expect when you refinance with BECU:

• Low closing costs
• No hidden fees or surprises
• No pre-payment penalties
• Low monthly payments
• Less interest paid

Do you currently have an ARM?
If you have an Adjustable Rate Mortgage (ARM) and you want a dependable fixed-rate mortgage, now is the time to convert and lock-in a low rate and eliminate the uncertainty in your mortgage and monthly payments.

Here are a few questions to ask yourself before refinancing:

1. What is the interest rate of your existing mortgage?
2. What is the interest rate if you refinance now?
3. How long do you plan to stay in your home?
4. How much equity do you have in your home?
5. What is your current income and credit status?

You can always contact a BECU representative for help answering your questions. Once you have all the information you need, you are ready to make a well-informed decision to refinance.

Refinancing is easier than you may think
We make the refinancing process easy with a user-friendly online application and a paper-free delivery and signing process. We don't want you to miss out on a money-saving opportunity.

To apply or get more details on refinancing, visit BECU Home Loans or call us at 800-233-2328.

Get More Value with a BECU Credit Card

Unlike many large banks, we don't offer multiple credit cards with multiple levels. You'll never see us promoting teaser rates to lure you in, or discover any hidden fees. Whether you are looking for a personal or business credit card, you'll enjoy the benefits of a low competitive rate, no annual fees, and the value of working with a local financial institution that you know and trust.

Personal credit card rates as low as 6.90% APR*
Business credit card rate of 10.99% APR*

Money-Saving Benefits & Features
Our credit card comes with a generous grace period on purchases, which is longer than many traditional credit card programs. And if you like to travel, you'll appreciate that our card comes with worldwide travel accident insurance, auto rental insurance and a travel and emergency assistance program. You also qualify for extended warranties when you use your BECU credit card to make purchases, and you have the ability to receive free e-Statements and pay your bill online, too.

Earn points every time you buy
Add the BECU Rewards* option to your BECU personal or business credit card and begin earning points toward merchandise, dining, entertainment, airline tickets, gift certificates, and more. More information on this program can be found at BECU Rewards. To add the BECU Rewards option to an existing BECU credit card, contact BECU at 800-233-2328 or visit a Neighborhood Financial Center.

*25.00 Annual Participation Fee

Ready to get your BECU credit card?
Apply for a BECU Personal credit card or a BECU Business credit card today and start enjoying the money-saving benefits.

Valuable Used Car Buying Tips

Thinking about buying a vehicle? Lower costs, more vehicle for less money and an increase in reliable high mileage vehicles are all reasons why more and more auto buyers are choosing to buy used, however, there are a few things you should ask yourself before hitting the lot.

What are you going to use the vehicle for?
It's important to get what you need in a vehicle. Do you do mostly city driving? Commuting to and from work? Carpooling kids? Make sure to consider the size of the vehicle if you need to squeeze into small parking spaces. Consider the gas mileage if you have long daily work commutes. Consider the passenger capacity for carrying kids and their equipment to and from soccer practice.

What features matter most to you?
Most auto buyers want luxury features and high performance all in one vehicle. However, your budget may require you to prioritize features. Determine if luxury features, such as a navigation system, are more important to you than going 0 to 60 in less than four seconds. Extras can quickly turn a reasonably priced car into one that is completely out of your price range; before you take the test drive, consider what options you really want and don't allow yourself to be swayed.

Is the vehicle safe and reliable?
Determine what safety features, such as anti-lock brakes or airbags, are essential to you and your precious cargo. Unless you don't mind bumming rides and hanging out in repair shops, a car's reliability should be a priority. Don't forget to check out the average repair costs for the vehicle you are considering. By visiting www.cudlautosmart.com, you can find valuable vehicle information along with vehicle comparisons.

How are you going to pay for the vehicle?
Most of us can not afford to pay cash for a vehicle. That's why BECU offers low rate used auto loans with flexible terms for a variety of financial situations. You may even qualify for an even lower rate, if your used vehicle is a 2007 or newer. BECU can help you get an auto loan that fits your financial situation, so you can get into the vehicle of your dreams.

Where do you start?
It's smart to get pre-approved before you go shopping. Knowing exactly what you may borrow before you arrive on the auto lot gives you an edge in negotiating. Getting pre-approved is fast and easy.* Visit BECU Auto Loan or call us at 800-233-2328 and get pre-approved in a matter of minutes.

Once you are pre-approved, you are ready to find your auto. BECU has a couple of great places to help you find your vehicle. First, check out BECU-Owned Vehicles. In addition, we have partnered with AutoSMART**, which provides an extensive list of dealers along with vehicle inventory. You can also check a vehicle's history and do a vehicle comparison. Visit AutoSMART to find the right car for you.

*Final loan approval is subject to funding review by BECU and could result in requests for additional information, resulting in changes in terms and/or conditions, as well as possible denial of your application.

**AutoSMART is a service offered by CUDL.

BECU Construction-To-Permanent Loan Is a Better Way to Build Your Home

BECU is proud to offer a Construction-to-Permanent Mortgage that is a competitive advantage to our members, gaining in popularity for several reasons.

BECU will finance up to 70% of the appraised value, which can mean little or no money down. There will be only one application, one closing, and most importantly, one set of fees. You will pay only the monthly interest payments during the construction phase, and you may be able to finance the monthly interest payments into your loan.

Features:

• Financing to build a new primary residence or second home
• Members can hire a professional licensed builder or owner builder financing
• Can choose from a 6, 9 or 12 month interim construction financing. Monthly interest-only payments based on the total amount disbursed during construction phase
• One interest rate, lock your mortgage rate now with free float down option upon completion

Apply online at becuhomeloans.org. For more information, contact BECU Construction Loan Dept at 206-812-5175 or email mary.burgner@becu.org.

New MasterCard Sweepstakes: Win a Trip for 4 to New York City

You and three friends could win a trip to New Your City and experience the sights, sounds and all it has to offer.

Every time you use your BECU Debit MasterCard® from May 15 through June 30, 2010, and sign for your purchase, you'll be automatically entered for a chance to WIN a trip for you and three friends to New York City for the ultimate weekend getaway!* Your weekend could include attending the Barclays 2010 at Ridgewood Country Club, or a Major League Baseball® game, or a night of Jazz courtesy of Jazz at Lincoln Center and more.

Remember your BECU Debit MasterCard is accepted wherever Debit MasterCard is accepted–use it to make purchases on the phone, online or in person. Enjoy all the benefits of your BECU Debit MasterCard and you just might get to go.

Questions?
Visit priceless.com/nyc

*NO PURCHASE NECESSARY. Void where prohibited. PIN-based & international transactions ineligible. Starts 5/15/10. Ends 6/30/10. Restrictions apply. Visit priceless.com/nyc for details.

Get Great Discounts with BECU Debit MasterCard

Now you have even more reason to use your BECU Debit MasterCard®. The MasterCard MarketPlace™ program has great discounts on the brands you love. Once you enroll in this free program and begin making purchases with your BECU Debit MasterCard, you can immediately start saving on hundreds of offers from up to 25,000 merchants–including Home Depot, Blackberry, Target, Best Buy, 1-800-Flowers, Saks Fifth Avenue and more.

Already have a BECU Debit MasterCard? Enroll and start saving today.

1. With your BECU Debit MasterCard handy, visit MasterCard MarketPlace and select the "sign up now" button.
2. Simply enroll, and then select your shopping preferences for the items that interest you.
3. That's all there is to it. Start shopping and save today!

Don't have a BECU Debit MasterCard? Get yours today.

1. Visit BECU Checking
2. Call us at 800-233-2328
3. Stop by any BECU location

Get Great Convenience & Control with BECU Debit MasterCard
Using a BECU Debit MasterCard is a better option than check and cash transactions. You can use it everywhere MasterCard is accepted worldwide. PLUS, the BECU Debt MasterCard comes with free fraud monitoring protection that allows you to make purchases in person, on the Internet and by phone with confidence.

MasterCard MarketPlace Terms and Conditions: Participating merchants and offers are subject to change. Enrollment is required for the MasterCard MarketPlace. Certain restrictions may apply. The MasterCard MarketPlace program is available to eligible U.S. MasterCard consumer cardholders. For program terms and conditions and current offer details please see MasterCard MarketPlace. If you need additional assistance, please contact us at: customerservice@marketplace.mastercard.com.

MasterCard and the MasterCard Brand Mark are registered trademarks and MasterCard MarketPlace is a trademark of MasterCard.

Celebrate 75 Years of People Helping People with Us

Whether it's a better savings plan for families or financial planning for a small business, we strive to help our members build strong financial futures. Since 1935, we have served our membership with affordable and responsible financial products and services. Today, we are over 600,000 members strong and celebrating 75 years of people helping people.

You are invited to our 75th Anniversary Tour
In celebration of 75 years of service to individuals, businesses and communities around the Puget Sound region, we are touring neighborhoods around the South Sound in May to share the advantages of a not-for-profit, member owned credit union. We will continue our tour to other neighborhoods around the Puget Sound in the coming months…stay tuned for those dates and locations.

The BECU Mobile Financial Center will be onsite and there will be refreshments and plenty of prizes to be won.

When & Where

May 18
Hawks Prairie–BECU Neighborhood Financial Center parking lot
1320 Marvin Rd NE Suite C

May 19
Westfield Mall

Nearby BECU Neighborhood Financial Centers.

Redondo (inside Fred Meyer)
25250 Pacific Hwy S

Kent (inside TOP Food & Drug)
26015 104th Ave SE

Tukwila Financial Center
12770 Gateway Drive

May 20
Puyallup South Hill Mall

Nearby BECU Neighborhood Financial Centers.

Puyallup South Hill
3803 South Meridian

Puyallup Meridian (inside Safeway)
13308 Meridian E

Bonney Lake (inside Safeway)
21301 State Route 410 E

May 21
Tacoma Mall

Nearby BECU Neighborhood Financial Centers.

Tacoma-Westgate (inside Safeway)
2637 N Pearl St

University Place
3929 Bridgeport Way W

May 22
Federal Way Farmers Market

Nearby BECU Neighborhood Financial Centers.

Federal Way-Crossings
1413 S 348th St

Federal Way-Pavilions
31411 Pacific Hwy S

Auburn (inside TOP Food & Drug)
1702 Auburn Way N

Get More Details
To learn more about our 75th Anniversary Tour, call us at 800-233-2328 or stop by any BECU location.

Get Free Financial Advice

Navigating financial waters can be challenging, but you can rely on expertise from BECU along the way. We provide free articles, webcasts, seminars and calculators to help you better manage your finances and future financial goals.

We want you to be well-informed when making financial decisions. Our free seminars and financial planning advice give you answers and solutions to help you manage your money with confidence.

Take a look at the free seminars we have coming up in May:

RSVP Today
For a complete list and description of the seminars and to reserve your seat, visit BECU Seminars.

May Neighborhood Events—See You There

There are a lot of activities taking place in neighborhoods around the Puget Sound. BECU will be present at several events during the month of May. Take a look at where we will be and stop by if you are in the neighborhood:

Meet the New Sr. VP and CIO of BECU Trust Co.

It is with great pleasure to announce Christian Anderson, MBA, CFA has joined BECU Trust Company as Senior Vice President and Chief Investment Officer.

Christian brings with him over ten years of experience in portfolio and investment management, fund construction and analysis. Prior to joining BECU Trust Company, Christian served nine years with Russell Investment Group, most recently serving as Associate Portfolio Manager for US Equities. Christian has worked as an analyst supporting multi-asset balanced strategies and target date funds, as well as an analyst for performance reporting.

Christian holds a Masters of Business Administration, Bachelors of Science in Computer Engineering, and a Bachelors of Science in Electrical Engineering from Pacific Lutheran University. Christian also holds a Chartered Financial Analyst designation with the CFA Institute.

Please join us in welcoming Christian to BECU Trust Company and to the BECU Wealth Management Team.

Learn more about what BECU Trust Company has to offer, visit BECU Trust.

Save Money at the Habitat for Humanity Outlet Store

BECU is committed to supporting organizations whose missions promote education, assist with homeownership or provide financial literacy training. This is why we partner with Habitat for Humanity. Through volunteer labor and donations of money and materials, Habitat builds and rehabilitates affordable houses for low income families in the community.

We are a continuous supporter of the Habitat for Humanity Home Improvement Outlet Store. The store is open to the public and offers a wide variety of appliances, doors, flooring, tiles and other building materials at a deep discount. At the same time, these purchases help finance low-income housing for qualified Habitat families. And a great deal on a new low-flush toilet, clothes dryer, light fixture or new replacement window can make a project fit into a tight budget. Stop by the store–you'll be amazed by the selection and the chance to help build more homes.

Store Location & Hours
The outlet store is located at 21 South Nevada St in Seattle. It is open Tuesday-Saturday from 10am to 6pm. There is also a store in Tacoma, located near the Tacoma Dome.To get more information, visit Habitat for Humanity Home Improvement Outlet Store.

Women and Investing-Make It Happen!*

Women today are more successful than ever, but still face financial challenges of achieving their financial goals. If you are intimidated by financial planning; this is the seminar you will want to attend on May 11, 2010, 5:30-7:30pm at BECU's Tukwila location You will learn how to make your finances a priority. We will focus on how to help you develop investment goals, stick to an investment plan that is right for you, and help make them a reality.

If you've already retired, it's important for you to have a financial plan that will allow you to remain financially independent.

Women Today
You will need to save more based on women's unique challenges (social security, pension, earnings, and life expectancy)

Investing Principles
Keep in mind basic investing principles when determining your course of action.

• What is your time horizon and how long might it take to reach your goal?
• Where are you in your financial life?
• Are you in control over your financial debt and ready to start paying yourself by saving?

Making It Happen
Don't lose sight of big picture–there are a lot of solutions to help save for the future. Take the next step and meet and work with a Financial Advisor** at BECU Investment Services.

RESERVE YOUR SPOT TODAY for reservations and more information call 206-439-5720 or 800-233-2328 ext 5720 or visit BECU Seminars.

**Financial Advisors are with, and Securities, Advisory Services and Insurance Products are offered through LPL Financial and its affiliates, Member FINRA/SIPC. BECU is not a registered broker/dealer and has a brokerage affiliate arrangement with LPL Financial. Investments are: Not NCUA/NCUSIF Insured • May Lose Value • Not Credit Union Guaranteed • Not Obligations of BECU. Branch Office located at BECU, 12770 Gateway Dr., Tukwila, WA 98168.

*We advise you to carefully consider the objectives, risks, charges and expenses of mutual funds before investing. The prospectus contains this and other important information and will be available at the seminar. Please read the prospectus carefully before investing.