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CSESAP Loan Program

Classified School Employees Summer Assistance Program (CSESAP)

    Take advantage of the CSESAP:  Match your 2020 Summer Savings and keep your full paycheck!

     

    How it Works:

    1. From Sept. 2019 through June 2020, you can elect to set aside up to 10% of your annual pay and place it into your CSESAP account.

    2. Each month on payday, East County Schools FCU (ECSFCU) will deposit an equivalent amount into your ECSFCU checking account.

    3. The amount received from ECSFCU is a loan and interest will accrue on the balance; interest is paid monthly to ECSFCU. Maximum loan value is $5,000.00.

    4. Summer of 2020, when you receive your CSESAP summer check(s), the loan to ECSFCU comes due for repayment.

    CSESAP Loan is available to all eligible classified employees!

    Participation Guidelines:

    1. Elect to participate in the CSESAP program with your employer and select a monthly contribution.

    2. Employees must have (or open) an East County Schools FCU membership and checking account. This can be opened in-branch, CU2U (we come to you), or online at www.EastCountySchools.org prior to CSESAP Loan processing.

    3. Enroll in Direct-Deposit for your net paycheck ($500 minimum) to ECSFCU prior to CSESAP Loan.

    4. Notify East County Schools FCU that you will be participating in this CSESAP Loan program by calling 619-588-1515 or online by contacting us here and leaving your name, district and the best way to contact you.

    5. Employee must show proof-of-contribution from their first paycheck to establish the loan amount and receive their first advance.

     

    *APR = Annual Percentage Rate. All terms and conditions of the one-time funding Classified School Employee Summer Assistance Program (CSESAP) will apply. Estimated California Department of Education matching percentage will not be known until June 2019. Interest on the CSESAP loan will be payable monthly via automatic deduction at month-end. If the employee opts out of the CSESAP program prior to June 2020, the loan must be paid back from the CDE distribution.

    Additional Examples**

    Monthly CSESAP Contribution

    $100.00 $200.00 $300.00 $400.00 $500.00

    Annual CSESAP Pledge

     

    $1,000.00

     

    $2,000.00

     

    $3,000.00

     

    $4,000.00

     

    $5,000.00

     

    Forecast CSESAP Match

     

    $1,000.00

     

    $2,000.00

     

    $3,000.00

     

    $4,000.00

     

    $5,000.00

     

    Total CSESAP Distribution

     

    $2,000.00

     

    $4,000.00

     

    $6,000.00

     

    $8,000.00

     

    $10,000.00

     

    Total Annual  Interest Due

     

    $36.76

     

    $73.51

     

    $110.27

     

    $147.02

     

    $183.78

     

    Total Repayment of ECSFCU Loan

     

    ($2,036.76)

     

    $4,073.51

     

    $3,110.27

     

    $8,147.02

     

    $10,183.78

     

    Net Benefit to Employee $963.24 $1,926.49 $2,889.73 $3,852.98 $4,816.22

    **Examples above assume

    • July 31, 2020 payout,
    • Dollar for dollar CSESAP match from California Department of Education (CDE)
    • Completion of CSESAP program where ECS monthly loan advance equals CSESAP employee contributions

    Contributions may be up to $5,000 per year

    Interest is paid monthly at 8.00%APR

    Loan Rates

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    Members LoveECSFCU!

    • Todd Linke IMG_4888 no wording cropped
      After financing a newly purchased truck with ECS, Todd wrote: Thank you for your efficient and friendly service! I always appreciate the "small bank" customer service, but the "big bank" options!
      Todd Linke, Mount Miguel HS Science Department
    • Karl Danielson 2018
      I've bought three cars through the credit union. They make it very easy, very simple, and you can't beat the interest rate. I highly endorse them, their friendly staff, and the service that East County Schools gives its members!
      Karl Danielson Granite Hills HS Television, Film and Digital Media Teacher
    • ECSFCU is big enough to approve loans with great rates and small enough to provide personal service and products that are important to the educational community.
      Randy Montesanto Grossmont Union High School District
    • We bank with East County Schools Federal Credit Union and learned they also have a great car buying service! We decided to look into it and ended up with the best customer service, an amazing price, no hassle of going to the dealership, and a brand new 2017 Honda Accord Sport! A year later, we were in need of another car for our growing family. It was an easy decision to go with the credit union and New Cars Inc again. The process and customer service didn’t disappoint once again, and we love our new 2018 Honda CRV! A big thank you to New Cars Inc and ECSFCU!
      Carly and Luke Esquerra