CSESAP Line of Credit - East County Schools Federal Credit Union
Skip to main content

Online Banking

Open An Account  |  Apply For A Loan
CSESAP-loan

We Credit Back Monthly CSESAP Contributions

Classified School Employees Summer Assistance Program (CSESAP)

    Take advantage of the CSESAP:  Get the end of year match from the CDE CSESAP Summer Savings Program, but still keep your paycheck!

    What is CSESAP?
    The California Department of Education has a program where from September through June, you can contribute up to 10% of your pay to the Classified School Employee Summer Assistance Program and in July the state will provide matching funds up to one dollar for each dollar withheld from participating classified employee's monthly paychecks.

    What's the Problem? Many employees do not have 10% of their monthly salary available to contribute to this program and contribute either $0 or less than the full 10%

    The ECSFCU Solution: Each payday, East County Schools FCU will let you draw from a Line of Credit and loan you the amount of your CSESAP monthly contribution, deposited into your ECSFCU checking account, and each month you only pay the interest*. When the state's CSESAP match is received in Summer, pay back the line of credit and keep the rest.

    CSESAP Line of Credit is available to all eligible classified employees who are signed up for the state's CSESAP!

    Participation Guidelines

    1. Elect to participate in the CSESAP program with your employer by March 1st and select a monthly contribution that will begin in the Fall.

    2. Must be (or become) an East County Schools FCU member with a checking account. The account can be opened in-branch, CU2U (we come to you), or online at www.EastCountySchools.org

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

    4. Notify East County Schools FCU that you will be participating in this CSESAP Loan program by calling or texting 619-588-1515 or online by contacting us here and leaving your name, district and the best way to contact you. You will be asked to apply for a CSESAP Line of Credit. You may sign up the first month of the academic year, or after the program has begun, mid-year.

    5. Show proof-of-contribution from your first paycheck with the state's CSESAP deduction, to establish the loan amount and receive your first ECS CSESAP credit. Once established, the credit will be applied the same day as the deduction, monthly.

    *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 is usually announced each May. Interest on the CSESAP loan will be payable monthly via automatic deduction at month-end. Maximum loan value is $5,000. All loans subject to verification of information submitted including proof of employment, CDE CSESAP enrollment and loan department approval. Additional terms and conditions apply.

    Additional Examples**

    Monthly CSESAP Contribution

    $100.00 $200.00 $300.00 $400.00 $500.00

    Annual CSESAP Employee Contribution (10 months of contributions)

     

    $1,000.00

     

    $2,000.00

     

    $3,000.00

     

    $4,000.00

     

    $5,000.00

     

    100%** CSESAP Match by CDE

     

    $1,000.00

     

    $2,000.00

     

    $3,000.00

     

    $4,000.00

     

    $5,000.00

     

    Summer CSESAP Distribution to Employee

     

    $2,000.00

     

    $4,000.00

     

    $6,000.00

     

    $8,000.00

     

    $10,000.00

     

    Total Annual Interest Due to East County Schools

     

    $36.76

     

    $73.51

     

    $110.27

     

    $147.02

     

    $183.78

     

    Total Repayment of ECSFCU Loan

     

    ($1,036.76)

     

    $2,073.51

     

    $3,110.27

     

    $4,147.02

     

    $5,183.78

     

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

    **Examples above assume

    • July 31st distribution of Summer Assistance Program from the CDE,
    • $1.00 for $1.00 CSESAP match from California Department of Education (CDE), 2023 is expected to be the full $1:$1
    • Completion of CSESAP program where ECSFCU monthly loan advance equals CSESAP employee contributions

    Contributions may be up to $5,000 per year

    Interest is paid monthly to ECSFCU at 8.00%APR APR = Annual Percentage Rate. Interest rate is subject to change and is accurate as of 3/1/2023.

    Loan Rates

    Financial Education

    Financial Foundations

     Could you use an easy explanation of the basics? These short, understandable lessons will help you to make better decisions related to managing your money. Titles include: Checking Accounts, Car Loans, Preventing Overdraft Fees, Credit Cards, Mobile and Online Banking and Why You Should Pay More than the Minimum Balance on your Credit Card.

    Financial Foundations Articles

    Building Financial Capacity

    Adulting can feel overwhelming at times! Select from short but comprehensive modules on Creating a Budget, Credit Scores & Reports, Taxes: the Basics, Healthy Financial Habits, Debt Management, Identity Protection and How to Start Family Conversations about Money.

    Building Financial Capacity Articles

    Owning a Home

    Home Ownership can feel overwhelming. Talk to us any time, but these articles will also educate you about the benefits and costs of all aspects of owning a home. Learn about Buying a Home, Mortgages, Mortgage Relief, Investment Property, Reverse Mortgages and Refinances.

    Owning a Home Articles

    Investing in Your Future

    Are you prepared for college tuition, one of life's emergencies or a comfortable retirement? Explore important financial planning topics like 529 plans, Emergency Savings, Health Savings Accounts, Sustainable Investing, IRA's, Estate Planing, and the FIRE Lifestyle.

    Investing in Your Future Modules

    Preparing for Retirement Modules

    Members LoveECSFCU!

    • ECS-logo

      My Loan Officer, Mireya, is truly an asset to ECSFCU. She is competent, articulate, sweet and compassionate. When there was an error in the payoff of my car, Mireya personally took a credit union check and drove it to the dealer to correct it, the same day. We are thankful for the time and effort she put into this important transaction.  That’s customer service, and she is leading the pack!

       

       

      Jack Charles, Grossmont High School District, retired