C. U. on the Flipside Blog!




Our School Branches

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Friday, September 26, 2014

2014-09-05 10.56.00 Group DSC04430

Here are Inspire’s three In-School branches. (Formally known as Bucks First. That’s why you see that name on two of our branches. That should be updated in the near future.)

They are located at Truman High School, Palisades High School, and Poquessing Middle School. It should be noted that these branches can only be accessed by students and faculty of the said schools. So don’t get any wise ideas trying to gain access into a school you don’t attend, it won’t work out well for anyone involved.

…Moving on

These branches are fully operational and are used for everyday transactions, but that is not their sole purpose! These branches are run by the students of this school. Each branch has students working the teller line, taking transactions, and learning everyday procedures of the Credit Union. A student advisory board will be built as well. This board will find ways to market the branch in the school to increase transaction volume. This will give the students a dry run on what it’s like to run and grow a company.

The branches will also be competing with each other, not in the regards of transactions, but in decoration competitions for holidays and events throughout the year! Be on the look out!

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Financial Aid Terms

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Thursday, August 28, 2014

Financial Aid Terms

FAFSA? Master Promissory Note? Subsidized vs. unsubsidized loans? If you’re lost already, you’ve come to the right place. Consider this brief lesson a prelude to all the studying you’ll have to do in college, and keep this as your handy cheat-sheet.

 

FAFSA ~ Free Application for Federal Student Aid. It’s a standard application used to determine eligibility for the majority of financial aid, including federal loans. You’ll have to fill out a new one each year that you apply for aid, even if you stay at the same school.

 

Alternative loan ~ Also called a Private Student Loan. Credit-based, financed through a financial lender with payments deferred until you finish school.

 

Award letter ~ Official document from secondary education’s financial aid office that informs you of all the financial aid being offered to you.

 

Consolidation ~ The process of combining all outstanding student loans into one, often with extended repayment terms. This loan is only available for those individuals who have completed school.

 

Dependent student ~ Any student who depends financially on his or her parents’ income and assets. Considered heavily in awarding financial aid to particular individuals.

 

Independent student ~ To be classified as independent, an individual must meet any one of the following criteria:

  • 24 years of age or older
  • Married
  • Have no living parent or legal guardian
  • Veteran of the U.S. Armed Forces
  • A ward of the court
  • Have a legal dependent (child)

 

Gift aid ~ Aid that students are not required to pay back, like grants and scholarships.

 

Lender code ~ Each financial institution has its own lender code used to indicate they are the ones funding your aid.

 

Master Promissory Note ~ A legally binding contract that includes all terms and conditions under which a borrower promises to repay a loan.

 

Subsidized loan ~ A federal loan in which the government pays the accruing interest while the student attends school at least half-time, as well as during the grace period and deferment times.

 

Unsubsidized loan ~ A federal loan not based on need. The borrower is responsible for paying the accrued interest at all times.

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First Time Car Buyer Program

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Tuesday, May 27, 2014

Buying a Car for the First Time

Picture this: You’re 22, just out of college, starting a new job, and now you need a car. Being an independent college grad means buying a car on your own, right? Right. Except when you get to the car dealership you’re told that you’ve been denied for a car loan because you don’t have any credit. “No credit? How am I supposed to get by in the real world with no credit?” That’s where we come in.

IMG_4299 edited

“THANKS CREDIT UNION!”

“YOU’RE WELCOME MEMBER!”

We realize how difficult, frustrating, and bewildering the car buying process can be – especially when no one seems to want to take the chance on giving you a loan. Inspire Federal Credit Union wants to give you the chance you deserve.

With our First Time Car Buyer Program you can borrow up to $20,000 at a very competitive rate. But there’s more…

  • Your auto loan rate may be lowered by 1% after 12 months of consistent, on-time payments
  • Your auto loan rate may be lowered an additional 2% after 24 months of consistent, on-time payments
  • Low down-payment

Plus, as an added bonus, we’ll give you a $50 WaWa Gas Card when you sign for the loan!

So check out Inspire FCU and see how they can help you get a new set of wheels!

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Credit Union Tax Exemption

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Wednesday, March 26, 2014

Why are Credit Unions not taxed?

There has been a lot of talk this year about the government trying to tax Credit Unions. As most of you know Credit Unions are tax exempt but some of you might not know why. John H. Murga (Chief Executive Officer of  Hidden River Credit Union) wrote a great letter in response to someone who thinks Credit Unions should be taxed. He explains why Credit Union tax exemption exists.

Credit Unions have members

“Credit unions are structured differently in that they are democratically controlled not-for-profit financial institutions. By opening an account and depositing funds you become a member with equal share in the credit union. That’s why you’re called a member. You own it and have a voice in how things are run, no matter how much you have on deposit. There are no customers and certainly no stockholders”

Character structure

“The character structure of credit unions requires them to exclusively serve a defined field of membership that is approved and enforced by federal or state regulators. The field of membership may be occupational, geographic or associational, for example. Banks have no such restrictions. While it is true fields of membership have broadened in recent years, and only with regulatory approval, the reason is quite simple – people and the market demand it.”

No Bail Outs 

“One more important point to remember: It was during the banking crisis of 2008 that banks, as an industry, asked Congress for taxpayer-funded bailouts – not credit unions. As a movement, we paid for any credit union losses from within the system and from amongst our fellow credit unions with not one cent of taxpayer funds. Banks believed then it was the taxpayers’ turn to pay their “fair share.”

You can click here for the full article and let us know if you agree or disagree. If you agree that Credit Unions shouldn’t be taxed then visit www.donttaxmycreditunion.org

DontTaxMyCreditUnion

 

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What is Bitcoin?

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Monday, March 24, 2014

If you read the news a lot you might have heard of this new form of digital currency Bitcoin. According to wikipedia it is a cryptocurrency, so-called because it uses cryptography to control the creation and transfer of money. What does that mean….I am not entirely sure. But here is a great video and article that can help explain it a little better.

economy-bitcoin

http://www.cbsnews.com/news/bitcoin-and-the-future-of-money/

 

Do you use bitcoin? Do you trust it? Let us know!

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5 Rules To Succeed As Told By Arnold Schwarzenegger

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Saturday, March 22, 2014

Below are 5 life lessons to succeed taken by Arnold Schwarzenegger at 21st Century Financial Education Summit in Sydney
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Beginners guide to Money Smarts

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Friday, March 21, 2014

Lots of people are Street Smart or Book Smart but how many do you know are Money Smart?

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You could be owed money!

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Thursday, March 20, 2014

Its tax season and right now the IRS is holding onto $760 million in unclaimed tax refunds. What will happen to that money if it goes unclaimed? Someone will get it. And that someone is Sam…you may know him…he is your UNCLE!

unclesam

Uncle Sam (1996)

“GIVE ME YOUR MONEY!”- Beloved American Icon

Don’t let Uncle Sam take your money! If you are one of the 918,600 taxpayers who still haven’t filed their 2010 tax returns do it now or the government keeps it! If you are a credit union member you can even save $15 on Turbo Tax! Go here now to see how. 

 

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Poquessing Branch Opening

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Wednesday, February 26, 2014
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Neshaminy High School Reality Fair

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Tuesday, February 25, 2014

Helping the students at Neshaminy High School prepare for the future!

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September 26, 2014
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