Educational Systems Federal Credit Union was formed in 1955 by a small group of educators who wanted to make a difference by helping the members of the education community achieve their financial goals and dreams. They volunteered their time and pooled their savings to make affordable loans to their co-workers. Our first loan was to a teacher who needed to buy a car to get to work.
Forming a credit union was the perfect solution for these educators because they wanted to make a difference, not a profit. Credit unions are not-for-profit cooperatives founded on the principle of people helping people. At a credit union, after income is used to provide for necessary reserves, it is returned to the members in the form of higher savings rates and lower loan rates. There are no outside investors pressing for higher profits at the expense of the members.
During our first decade, we were run solely by volunteers from the education community and we operated out of a classroom. During the 1960s, our continued growth prompted our volunteer Board of Directors to move into our first office and hire employees to manage and operate the Credit Union.
As our Credit Union grew over the decades, other credit unions that serve the education community began to join us. Joining with other education credit unions has made us stronger and enabled us to expand the branch network and return more value to our members. We encourage other credit unions to consider joining us if they share our core purpose of serving the education community.
We attribute our continuing success to our commitment to help those who work in education. We design our products and services to meet their unique needs. For example, our Premium Summer Pay account pays a high rate and helps members of the education community save a portion of every paycheck during the school year to cover summer expenses. When members borrow to purchase an automobile, we offer a Summer Skip Payment Option with their loan payments.
Today, we have grown to over $1.2 billion in assets and serve 85, 000 members. We have 13 branch locations and over 200 employees. We provide the financial products and services you would expect from a large financial institution with a commitment to the members of the education community.
Changes to the Property Value could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
You can change the property value by moving the Property Value slider up or down or by entering a new Property Value manually in the Property Value box.
When you change the Property Value, only the LTV will change, and the Loan Amount will remain the same Loan Amount.
Other advanced sliders’ options are available with Lendersa® Advanced Calculator
CloseChanges to the loan amount, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
CloseLTV is the abbreviation of Loan To Value, and it is the ratio between the Loan Amount and the Property Value. The formula to calculate LTV is Loan Amount divided by the property value. 
Example: Loan Amount $300,000, Property value $400,000 
Changes to the LTV, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
Close
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NMLS 1795154