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MEMBER NOTIFICATION

FEDERAL RESERVE RATE INCREASE

In an effort to slow down the growth of record-high inflation, on June 15, the Federal Reserve made the decision to increase the federal funds rate by 0.75%.

The federal funds rate is important because it affects many other rates, including the prime rate, which determines the rates on variable-rate loans, such as credit cards, lines of credit and other products.

What does this mean for Members?

You will see a rate change to the products listed below. Please refer to your Agreement and Disclosure Statement for specific information on how your loan or credit card is affected.

When will Members see changes to rates for new and existing loans?

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                                                                                                                                       June 15, 2022 (0.75%) Fed Rate Decision


Loan/Credit Card Type

Rate Change for Existing
Loans/Credit Cards Begins

Rate Change for New
Loans/Credit Cards Begins

Special Curriculum Loan
(School Employees)

July 1, 2022June 22, 2022
Higher Education Loan
(School Employees)
July 1, 2022June 22, 2022
Home Equity Line of Credit (HELOC)July 21, 2022June 22, 2022
Inspire Mastercard®August 1, 2022
(Based on your statement cycle)
June 22, 2022
Rewards MastercardAugust 1, 2022
(Based on your statement cycle)
June 22, 2022
School Employee Mastercard
(School Employees)
August 1, 2022
(Based on your statement cycle)
June 22, 2022
Line of Credit
(Legacy Schools Financial Members)
August 1, 2022Not Available
Signature Line of Credit
(Legacy Schools Financial Members)
August 1, 2022Not Available
Student Line of Credit
(Legacy Schools Financial Members)
August 1, 2022Not Available



Loan Type
Special Curriculum Loan
(School Employees)
Rate Change for Existing Loans/Credit Cards BeginsJuly 1, 2022
Rate Change for New Loans/Credit Cards Begins

June 22, 2022


Higher Education Loan
(School Employees)
Rate Change for Existing Loans/Credit Cards BeginsJuly 1, 2022
Rate Change for New Loans/Credit Cards BeginsJune 22, 2022



Home Equity Line of Credit (HELOC)
Rate Change for Existing Loans/Credit Cards BeginsJuly 21, 2022
Rate Change for New Loans/Credit Cards BeginsJune 22, 2022


Inspire Mastercard®
Rate Change for Existing Loans/Credit Cards BeginsAugust 1, 2022
(Based on your statement cycle)
Rate Change for New Loans/Credit Cards BeginsJune 22, 2022


Rewards Mastercard
Rate Change for Existing Loans/Credit Cards BeginsJuly 1, 2022
(Based on your statement cycle)
Rate Change for New Loans/Credit Cards BeginsJune 22, 2022


School Employee Mastercard
(School Employees)
Rate Change for Existing Loans/Credit Cards BeginsJuly 1, 2022
(Based on your statement cycle)
Rate Change for New Loans/Credit Cards BeginsJune 22, 2022



Line of Credit
(Legacy Schools Financial Members)
Rate Change for Existing Loans/Credit Cards BeginsJuly 1, 2022
Rate Change for New Loans/Credit Cards BeginsNot Available



Signature Line of Credit
(Legacy Schools Financial Members)
Rate Change for Existing Loans/Credit Cards BeginsJuly 1, 2022
Rate Change for New Loans/Credit Cards BeginsNot Available



Student Line of Credit
(Legacy Schools Financial Members)
Rate Change for Existing Loans/Credit Cards BeginsJuly 1, 2022
Rate Change for New Loans/Credit Cards BeginsNot Available



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                                                                                                                                         May 4, 2022 (0.50%) Fed Rate Decision


Loan/Credit Card TypeRate Change for Existing
Loans/Credit Cards Begins
Rate Change for New
Loans/Credit Cards Begins

Special Curriculum Loan
(School Employees)

June 1, 2022May 12, 2022
Higher Education Loan
(School Employees)
June 1, 2022May 12, 2022
Home Equity Line of Credit (HELOC)June 21, 2022May 12, 2022
Inspire Mastercard®July 1, 2022
(Based on your statement cycle)
May 12, 2022

Rewards Mastercard

July 1, 2022
(Based on your statement cycle)
May 12, 2022
School Employee Mastercard
(School Employees)

July 1, 2022
(Based on your statement cycle)

May 12, 2022
Line of Credit
(Legacy Schools Financial Members)
July 1, 2022Not Available 
Signature Line of Credit
(Legacy Schools Financial Members)
July 1, 2022Not Available
Student Line of Credit
(Legacy Schools Financial Members)
July 1, 2022Not Available


Loan Type
Special Curriculum Loan
(School Employees)
Rate Change for Existing Loans/Credit Cards BeginsJune 1, 2022
Rate Change for New Loans/Credit Cards Begins

May 12, 2022


Higher Education Loan
(School Employees)
Rate Change for Existing Loans/Credit Cards BeginsJune 1, 2022
Rate Change for New Loans/Credit Cards BeginsMay 12, 2022



Home Equity Line of Credit (HELOC)
Rate Change for Existing Loans/Credit Cards BeginsJune 21, 2022
Rate Change for New Loans/Credit Cards BeginsMay 12, 2022


Inspire Mastercard®
Rate Change for Existing Loans/Credit Cards BeginsJuly 1, 2022
(Based on your statement cycle)
Rate Change for New Loans/Credit Cards BeginsMay 12, 2022


Rewards Mastercard
Rate Change for Existing Loans/Credit Cards BeginsJuly 1, 2022
(Based on your statement cycle)
Rate Change for New Loans/Credit Cards BeginsMay 12, 2022


School Employee Mastercard
(School Employees)
Rate Change for Existing Loans/Credit Cards BeginsJuly 1, 2022
Rate Change for New Loans/Credit Cards BeginsMay 12, 2022



Line of Credit
(Legacy Schools Financial Members)
Rate Change for Existing Loans/Credit Cards BeginsJuly 1, 2022
Rate Change for New Loans/Credit Cards BeginsNot Available



Signature Line of Credit
(Legacy Schools Financial Members)
Rate Change for Existing Loans/Credit Cards BeginsJuly 1, 2022
Rate Change for New Loans/Credit Cards BeginsNot Available



Student Line of Credit
(Legacy Schools Financial Members)
Rate Change for Existing Loans/Credit Cards BeginsJuly 1, 2022
Rate Change for New Loans/Credit Cards BeginsNot Available



Is the federal funds rate expected to fluctuate again this year?

It depends on how the economy is performing. The Federal Open Market Committee (FOMC) will meet multiple times this year to assess interest rates and the current environment.

Does this mean rates on deposit products will also be increasing?

We always strive to maintain very competitive rates to help Members save. The federal funds rate is just one factor we consider when determining if we will increase dividend rates. You can find our current rates on our website.

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