Supporting Our Members During the Government Shutdown

As the government shutdown continues, many communities are feeling the strain. Financial uncertainty looms over federal employees, contractors, and families indirectly affected. This stressful situation can lead to anxiety about meeting basic needs. At University Credit Union (UCU), we prioritize supporting our members during the government shutdown. Our commitment is to provide practical solutions, financial guidance, and compassionate service.

Understanding Financial Concerns

During a shutdown, essential expenses become paramount. Housing, utilities, groceries, and insurance require immediate attention. It's crucial to have a clear picture of your financial situation. Start by creating a simplified budget. This will help stretch your resources and avoid unnecessary spending. Here are some tips:

• List all your income sources and expenses.
• Identify essential versus non-essential expenses.
• Allocate funds based on priority needs.
• Track your spending regularly to stay on course.
• Adjust your budget as needed to reflect changes.

If you find it difficult to meet your financial obligations, reach out to your creditors early. Open communication can lead to more options and potential relief. Many lenders, including UCU, offer temporary relief options designed to ease financial burdens during these challenging times.

Accessing Financial Relief Options

Avoiding high-interest debt traps is crucial during a government shutdown. UCU offers low or no-interest alternatives for our members. We provide a range of loan options tailored to assist in situations like this. These options allow qualifying members to access funds under favorable terms, ensuring a manageable repayment process.

Members currently holding loans with us may be eligible for our Skip-a-Payment program. This program permits you to defer payments without penalties. If you are enrolled in our debt protection program, additional safeguards may also be available to protect against job loss or income disruption.

Being proactive can help navigate this uncertain period. Create a Safety Net and Take Inventory. Consider the following:

• Establish a LOC (for emergency use).
• Sign up for a HELOC (for emergency use).
• Pledge paid off cars for a loan to access emergency funds, auto equity cashout.
• Consider a 401k loan where you pay yourself back principal and interest.
• Evaluate all current and potential loan sources to utilize the most efficient and effective funding sources.
• Plan for two to three months of savings for living expenses.
• Re-evaluate your budget and spending annually.
• Inquire about the Skip-a-Payment program if you have an existing loan.
• Seek options for lower interest rates from your creditors.
• Explore UCU's loan products that can provide immediate cash flow relief.
• Utilize our financial counseling services for personalized advice.
• Stay informed about government resources and assistance programs.

Utilizing Educational Resources and Support

Financial education is vital in times of uncertainty. UCU provides a wide array of resources to empower members. Our Financial Wellness Center includes budgeting tools, loan and retirement calculators, and educational content designed to improve your financial prowess. These resources are available online and accessible 24/7. 

Personalized support is also a key feature at UCU. Our Certified Credit Union Financial Counselors (CCUFCs) are available for virtual or in-person meetings. They can assist you in creating a customized budget, managing debt, and improving your credit score. These services are complimentary for our members, providing clarity and confidence during uncertain times.

Consider the following educational resources offered by UCU:

• Access to budgeting tools that help track spending.
• Loan calculators to understand payment options.
• Webinars on financial literacy topics.
• Guides on managing debt effectively.
• Information on retirement planning and saving strategies.

Connecting with UCU for Assistance

UCU was founded on the principle of people helping people. If you are affected by the shutdown, we encourage you to reach out. Whether you prefer to call, visit a branch, chat online, or message us through online banking, we are here to listen. Supporting members during the government shutdown is our mission. We are dedicated to helping you find the best path forward during these challenging times.

By utilizing UCU's products and services, you can navigate this situation with greater ease. Our offerings include:

• UCU donates regularly to partner food pantries should your SNAP benefits be affected - contact us to learn more or visit one of the following locations:
  • Pepperdine - Waves Food Cabinet
  • LMU Food Pantry
  • UCD - The Pantry
  • SMC - Gael Pantry
  • UCI Basic Needs Center
  • UCSD - Triton Food Pantry
  • UCLA - CPO Basic and Essential Needs
  • SCU - Bronco Food Pantry
• Comprehensive financial counseling services.
• Educational resources available online.
• Access to budgeting and financial planning tools.

As you face the challenges of the ongoing government shutdown, remember that UCU stands ready to support you. We understand the stress this situation can cause and are committed to providing the resources and guidance you need. Let us help you take control of your finances and find stability during this uncertain time. Take a look at this short video to learn more.