Interest-Free Foreclosure Loans – Chicago Teachers Union

The mayor’s lockout of CTU educators has imposed additional economic hardship on members already struggling with a wide range of hardships caused by the pandemic. To help cushion the blow, the AFT and CTU are providing interest-free loans to all members who have lost their wages as a result of a lockout.

Who is eligible for the loan?

  1. Must be an active member of the Chicago Teachers Union (CTU).
  2. The active member of CTU must complete and submit Form A, certifying that he has honored the professional action.
  3. Applicant must be a member of the United Credit Union (UCU).
    • An initial deposit of $25 is required to open an account and can form part of the loan disbursement.
  4. Must have lost pay due to Chicago Public Schools Lockout on January 5, 6, 7, and 10, 2022.

When should I apply? How much does the loan cost and how do I repay it?

United Credit Union will be accepting applications beginning Tuesday, January 18, 2022 and ending Friday, February 4, 2022. The loan amount is $480. The loan has an interest rate of 0%. The member will reimburse by payroll deduction as of Friday, February 11, 2022.

How can I receive the application file?

I have questions about the foreclosure loan application. Who can I ask?

Where do I send questions about the loan that are not related to the application?

You can email the Membership Department or the CTU Accounting Department.

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