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?
- Must be an active member of the Chicago Teachers Union (CTU).
- The active member of CTU must complete and submit Form A, certifying that he has honored the professional action.
- 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.
- 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.