MONTEREY PARK, Calif.–F&A FCU has selected Credit Union Student Choice to provide its members with higher education financing solutions.
The Student Choice refinance solution allows credit union members to refinance both private and federal student loans, though it cautions borrowers about the possible loss of federal student loan benefits in refinancing, the company said.
“With the rising costs of higher education, most students will borrow money to pay for college, and student loan repayment can be a significant pain point,” said Michael Welch, chief lending and branch operations officer for the $2.29-billion F&A. “By offering a student loan refinance option for our members, we can provide benefits of credit union membership such as lower rates and personalized support for the financial services they’ll need throughout their lives.
“As interest rates begin to climb, we want to offer our members an option to simplify their student loan repayment and potentially save thousands of dollars in interest over the life of repaying their loan,” Welch continued. “This goes hand in hand with our commitment to providing members personal service and exceptional value.”
‘Opportunity’ Available
Added Scott Patterson, president and CEO of Student Choice, “Despite the extended pause on federal student loan payments and interest, the current environment provides an opportunity for graduates to consolidate payments and possibly lower rates on private student loans. Student loan refinance is a valuable way for credit unions to help members take control of their finances and achieve goals, such as home or vehicle purchases, by reducing and eliminating the burden of student loan debt.”
Student Choice said it enables credit unions of all sizes to make private education loans that are held on their own balance sheet. Since launching in 2008, the CUSO reported it helped nearly 300 partner credit unions originate $4 billion in private education loans to more than 115,000 families.
You May Be (Actually Are) Missing Out!
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.