GREENSBORO, N.C.--First Carolina Corporate Credit Union (FCCCU) has partnered with Sallie Mae to offer The Smart Option Student Loan Program. Smart Option Student Loans are designed to help students meet the rising cost of college and graduate with less debt. As a supplement to federal student loans and other financial aid, Smart Option helps cover up to 100% of education expenses, First Carolina said.
Smart Option Student Loans offer fixed or variable rates. Other options include in-school repayment to help build credit while reducing the cost of the loan and amount of debt students graduate with.
First Carolina said it offers credit unions the opportunity to offer the Smart Option Student Loans to its members through Sallie Mae. Among the benefits to participating CUs:
• 1.0% referral fee on loans originated from their websites
• No fee to sign-up for the program
• No credit risk. Loans are approved and funded by Sallie Mae, who assumes the credit risks
• Access to a younger generation of credit union members
• Partnership with the industry leader in private student loans
• Marketing support, including co-branded website, teller guides, pamphlets and teller line signs provided by Sallie Mae