"Our overall objective continues to be to ensure that a Harvard graduate education remains accessible to talented students," said Dan Shore, Harvard's chief financial officer. "The agreement with the Harvard Credit Union creates multiple lending options for our students at a time of significant uncertainty in the global credit markets."
The loan program is open to both domestic and international students and was launched with Credit Union Student Choice. The loan has low rates and fees, competitive terms, flexible repayment options and 24/7 call center support.
"Today's volatile economic environment has wreaked havoc on many lenders in the private student lending industry, leaving students with little access to fair-value financial aid," said Gene Foley, president/CEO of HUECU. "But as a not-for-profit credit union that is completely focused on serving the Harvard community, not only are we surviving the current economic downturn, but we are in a position to step up and deliver an even higher level of service to Harvard students a time of critical need."
Earlier this year, two other credit unions launched similar programs through CU Student Choice. MIT Federal Credit Union started a program for international students at the MIT Sloan School of Management and Digital Federal Credit Union in Philadelphia started a program for international MBA students at the Wharton School of the University of Pennsylvania.