Greylock Federal Credit Union has teamed up with student loan solutions provider CampusDoor to offer Credit Union Student HELP Smart Option Student Loans made by Sallie Mae.
Positioned as a supplement to federal student loans and other financial aid, the loan has been designed to help students cover college expenses ranging from tuition and room and board to textbooks and computers, while helping them graduate with less debt.
Here is how it works. Rather than waiting to make payments until after graduation, students can choose between a fixed monthly in-school payment plan or an interest-only plan, to make payments while in school. According to the Pittsfield, Mass.-based credit union, with the loan's shorter repayment period, a student can pay off the loan five to eight years faster after graduation, compared to a standard 15-year interest deferred private student loan.
As part of the CU Student HELP program, CampusDoor will lend a hand with the development and implementation of the loan program and provide specialized call center support to ----Greylock FCU members.