New Sallie Mae Student Loan Option
VA Community Credit Union is doing its part to help students bridge the college financing gap by offering the "Sallie Mae Smart Option Student Loan."
The new student loan program is designed to help families meet the rising cost of college while helping students graduate with less debt and pay off their loans faster after graduation.
Among the program’s features, students pay interest while in school so they graduate with less debt. Compared to other longer term private loan alternatives in which no payments are made until after graduation, with Smart Option, a typical freshman can save 30% to 50% on finance charges over the life of the loan. In addition, a student can pay off the loan five to eight years sooner after graduation than a standard 15-year interest-deferred private loan. Students can choose between a $25 monthly in-school payment plan or opt to pay interest only while in school.
"We’re excited about partnering with Sallie Mae to offer an affordable and practical solution for education financing," said Tom Lincoln, vice president of lending at UVA Community CU. "Education is an important priority of the credit union and the Smart Option Student Loan is another in a long list of initiatives that the credit union provides that strengthens our communities by promoting education."