Corporate America, the $3.7 billion Irondale, Ala., corporate credit union, has announced a partnership with Sallie Mae to offer credit unions private student loans.
Said Corporate America in a statement, “The Smart Option Student Loan assists families as they cover the rising cost of college tuition and offers degree-seeking students interest rates that are among the lowest in the nation as well as in-school payment choices to help them graduate with less debt.”
Designed to supplement other forms of student financial aid, the aim of the Smart Option Student Loan program is to help students cover 100% of the cost of their education in many instances, said Corporate America.
The program offers various repayment options and, said Corporate America, depending on which a student chooses, “the typical freshman can save an estimated 17 to 49% in interest charges and pay off the loan three to eight years faster after graduation, compared to a conventional payment-deferred loan with a 15-year term.”
“We are very pleased to be able to offer the Smart Option Student Loan program to our members,” stated Thomas Bonds, Corporate America CEO.