University of Wisconsin Credit Union is introducing a new program that will teach student loan borrowers all about loan repayment post-graduation.
The $1.5 billion, Madison, Wis.-based credit union announced the launch of a free student loan exit counseling program for students graduating in May 2012 or this summer. The credit union will host in-person educational seminars on six University of Wisconsin campuses — Madison, Milwaukee, Stevens Point, Whitewater, Oshkosh and Green Bay.
“Providing financial education is a core business value for our organization,” said Mike Long, the credit union’s executive vice president and chief credit officer, as well as the executive vice president and chief operating officer for CU Campus Resources, a student lending CUSO wholly owned by UW Credit Union.
“Our commitment to student success continues well beyond the initial loan transaction. Our intent is to make our program very accessible, so graduates will take advantage of the seminar to get the information and skills they need to make good financial choices,” Long said.
Seminar topics will include estimated student loan payments, repayment options, whom to contact with questions, federal financial aid, post-college budgeting and how student loans can affect personal credit history, UW Credit Union said.
Long said UW Credit Union has invited nearly 600 students to attend the sessions, based on their graduation dates, and if the program is successful, the credit union will consider offering additional in-person sessions at more UW System schools and an online counseling option.
“It’s important to be a resource for students during their transition following graduation,” he said.