Associated Credit Union of Norcross, Ga. is student lending CUSO Credit Union Student Choice’s newest credit union partner. The $1.3 billion credit union has announced it will offer members private student loans through the CUSO’s program.
“We encourage students to seek a higher education but understand how difficult it is to finance in today’s economy,” said Greg Connor, executive vice president for Associated CU. “Associated CU wants to make obtaining a college degree easier by offering a cost-efficient loan for when scholarships and government aid are not enough.”
Associated CU said according to its loan portfolio, students borrow an average of $5,600 per semester for their education with an average interest rate of 6.07%. Through the Credit Union Student Choice program, members can take out student loans with no origination fees and full deferment of principal and interest while in school, the credit union said, adding that Georgia has 42 undergraduate schools and 16 domestic graduate business programs approved under the CUSO’s program.
Credit Union Student Choice, based in Washington, D.C., launched in 2008 and allows credit unions to make school-certified student loans that they hold on their own balance sheets.