The $360 million UMassFive College Federal Credit Union of Hadley, Mass. has lent approximately $1 million to students at the University of Massachusetts Amherst during the 2011-2012 school year, the credit union announced.
This announcement brings the total amount of dollars the credit union has lent to UMass Amherst students to $7 million since launching its private student lending program in 2009, UMassFive College FCU said.
UMassFive College FCU offers private student loans through a partnership with Credit Union Student Choice, a Washington, D.C.-based CUSO that allows its more than 200 credit union partners to make private student loans and hold them on their own balance sheets.
“We feel our student loan is one of the best private student loans for students who need to close the gap in funding higher education after all other financing options have been exhausted,” said Jon Reske, vice president of marketing for UMassFive College FCU. “As a not-for-profit financial cooperative, we have the unique ability to design products that are truly in the best interest of the student and their family.”
The 28,000-member credit union serves the University of Massachusetts, the schools that comprise the state’s Five College System – Amherst College, Hampshire College, Mount Holyke College, Smith College and the University of Massachusetts Amherst – and several select employee groups.