The latest credit union to offer members student loans via Sallie Mae’s Smart Option Student Loan referral program is the $924 million FORUM Credit Union in Fishers, Ind.
The suburban Indianapolis credit union joins Sallie Mae’s pool of approximately 500 credit union partners, which earn fee income in exchange for referring members to the financial services company’s Smart Option Student Loan.
The student loan product is designed to supplement federal student loans and other forms of financial aid, can cover up to 100% of borrowers’ education expenses, and offers rewards for on-time and automatic payments, FORUM CU said.
Compared to a conventional, payment-deferred, 15-year term loan, students can save 17-49% in interest with the Smart Option Student Loan and pay off the loan three to eight years faster, according to the credit union.
“Sallie Mae is delighted to partner with FORUM Credit Union to assist families seeking responsible solutions to make the investment in a college education,” said Jerry Maher, senior vice president for Sallie Mae.
