The $3 billion San Antonio Federal Credit Union just wrapped up hosting a series of four workshops for local college and university counselors and representatives of the Texas Guaranteed Student Loan Corporation.
One of the toughest parts of borrowing money for education is paying off the loans, especially if high interest rates are in the picture. That’s where credit unions can come in and offer relief with student loan refinance programs, several experts say.
Survey finds keen awareness of importance of money among 13- to 22-year-olds.
According to the Western Union Payments Money Mindset Index survey’s student debt data for the first quarter of 2012, Gen Y is more likely than any other generation to carry student loan debt, and 10% of Gen Y members are holding a hefty amount of it–$30,000 or more.
Western Union Payments Money Mindset Index survey finds 10% of Gen Y members owe $30,000 or more.
All student loan borrowers are out to get an education, but for those who belong to credit unions, a different kind of schooling might be in store. Some credit unions say they’re placing an emphasis on educating their student loan recipients about the borrowing process, from application submission through repayment.
Another top finding of the survey was 90% of respondents said they should be contacted the way they like the most.
Lending giants U.S. Bank and JPMorgan Chase recently announced they had eliminated and reduced their private student lending programs, respectively. JPMorgan Chase will only make private student loans for existing customers.
University of Wisconsin Credit Union is introducing a new program that will teach student loan borrowers all about loan repayment post-graduation.
Student loans are poised to become the next big consumer debt debacle. Total outstanding student loan debt is expected to top $1 trillion this year, more than double the amount owed just five years ago. That would push it well above the amount of credit card debt outstanding, which totaled...