TEMPE, Ariz. — The administration at Arizona State University expressed thanks Tuesday to the $1 billion Arizona State Credit Union for devising a “rescue” loan package to aid employees who have undergone financial hardship following a payroll conversion.
“You could say our presence on all three campuses and our relationship with the university created a natural connection to create a loan solution for employees facing a missed paycheck,” explained Paul Stull, senior vice president of Arizona State of Glendale.
The CU provided a 2.9% loan with a six-month term and according to the university, 50 of the loans have been extended with more expected.
“We do appreciate the loan program,” said a spokeswoman for the university administration. ASU, the largest college in metro Phoenix, has 15,000 employees.
Following a flurry of negative press articles about software “glitches” and students missing their pay check to meet daily needs, the ASU Human Resources department set up an employee help center and recruited CU employees to help staff it in July.
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