WASHINGTON — Three more credit unions have signed to offer private student loans to their members through Credit Union Student Choice, a CUSO launched in early May.
The $1.5 billion Members 1st FCU, $35.7 million Irving City Employees FCU and $100 million Leaders CU are the latest to sign on, the CUSO said today. Members 1st will launch the Student Choice program today, making private student loans available through a co-branded website at http://members1st.studentchoice.org/.
"The timing could not be better for us to offer student loans," said Bob Marquette, CEO of Members 1st. "We're filling a critical need for members and families when other lenders are abandoning student lending altogether."
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The three credit unions join nine others who are currently live with Student Choice, raising the number of members who now have access to a private student loan option to nearly 1.4 million, according to the CUSO, adding more than $2 million in loans have been approved.
The new CUSO helps members secure funds for higher education and features zero origination fees, lower interest rates, in-school deferred payment, co-signer release, and a graduated repayment option. The product is structured as a line of credit, which allows students to make multiple draws over the course of their college career.
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