WASHINGTON — Members of three more credit unions will have access to private student loans through Credit Union Student Choice, a CUSO launched in early May.
The $1.5 billion Members 1st FCU, the $35.7 million Irving City Employees FCU and the $100 million Leaders CU are the latest to sign on, the CUSO said on June 16. Members 1st has launched the Student Choice program making private student loans available through a cobranded Web site 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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While also looking to meet the student lending needs of members, Lauren Horton, CEO of Irving City Employees FCU, said the CUSO provides a unique opportunity to increase its value to the Generation Y segment.
"Like many credit unions, we want to be our members' lifetime financial partner, and building a meaningful relationship around a credit union loan product with young adults is critical to making that happen," Horton said.
For Leaders CU, venturing into student lending was a natural progression from their beginnings as a teachers' credit union.
"Our field of membership has expanded over the years, but our belief in the power of education has always remained," said Todd Swims, CEO of Leaders CU. "Providing affordable access to higher education is vital for our community and the entire country."
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.
Truliant FCU Bike Ride Raises $20,000
WINSTON SALEM, N.C. — Truliant Federal Credit Union's first annual Ride to Relay, a charity motorcycle ride, helped raise over $20,000 for the Forsyth County chapter of Relay For Life.
As the American Cancer Society's signature event, Relay For Life raises funds for cancer research, advocacy and patient services. Truliant has been a partner with Relay For Life for 15 years and has raised more than $80,000 for the cause since 2004.
The Ride to Relay started at Truliant's headquarters and ended at Old Richmond fire department in Pfafftown, where additional relay activities were taking place.
"We really encourage our employees to get involved with the communities that we serve," said Ginger Salt, senior vice president of markets for Truliant. "We feel it is important to honor our staff members and loved ones in the community who have battled or lost to cancer. This bike ride is just another way to generate community support and help raise money to fight against the disease."
Relay For Life is an overnight experience designed to bring together those who have been touched by cancer. During Relay For Life, teams of people gather at schools, fairgrounds or parks across the country and take turns walking or running laps. The events are held overnight to represent the fact that cancer never sleeps. Through the survivors' lap and the luminary ceremony, people who have faced cancer first hand are honored and those who have been lost to this disease are remembered.
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