RALEIGH, N.C. ?EURo State Employees' Credit Union is making an investment in North Carolina's future.
Investing $1.1 billion of members' funds, SECU will help the North Carolina State Education Assistance Authority refinance and provide funding for loans made by College Foundation, Inc. to students and parents this year.
The deal has been in the works since April with several cooperatives working together in NC to make it happen for the students including: North Carolina Education Assistance Authority, College Foundation of North Carolina and SECU.
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Here is how it breaks down, $700 million will be refinancing existing bonds for the NC State Education Assistance Authority, resulting in a NCSEAA savings of some $5 million/year in interest costs. Over $300 million will be in new funding for students loans –which will be used to finance federal guaranteed student loans and North Carolina EXTRA Loans.
The investment is well timed since the auction rate bond market has pretty much collapsed and gone away leaving some states with no funding for student loans. At the same time, Local Government Federal Credit Union will be offering discounted student loans for its members as well.
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