Student Lending Spreads Among CUs
Southeast Corporate FCU and two Michigan credit unions recently announced they will offer student loans.
Southeast has partnered with Sallie Mae to offer the Smart Option Student Loan program to member credit unions. Designed to supplement federal loans and other financial aid, the product allows students to graduate with less debt by paying interest while in school.
Genisys Credit Union of Auburn Hills, Mich., has partnered with Credit Union Student Choice to offer a private student loan to families who have exhausted other financial options. The program's features include multiple draws from a line of credit up to $75,000, no origination fees and the ability to apply online or by telephone via a 24/7 call center.
Catholic Federal Credit Union of Saginaw, Mich., has also partnered with Credit Union Student Choice to offer a private student education line of credit. Its features include competitive interest rates, no origination fees, in-school deferred payment and a graduated repayment.