UW Credit Union today announced it has launched a fixed-rateprivate student loan for college students. The loan is designed tohelp students afford college expenses after they've exhausted theirfederal financial aid allotment.
|The Madison, Wis.-based UW Credit Union said it is the first financial institutionbased in Wisconsin to offer a fixed-rate private loan option forstudent members. Previously, the credit union only had avariable-rate loan option.
|“This fixed-rate term gives students the peace of mind in havingthe same rate for the life of the loan, while avoiding the upfrontfees associated with alternative fixed-rate options,” said MikeLong, executive vice president and chief credit officer at the $1billion credit union.
|“The costs of higher education are becoming more expensive eachyear, and federal financial aid awards are not keeping pace withthese increases. Our student members will benefit greatly fromhaving this additional, affordable option to help pay for theireducational expenses,” he added.
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