One of the toughest parts of borrowing money for education ispaying off the loans, especially if high interest rates are in thepicture. That's where credit unions can come in and offer reliefwith student loan refinance programs, several expertssay.
The National Institutes of Health Federal Credit Union justlaunched a refinancing program geared toward health careprofessionals, a demographic that tends to be highly burdened withstudent debt, the credit union said. The $562 million, Washington,D.C.-based credit union, which serves the health care andbiomedical industries, built the “CareerBuilderEducation Refinancing Program” in response to requests from itsmembers who are especially strapped due to high costs of living inthe Mid-Atlantic region, explained Juli Anne Callis, president/CEOfor NIHFCU.
“It's a solution we developed to meet the needs of ourconstituency,” Callis said. “We kept hearing about this heavyindebtedness among health care professionals, such as nurses. Thatmiddle tier is facing an ongoing challenge.”
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