NuUnion Launches Student Loan Product Today
New Credit Union Program Aims to Fill Gap Left by Public Lending Cuts.
Lansing, MI (Vocus/PRWEB ) March 27, 2009 -- NuUnion and a handful of other leading credit unions from across the country have partnered to create a new student loan product that offers students and their families a way to fill the gap that federal aid may not cover. Starting today, Monday, May 5, NuUnion will offer competitive-rate student loans that can be used to cover tuition, fees, books, room and board, and other related expenses.
"As the cost to attend both public and private colleges and universities continues to increase, federal funding has not kept pace, and many families have been forced to seek higher cost loans to pay for education" said Teresa Mayer, Vice President of Lending, NuUnion Credit Union. "But NuUnion provides an alternative, more competitive student loan option with no origination fees, lower interest rate, deferment of principle and interest while in school, and flexible repayment terms."
Students who are enrolled at least half-time in a degree-granting program with a qualified co-signer are eligible to apply. Each year, approved students can borrow from $1,000 up to the total cost of attendance less other financial aid received with a maximum of $75,000 during their college career. Funds are disbursed directly to the school at the time the school specifies.
Students at approximately 1,700 colleges and universities nationwide are eligible for the program with 45 in the state of Michigan, including Central Michigan, Grand Valley State, Michigan State, and University of Michigan. For a complete list, please visit NuUnion.org. The application process is simple and can also be completed at NuUnion.org or by calling 800.758.9830.
"Student loans are a long-term commitment, and it's important to choose a lender carefully," said Mayer. "It's our goal to serve our members for life, and this product allows us to step in when families need an affordable solution. It also gives us an opportunity to solidify relationships with young adults and demonstrate the value of belonging to NuUnion."
NuUnion's student loan program, Credit Union Student Choice Loan Program, has been created through a CUSO (Credit Union Service Organization), a partnership among credit unions that allows them to conduct business that otherwise may not be possible.
NuUnion was established in 1952 and today is nearly 89,000 members strong. With more than $818 million in assets and 14 branches, including eight locations in Lansing, two in Mt. Pleasant, and four in west Michigan, NuUnion believes in providing total financial solutions to its members through a unique service experience. Membership is open to anyone in its 28-county service area.
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