New York, NY (PRWEB) September 26, 2012
With graduating college students finding it increasingly difficult to save money and repay high-interest student loans, cuStudentLoans, a leading network of credit unions offering private student loans and private student loan consolidation options to families nationwide, offers a bit of relief for graduates seeking to refinance their student loan debt at a lower interest rate. Since introducing its private student loan consolidation program to credit unions in February 2011, cuStudentLoans has helped recent graduates refinance and consolidate more than 5,000 private student loans. When comparing borrower student loan consolidations based on the previous interest rate they were charged, with the terms that they are currently receiving, the results are an overall savings of nearly $22 million over the loan’s lifetime, or approximately $800 per student annually.
cuStudentLoans’ private student loan consolidation program benefits both the lenders (credit unions) and student borrowers. For credit unions, it provides them with increased lending business, while promoting their valuable products and services to young college graduates who are poised to embark on their salaried careers. Helping these graduates consolidate and repay their loans with the stated savings also adds tremendous value to the credit unions providing other financial services. For the students, it’s obvious: extra cash available from the consolidation to use for a new car, home, investment, etc.
“This is a tremendous savings for students during a time when many graduates are finding it very difficult to repay their loans,” says Alice Stevens, Chairman of cuStudentLoans. “With all the negative publicity surrounding student lending today, we are here to show that credit unions are turning those stories around with extremely positive results. Because of this program, credit unions can step up and do what they do best – and that’s help the consumer save some money while providing great service. We look forward to seeing next year’s statistics, as we only expect them to get better.”
cuStudentLoans is a leading network of progressive credit unions offering private student lending options to students and families nationwide. Formed in 2010, CU Student Lending, LLC is comprised of over 150 progressive credit unions that built a member-responsive private student loan program using a common underwriting and pricing platform. The program, which consists of both the cuScholar Private Student Loan and cuGrad Private Student Loan Consolidation, includes loan participations to enhance and mitigate risk. For additional information, visit http://www.custudentloans.org.