Grow Relationships and Give Members Control of their Finances

Help members potentially save thousands over the life of their loan while bringing value back to the cooperative.

The Solution Your Members Need

According to Goldman Sachs “The Future of Finance” report issued in March 2015, $211 billion in outstanding student loan debt (consisting of both private and federal loans) is considered to be “addressable” by lenders (based on loans in repayment and credit-worthiness of borrowers). Credit unions can create a true win-win situation by helping members refinance high-rate loans while bringing value to the bottom line and establishing the opportunity for long-term member relationships.

 

Student Choice Refinance Solutions

With our Refi Solution, credit unions may allow prospective borrowers the ability to refinance and consolidate the following types of loans:

 

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Institutional & Federal Loans

An institutional loan is made by the university or college, who is the lender. The U.S. Department of Education offers federal Direct Subsidized Loans and Direct Unsubsidized Loans to eligible students at participating schools.  

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Parent & Grad PLUS Loans

PLUS loans are federal loans that graduate or professional students and parents of dependent undergraduate students can use to help pay for college or career school. 

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Private Student Loans

Private student loans are not funded or subsidized by the federal government. They are funded by banks, credit unions, or other types of lenders. 

Student Loan Refinancing

Credit unions are searching for ways to grow relationships with young adults. Young consumers are searching for ways to gain control of their financial future, and for many, that means tackling their student debt. The perfect intersection of these two goals is student loan refinancing.

Just like you already do with auto and mortgage loan holders, help members save thousands (and eliminate the hassle of multiple payments) by offering an option that allows them to refinance and consolidate high-rate student loans. Our Student Loan Refinance Program is structured as a traditional closed end loan and built with your credit union’s specific underwriting criteria.

Program parameters selected by credit union:

  • Fixed and/or variable rates, based on Prime or LIBOR
  • Repayment terms of 5, 10, or 15 years
  • Maximum loan amount up to $125,000
  • Type of loans to be refinanced (federal, PLUS, private, institutional)
Campus
Mia

Meet Mia

"My overall experience with Georgia's Own Credit Union was great. I needed financing for my senior year of college and the loan specialist was able to get a rate lower than other private student loan options I had previously looked at. The deferment period after graduation played a huge role as I adjusted to life within my career. I was able to successfully assimilate into adult life without worrying about immediately paying the loan back. I always recommend the credit union as an option to pay for school because you get the lowest rates available and the Student Choice specialists know how to best help for your situation."

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