Gone are the days when summer jobs and in campus jobs were sufficient to pay college fee, tuition, rent and utility bills. Today, you cannot rely on summer jobs to even cover food, gas or travel charges. In simple words, being an independent student is easier said than done. You should acquire substantial amounts of financial aid to survive your college days. This is because tuition fees, living expenses and educational expenditures will certainly go beyond your financial aid allowances!
When Private Loans Become Handy
This is when private student loans seem promising and inviting. Unfortunately, private student loans can leave you bankrupt for more than 25-long-years. Thus, you should approach someone else, like the credit unions. It is quite interesting to note that every state has many credit unions with enticing features like lower fee plans, upright services and indispensable customer care. Credit unions have two different types of services, namely CU student loans and student choice.
Student Choice From Credit Unions
Student Choice is a well known service offered by credit unions. It is an option used to handle different types of chores like servicing, applying, school certification, processing and disbursement. All important documents, interest rates and approvals are devoured by the credit union itself. If your loan gets approved, you must acquire details about it from your academic career centre. When you receive funds from www.studentchoice.org, all accounts and support services would be handled by the organization itself! However, you will receive funds through the credit union.
Credit Union Student Loans
Secondly, you can make use of credit union student loans. Student choice is a service that the credit union uses on behalf of you. On the other hand, CU student loans are offered by more than 100 different credit unions in the country. You can make an application, even without being a member. If your CU student loan application gets approved, you can become a member.
About CU Student Loans
Few interesting facts about CU student loans would be as follows:
- One of a Kind Terms & Conditions – CU Student loans have unique terms and conditions. The lenders use a special formula to calculate it’s rate of interest.
- Your Credit Scores – Borrowers with good credit scores don’t require a cosigner.
- Your Performance – If you have a good GPA, you will qualify for very low interest rates. Sometimes, the interest rate can hit a rock bottom rate of 3.47%.
- Relying on a Cosigner – If you have a reliable cosigner, with high credit scores, you will have better chances of loan approval.
- Better Rates of interest – Once you pay 10% of the loan’s balance, the lenders will reduce 1% from your total rate of interest.
Ultimate Bottom Line
When it comes to education funding, there are plenty of options you can choose from! However, when all doors are closed, Credit Union Student Loans will give you a massive boost. It will definitely support you mentally and financially.