SOMERVILLE, Mass.–Naveo Credit Union said it has relaunched its Back to School Loan for both local parents, young adults and educators as a means of responding to the growing number of costs associated with starting a new school year.
The credit union said it originally created this seasonal loan a few years ago to help with the costs of textbooks, computers, and school supplies, but this year, the loan was expanded to include additional costs associated with remote learning, such as WIFI connectivity equipment, headphones, etc.
Naveo CU noted that many of the school districts within its field of membership are either offering fully remote or hybrid school options to start the year, which can mean unexpected costs for those without WIFI connectivity or access to a computer.
“The costs for standard supplies can add up, especially when you add in dorm room necessities or school-required uniforms. In addition, many teachers are spending out-of-pocket funds to supply their classrooms due to dwindling budgets at schools,” the credit union said. “In the current economic environment, all these costs can cause a financial burden for those with kids returning to school.”
Terms of Loan
The Back to School Loan is available in amounts up to $2,000 and in terms of 3-12 months, allowing the loan to be paid off by the start of the following school year, should another loan be needed. Naveo said the loan features a lower-than-usual rate for an unsecured loan, “making this solution more affordable for those who need assistance with school expenses.”
“We celebrate the many great educators in our local schools and neighborhoods, who are consistently rated among the best in the nation, and are very happy to support them and their students in these challenging times,” said Albert Pinho, interim CEO of Naveo Credit Union.