PLYMOUTH, MIch.–Community Financial Credit Union has selected Credit Union Student Choice to offer solutions for private student lending and student loan refinance.
The $1.2-billion CFCU has more than 85,000 members.
“At Community Financial, we exist to serve the members of our community, beginning early in a student’s education and continuing through every stage of their lives,” said Tansley Stearns, president and CEO of Community Financial. “College is one of life’s most significant investments, and we believe firmly that access to funding should not be a barrier for any of our members who are working tirelessly to achieve their dreams. We begin supporting strong financial management skills through our nearly 50 student-run credit unions in local elementary, middle and high schools, and we are always embracing opportunities to continue supporting our young members through college graduation and beyond.”
According to Washington-based CU Student Choice, Community Financial will offer the company’s flagship education line of credit for undergraduate students, as well as a student loan refinance option that will help borrowers simplify their student loan repayment to potentially save money over the life of the loan.
Helping Members be ‘Responsible’
The company further said that by offering both in-school and refinance solutions, the program is designed to help members responsibly manage the cost of higher education and navigate financial hurdles before, during, and after college.
“Community Financial and its youth education programs are a shining example of the credit union philosophy, which Student Choice embodies as well,” said Scott Patterson, president and CEO of Student Choice. “We provide educational tools, one-on-one application support, and a college counselor to help families understand the financial aid process. When a member funds their education with a Student Choice partner credit union, they’re getting more than just a loan.”
Student Choice said it enables credit unions of all sizes to make private education loans that are held on their own balance sheet. Since launching in 2008, the CUSO has helped nearly 300 partner credit unions originate $4 billion in private education loans to more than 115,000 families.