Can Credit Unions Provide Student Loans?

Credit unions are not just for savings and checking accounts – some also offer student loans to help finance higher education. While not all credit unions provide this service, many do, including some of the largest ones in the country.

Credit unions are member-owned financial cooperatives that operate for the benefit of their members, rather than to generate profits for shareholders. This means they often offer lower fees, better interest rates, and more personalized customer service than traditional banks.

For students and families looking to fund their education, credit unions can be a great alternative to private lenders. In fact, credit unions in the CU Select network are currently advertising rates as low as 3.99% for fixed-rate student loans, which is lower than what many private banks offer.

Additionally, credit unions also offer student loan refinancing for borrowers looking to lower their interest rates on existing loans. This can be a great option for those looking to save money over the life of their loan.

Overall, credit unions provide a valuable service to their members by offering competitive rates and terms on student loans. For those in need of financial assistance for college, exploring the options available at credit unions could be a smart move.