NorState FCU partners with Sallie Mae
to offer private education loan
NorState Federal Credit Union announced Sept. 13 that it has partnered with Sallie Mae to offer members a private education loan program that helps families save money and pay off their loan faster than other alternatives.
The Smart Option Student Loan assists families as they cover the rising cost of college tuition and offers degree-seeking students competitive interest rates as well as in-school payment choices to help them graduate with less debt.
Designed to supplement federal student loans and other financial aid, the Smart Option Student Loan can enable students to cover up to 100 percent of their education expenses.
The Smart Option Student Loan rewards responsible customers with benefits such as an on-time payment reward and interest-rate discounts for automatic payments.
Members may choose from variable or fixed rates and three in-school monthly repayment options.
Depending on the option selected, the typical freshman could save as much as an estimated 17 to 49 percent in interest charges and pay off the loan three to eight years faster after graduation, compared to a conventional payment-deferred loan with a 15-year term.
To help families make informed borrowing choices, loan applicants receive a series of clear disclosures explaining loan terms and estimating total cost.
To offer the Smart Option Student Loan, NorState FCU partnered with Sallie Mae, the nation’s No. 1 financial services company specializing in education.
Since its founding nearly 40 years ago, the company has helped more than 31 million people pursue their educational goals.
“Sallie Mae is delighted to partner with NorState Federal Credit Union, to assist families seeking responsible solutions to make the investment in a college education,” said Jerry Maher, senior vice president, Sallie Mae.
