Officials at NorState Federal Credit Union have issued some tips for students who have recently made the important decision of where to go to college or graduate school this fall.
Having committed to further education, the family is likely now facing a new challenge — finding the right way to pay for it.
After exploring grants, scholarships and federal loans, a private education loan can be an affordable and financially responsible way to fill the college financing gap, said bank representatives. For the upcoming 2015/16 academic year, NorState FCU has partnered with Sallie Mae to bring its members the Smart Option Student Loan®, allowing families to design the private education loan that’s right for them.
To encourage responsible borrowing, the Smart Option Student Loan also offers the following benefits:
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Competitive rates: Access competitive variable and fixed interest rates.
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No origination fees: Members benefit from no origination fees or prepayment penalties with the Smart Option Student Loan.
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Choice and flexibility: Multiple convenient repayment options are available for students and their families to choose the option that best meets their needs. Students are encouraged to make payments while in school to reduce finance charges and the amount owed, and more than half of customers choose this option.
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Interest rate reduction: Members may be eligible for an interest rate reduction by enrolling in the automatic debit option.
Customers should keep in mind that many students heading to college are new to credit and may have little or no credit history. Adding a cosigner, such as a parent or other creditworthy person, may offer a better chance of approval and may help lower interest rates.
For full details, visit www.norstatefcu.org/loans/student-loans or call 1 (800) 804-7555.
