Getting smarter with student loans

First Tech Federal Credit Union talks with members before launching its Student Loan Refinancing Program.

With student loan debt escalating each year, many Americans are more focused on making a living than living their lives. Student loan holders are struggling to pay rent, cover basic expenses or start a savings account while also paying off their education. In fact, less than half of parents are saving for college and 40 percent of people estimate it will take six to 30 years to pay off their loans.

This national issue led us at First Tech Federal Credit Union to roll out our Student Loan Refinancing Program and last fall, we started offering help to people who are buried in debt. Hundreds of people have taken advantage of this opportunity to bring their loans under control and get on the fast track to prosperity. Members saw tangible results, including savings in interest, reduction in payoff time and lower monthly payments.

Not all existing student loans will qualify for refinance under our program; eligibility depends on the school of graduation and the degree. The school must be Title IV eligible (under the Higher Education Act), non-profit and offer bachelors, masters and/or doctorate degrees. A Title IV school is an institution that processes U.S. federal student aid.


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