Credit Union Student Choice, the leading provider of higher education financing solutions to America’s credit unions, announced that it has partnered with F&A Federal Credit Union ($2.29 billion; 47,146 members; Monterey Park, CA) to offer its members a solution for student loan refinance.
“With the rising costs of higher education, most students will borrow money to pay for college, and student loan repayment can be a significant pain point. By offering a student loan refinance option for our members, we can provide benefits of credit union membership such as lower rates and personalized support for the financial services they’ll need throughout their lives.” said Michael Welch, Chief Lending and Branch Operations Officer for F&A.
“As interest rates begin to climb, we want to offer our members an option to simplify their student loan repayment and potentially save thousands of dollars in interest over the life of repaying their loan,” Welch added. “This goes hand in hand with our commitment to providing members personal service and exceptional value.”
The Student Choice refinance solution allows credit union members to refinance both private and federal student loans, though it cautions borrowers about the possible loss of federal student loan benefits in refinancing.
“Despite the extended pause on federal student loan payments and interest, the current environment provides an opportunity for graduates to consolidate payments and possibly lower rates on private student loans,” said Scott Patterson, President and CEO of Student Choice. “Student loan refinance is a valuable way for credit unions to help members take control of their finances and achieve goals, such as home or vehicle purchases, by reducing and eliminating the burden of sStudent Choice 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.
About F&A Federal Credit Union
F&A Federal Credit Union is a full-service consumer financial institution offering financial products and services to members throughout Southern California. F&A serves the LA County Fire Department, County of Los Angeles Agricultural Commissioner / Weights and Measures, as well as employees of cities that contract services with the LA County Fire Department. F&A was established in 1936.
