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Credit unions begin offering student loans

GREENSBORO, NC (March 4, 2015) — First Carolina Corporate Credit Union (FCCCU) has partnered with Sallie Mae to offer The Smart Option Student Loan® Program. It’s a new choice in education financing for students beginning the process of entering college this year.

Smart Option Student Loans® are designed to help students meet the rising cost of college and graduate with less debt. As a supplement to federal student loans and other financial aid, Smart Option helps cover up to 100 percent of education expenses.

Smart Option Student Loans® offer fixed or variable rates. Other options include

in-school repayment to help build credit while reducing the cost of the loan and amount of debt students graduate with. The loans are a complement to student checking, debit cards, online banking, auto loans and other socially responsible financial products provided by credit unions.

First Carolina offers credit unions the opportunity to offer the Smart Option Student Loans® to its members through Sallie Mae. It’s an affiliation that brings benefits to participating credit unions – such as:

• 1.0% referral fee on loans originated from their websites

• No fee to sign-up for the program

• No credit risk. Loans are approved and funded by Sallie Mae, who assumes the credit risks

• Access to a younger generation of credit union members

• Partnership with the industry leader in private student loans

• Marketing support, including co-branded website, teller guides, pamphlets and teller line signs provided by Sallie Mae

The following credit unions have recently partnered with First Carolina Corporate Credit Union and are offering The Smart Option Student Loan® Program:

  • St Francis FCU
  • Acclaim FCU
  • First Legacy Community CU
  • RTP FCU
  • South Carolina National Guard FCU
  • Call FCU
  • Members Credit Union

In total, over forty credit unions are using this service through First Carolina. To join this growing list or for more information, please contact Scott Wood at (800) 585-4317, ext.3271.

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