Island Federal Credit Union offers unprecedented 5% APR
LONG ISLAND, NY (March 27, 2014) – In a major effort to make college more affordable for Long Island families, Island Federal Credit Union (Island) unveiled its Student Choice College Loan program that features rates as low as 5% APR. All undergraduate college students who are enrolled in a four-year degree program at an eligible public or private not-for-profit school can submit a one-time application online.
When scholarships, grants and federal aid come up short, Student Choice College Loans offer a financing solution to cover the remaining college costs. The extremely competitive variable rate Line of Credit can be used to responsibly bridge the gap between traditional financial aid and the Cost of Attendance (COA) as an undergraduate student, making the fiscal transition to college easier on the entire family.
Students can tap into a line of credit with a $1,000 – $75,000 credit limit and apply it towards their 4-year degree program, using it as needed over the course of their education. Funds are paid directly to the school, which makes transactions safe and hassle-free. In addition to the great low 5% rate, they can also take advantage of flexible repayment options after graduation.
Tony Sidoti, VP/CLO at Island FCU commented, “The cost of a four-year college degree has increased significantly in the past decade, making it one of the most critical issues for Long Island families. At Island, we want to make it easier for both students and their parents to attend the school of their choice by providing this amazing 5% offer. We believe it will really help set up students for a successful future. Our goal is to make financing college easier so they can achieve their dreams.”
Student Choice College Loans is one product in Island’s College Essentials Package available to help students more easily afford college and banking. It includes Simply Free Checking, debit/CheckCard, Overdraft Line of Credit, Mobile Banking, and the Best Rate Island MasterCard Credit Card. In their continued commitment to the families of Long Island, Island will also award $50,000 in scholarships in 2014 to local high school seniors.
Island continues to provide better banking for the entire family. For more information on Student Choice College Loans as well as other tips for paying for college, visit the Student Choice Resource Center at islandfcu.com.
About Island Federal Credit Union
Island Federal Credit Union, headquartered in Hauppauge, N.Y., is a not-for-profit, full -service financial institution, providing affordable banking products and services to Long Islanders. Founded in 1955, Island has grown to be among the top performing credit unions in New York State with over $900 million in assets, and serving more than 31,000 members. Island’s successful track record can be attributed to consistently delivering the best rates, no hidden fees, and exceptional service to its members. When banking at Island, members have access to a complete menu of loan and deposit products, including Simply Free Checking accounts, Certificate accounts, IRAs, Auto, Mortgage, Home Equity loans and lines, Island recently added a Best Rate and Best Rewards MasterCard® and the Student Choice College loan to its menu of products. For anytime access, Island offers free 24/7/365 customer service, online banking, bill payer, and mobile banking services. Island has seven full service locations throughout Nassau and Suffolk Counties, conveniently located in Bellmore, Hauppauge, Hicksville, Massapequa, Riverhead, Sayville, and Selden. Island members can also access their Island accounts at more than 5,000 shared credit union branches throughout the country, and one of the largest surcharge-free ATM networks nationwide.