Matadors Community Credit Union Partners with Campusdoor’s CU Student Help Program to Offer Private Student Loans and Help Members Pay for College
Matadors Community Credit Union (MCCU) announced today that it has partnered with CampusDoor to offer the CU Student HELP Smart Option Student Loan made by Sallie Mae to help their members meet the rising cost of college while helping them graduate with less debt and pay it off faster after graduation.
“We are very excited to once again be able to offer Student Loans to our members,” says Marnie Nemcoff, Vice President of Marketing for the Credit Union. “We understand how important higher education is and we want to be able to help members of our community attend college and be successful. “
Unlike other longer-term private loan alternatives in which no payments are made until after graduation, with the MCCU Smart Option Student Loan, students make payments while in school and graduate with less debt, compared to other longer-term private loan alternatives in which no payments are made until after graduation. With the loan’s shorter repayment period, a customer can pay off the loan five to eight years faster after graduation, compared to a standard 15-year interest deferred private student loan. The customer may select either a fixed monthly in-school payment plan or opt to pay interest-only payments while in school. A typical freshman can save 30 to 50 percent on finance charges over the life of the loan.
Designed to supplement a student’s federal student loans and other financial aid, the MCCU Smart Option Student Loan can help students cover up to 100 percent of their education expenses. The Smart Option Student Loan features market-leading interest rates that reward responsible borrowers as they pursue their graduate or undergraduate degrees. Also available are benefits such as an on-time payment reward and interest rate discounts for enrolling to make automatic payments.
Matadors Community Credit Union recommends private student loans to help bridge the college financing gap after exploring scholarships, grants and federal student loans. By offering the Smart Option Student Loan, MCCU can help its members pay for necessary college expenses including tuition, room and board, books, and even a computer while building a credit history.
As part of the CU Student HELP program, CampusDoor will assist with the development and implementation of the loan program and provide specialized call center support to MCCU members. To offer the Smart Option Student Loan to credit unions nationwide, CampusDoor created the CU Student HELP program and partnered with Sallie Mae, the nation’s leading saving, planning, and paying for college company. Since its founding nearly 40 years ago, Sallie Mae has helped more than 31 million people make the investment in a higher education. “Sallie Mae is delighted to partner with MCCU and CampusDoor to assist families seeking responsible solutions to make the investment in a college education,” commented Jerry Maher, senior vice president, Sallie Mae.
About Matadors Community Credit Union
Matadors Community Credit Union is a full service state chartered credit union, founded in 1963. MCCU serves the San Fernando, Simi and Santa Clarita Valleys. More information is available online at www.matadors.org.
CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. CampusDoor created CU Student Higher Education Loan Program (CU Student HELP) so that credit unions can offer private student loans to their members and help them to achieve their higher education dreams. More information is available online at www.campusdoor.com and www.custudenthelp.com