Montgomery County Employees Federal Credit Union Announces Partnership with Sallie Mae to Offer Private Education Loan
Members Now Have Access to Sallie Mae’s Smart Option Student Loan Program
GERMANTOWN, MD (August 1, 2013) — Montgomery County Employees Federal Credit Union (MC EFCU), a Montgomery County, Md.-based, full-service financial institution, announces that it has partnered with Sallie Mae to offer members a private education loan program that helps families save money and pay off student loans faster than alternative programs. Sallie Mae’s Smart Option Student Loan helps families cover the rising cost of college tuition and offers degree-seeking students competitive interest rates as well as in-school payment choices to help them graduate with less debt.
Designed to supplement federal student loans and other financial aid, the Smart Option Student Loan can enable students to cover up to 100 percent of their education expenses. The Smart Option Student Loan rewards responsible borrowers with benefits such as an on-time payment reward and interest-rate discounts for automatic payments.
Borrowers may choose from variable or fixed rates and three in-school monthly repayment options. Depending on the option selected, the typical freshman could save as much as an estimated 17 to 49 percent in interest charges and pay off the loan three to eight years faster after graduation, compared to a conventional payment-deferred loan with a 15-year term. To help families make informed borrowing choices, loan applicants receive a series of disclosures explaining loan terms and estimated total cost.
“Sallie Mae is delighted to partner with the Montgomery County Employees Federal Credit Union to assist families seeking responsible solutions to make the investment in a college education,” said Jerry Maher, senior vice president, Sallie Mae.
“We are pleased to work with Sallie Mae to bring our members a program that will help ease financial burdens related to higher education, especially as college tuition costs are projected to rise over the next few years,” said MC EFCU president and CEO, Jim Norris. “The inclusion of a private education loan program is an important addition to our current, exemplary portfolio of personal finance options.”
Montgomery County Employees Federal Credit Union primarily serves Montgomery County government employees, but recently expanded its charter to be able to serve additional public sector employees, retirees and family members from other Montgomery County agencies, including Montgomery County Public Schools and Montgomery College. MC EFCU also provides an opportunity for membership to any individuals who are supporting members of the non-profit ARC of Montgomery County. For more information about the Montgomery County Employees Federal Credit Union, please visit www.mcefcu.org.
About Sallie Mae
Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services company specializing in education. Celebrating 40 years of making a difference, Sallie Mae continues to turn education dreams into reality for American families, today serving 25 million customers. With products and services that include 529 college savings plans, Upromise rewards, scholarship search and planning tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.
About Montgomery County Employees Federal Credit Union
Montgomery County Employees Federal Credit Union offers its members a comprehensive portfolio of banking products and services. MC EFCU provides all of the conventional products and services an individual expects from a financial institution, but also provides its members with access to the latest state-of-the-art products and services. Mobile banking, text banking, on-line banking and bill pay, are just some of the cutting edge financial services MC EFCU offers to its members. MC EFCU serves the employees of government agencies in Montgomery County, Md., as well as those from a number of other area organizations and companies. Visit: www.mcefcu.org for more information.