Need Help Paying for College? Consider a Private Student Loan

Date April 7, 2011

­ Are you or your child preparing for college in the Fall? With rising tuition costs, it’s getting tougher and tougher to pay for a good college education. Sure, you can get a Stafford loan – only through the government now due to new regulations – but sometimes that isn’t enough. So what do you do? That’s where a Private Student Loan can help.

MCCU has partnered with CampusDoor to offer the CU Student HELP Smart Option Student Loan made by Sallie Mae to help our members – and you! – meet the rising cost of college while helping them graduate with less debt and pay it off faster after graduation.

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. You 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.

These private student loans can help bridge the college financing gap after exploring scholarships, grants and federal student loans. The loans can help you pay for necessary college expenses including tuition, room and board, books, and even a computer while building a credit history.

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.

For more information on the CU Student Help Private Student Loan please visit the MCCU website today!

 

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