Consolidating Student Loans through a Credit Union

With costs at an all-time high, many times, one avenue that is often overlooked is a credit union student loan. Consider a few benefits of using a credit union for your student loan needs.

Doing Business with Credit Unions

A large benefit of this process is working with a credit union in general. Working with a credit union is much different than with a traditional lender. Traditional lenders tend to be very rigid and strict. While credit unions still have rules and regulations, they are a non-profit organization. They give you their complete attention and they make you feel like a part of the team. No longer are you just a number, but a person that does business with a credit union. 

Lower Fees

Doing a student loan consolidation with a credit union means that you will most likely pay fewer fees than with a traditional lender. Many credit unions do not charge any origination fees or other unnecessary fees. This means more money in your pocket and a better feeling about the whole process.

Lower Rates

In addition to a lack of fees, you can often get a lower rate with a credit union student loan consolidation. Non-profit organizations do not pay taxes and can therefore pass on the savings to you. The student loan consolidation rates that you receive will usually be a little lower than what you can get on the open market. Although it might not seem like much, over the life of your loan it can really add up. 

Convenience

Student loan consolidation will make your life a lot easier. No longer do you have to send three or four payments for different loans. You make one central payment that covers all of your loans. The single payment for all the loans will most likely be smaller than what you were paying before. You can get a better interest rate and combine everything into a single account. Many credit unions will give you a discount if you have the payment automatically drafted out of your account. If you set up an account with them, you might even get more of a discount. Doing a little work to set everything up can save you time and money in the long run. On top of that, the payment schedules are generally flexible. You can set the payment up to come out whenever is most convenient for you. 

 

 


Need a Student Loan? Click here!