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15 CUs participate in Conn. student loan effort
MERIDEN, Conn. (12/9/08)--So far, 15 Connecticut credit unions are participating in the state’s new low-interest student loan program. Gov. M. Jodi Rell announced that the program officially began Monday, with credit unions accepting applications for the loans (NorwalkPlus.com Dec. 8). As much as $17.5 million in loans was committed for the new program, established in November by the governor and the Credit Union League of Connecticut. The credit unions expect to offer rates of between 5.75% and 6%, significantly below the 6.99% rate offered by the Connecticut Higher Education Supplemental Loan Authority. “The national economic recession is hitting home on all levels and families across Connecticut are faced with the difficult decisions on what expenses to cut,” said Rell. “Under this program, college tuition does not have to be one of them.” The program stems from a Nov. 18 meeting of Rell and officials of the league and credit unions to discuss the state’s economic situation and to propose the partnership. For more information, use the link or call 203-265-5657.
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