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SECU adds 500 million to 1.1 billion student loan funds
RALEIGH, N.C. (12/8/08)--State Employees’ CU (SECU) will provide an additional $500 million in funding for student loans to North Carolina students, it announced Friday. The $500 million is in addition to a previous SECU investment of $1.1 billion for student loans it announced in June, bringing SECU’s total commitment to student loans to $1.6 billion, the Raleigh, N.C.-based credit union said. The new funds are part of an agreement SECU has entered with North Carolina State Education Assistance Authority (NCSEAA) and College Foundation Inc. (CFI). The funds will provide dollars for federally insured Stafford and Plus Student Loans. The funds were made available because the turbulent economic times has resulted in other providers of education loan funds pulling out of the market, said SECU. Its funding ensures that there will be funds available for students’ 2009 spring semester needs.
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