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CU System
SECU piles on another 25 million for student loans
RALEIGH, N.C. (10/15/09)--State Employees’ CU (SECU) invested $1.6 billion of members’ funds in North Carolina student loan bonds during the past year. The bonds helped the North Carolina State Education Assistance Authority (SEAA) and College Foundation, Inc. (CFI) make education loans available to North Carolina students and parents. The credit union has committed an additional $25 million pool of funds to help meet the greater demand for student loans for this school year. “We are grateful that SECU stepped up to help make money available, and we also appreciate its genuine interest in helping educate families about the best ways to pay for college,” said Steve Brooks, SEAA executive director. “Families need to understand the college financial aid process and how to find available federal and state scholarships, grants and low-cost federal loans before they consider other options. They also need a solid foundation in financial literacy to make good choices.” “SECU firmly believes that helping North Carolinians get an education is one of the best and most important investments we can make,” said Mike Lord, SECU senior vice president of finance and accounting. “Education opens up opportunities for individuals to increase their incomes and improve the quality of their lives. We support the College Foundation of North Carolina (CFNC) effort to help North Carolina families ‘plan, apply and pay for college.’” The two North Carolina private, nonprofit financial institutions and SEAA also are planning for SECU to help families with questions on completing the Free Application for Federal Student Aid (FAFSA). Students and parents must complete a FAFSA form to be considered for federal and state aid for college. SECU will help CFNC and the North Carolina Association of Financial Aid Administrators offer FAFSA Day at sites statewide in February. SECU, based in Raleigh, N.C., has $16.7 billion in assets.


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