IRONDALE, Ala. (3/22/12)--Corporate America CU has partnered with Sallie Mae to offer a private student loan program to its member credit unions.
The Smart Option Student Loan, which is designed to supplement federal student loans and other financial aid, assists families in covering the rising cost of college tuition and offers degree-seeking students low interest rates and in-school payment choices to help them graduate with less debt, said the Irondale, Ala. corporate.
The loan rewards responsible borrowers with benefits such as an on-time payment reward and interest-rate discounts for automatic payments. Borrowers can choose from three in-school monthly repayment options. Depending on the option chosen, a typical freshman can save an estimated 17% to 49% in interest charges and pay off the loan three to eight years faster after graduation than a conventional 15-year payment-deferred loan.