NEW YORK (9/27/12)--cuStudentLoans, a network of credit unions offering private student loans and consolidation options, reached a milestone when it recently refinanced its 5,000th private student loan.
cuStudentLoans is offered through Fynanz, a CUNA Strategic Services provider.
When comparing borrowers' student loan consolidations based on the previous interest rate they were charged with the terms they currently receive, the results are an overall savings of nearly $22 million over the loans' lifetime, or roughly $800 per student annually, said cuStudentLoans.
cuStudentLoans' private student loan consolidation program benefits both the lenders (credit unions) and student borrowers, said cuStudentLoans. It provides credit unions with increased lending business, while promoting their products and services to young college graduates who are poised to embark on their salaried careers. Helping graduates consolidate and repay their loans brings value to credit unions providing other financial services. Students have extra cash available from the consolidation to use for a new car, home, or investments, the company said.
"This is a tremendous savings for students during a time when many graduates are finding it very difficult to repay their loans," says Alice Stevens, chairman of cuStudentLoans. "With all the negative publicity surrounding student lending today, we are here to show that credit unions are turning those stories around with extremely positive results. Because of this program, credit unions can step up and do what they do best--and that's help the consumer save some money while providing great service."