NEW YORK (5/16/13)--A new private student loan refinancing program has been developed for the consumer driven-movement joinStampede by cuStudentLoans, a private student loan and private student loan consolidation program managed by credit unions.
The program, featuring a private student loan consolidation without origination fees, was created in response to 30,000 consumers who pledged interest in refinancing their private student loans through a group discounting initiative.
The initiative will collect registrations from consumers with student debt until May 31 on the www.joinStampede.com website and will begin accepting applications officially on June 1. Consumers can apply through June. 15.
The average interest rate of private student loans that have been refinanced through cuStudentLoans is 5.66%, compared with the average 8.46% that consumers held before refinancing, said the cuStudentLoans.
The Credit Union National Association recently released a high school borrowing survey indicated that more than half of high schools seniors do not know what their college educations will cost them. Their lack of knowledge, coupled with higher tuition debts, are factors in the shift toward student loans as the largest source of consumer debt in the U.S. Student loan totaled more than $1 trillion in 2012.
"The success of joinStampede's campaign is further evidence that consumers are seeking better rates and terms on their student loans," said Alice Stevens, cuStudentLoans chairman.
joinStampede promotes organizing consumers around technology and like-minded issues to create a tool for affecting change in markets. It has partnered with Causes.com, a world-wide platform for social change.