NEW YORK, June 17 /PRNewswire/ -- Fynanz, Inc., the financial technology company that develops customized private student lending solutions and powers the cuStudentLoans.org private student loan marketplace, announced that CU Student Lending, LLC, their affiliated credit union service organization (CUSO), has released one of the lowest rates available nationwide for a private student loan.
The new EdAccess loan, with an interest rate starting at 2.75%, is one of the lowest rate private student loans in the nation. The new loan offers a simplified origination fee of 2.50% across all pricing tiers, replacing a variable fee structure from last year.
The EdAccess loan was recently reviewed by Student Lending Analytics (SLA), an independent research and advisory firm, and it is listed as one of the lowest rates among all of the private student loans that were included in the review. Students can apply for the loan at www.cuStudentLoans.org and see how easy it is to become a credit union member.
The EdAccess loan can be used for all qualified education expenses and features an automatic 1% interest rate reduction once the borrower enters repayment and pays back 10% of the principal balance. The loan also includes no pre-payment penalty, no cosigner option, cosigner release option and a 30-day no-fee return policy. It is one of the first loan programs to introduce a $25 proactive monthly payment plan which requires the borrower to make payments while in school. This proactive payment enables the borrower to develop their credit history while providing a monthly reminder of how much they owe.
"We're pleased that we are achieving our goal of setting the standard for private student loans nationwide by offering an extremely competitive loan rate to help credit unions of all sizes meet the growing educational financing needs of their student members," said Thomas O'Shea, Chairman of CU Student Lending, LLC and President/CEO of Aspire Federal Credit Union.
CU Student Lending, LLC is comprised of credit unions from across the country and was established to build a network of progressive lenders using a common platform to offer affordable student loans to cash-strapped students and their families nationwide.
Fynanz, Inc. is a leading technology provider of custom private student lending programs and turn-key solutions. Fynanz pioneered innovative technology that easily puts lenders into the private student lending business without the need to purchase or install any software. This end-to-end integrated solution includes complete origination, underwriting, servicing and marketing. Fynanz also powers cuStudentLoans.org, the leading private student lending marketplace, and currently serves more than 50 credit unions across the country. For more information, call (800) 881-8985, or visit www.fynanz.com.
Alexi Venneri, Fynanz, Inc.
SOURCE Fynanz, Inc.