Student Choice Loans Fill the Gap in Rising Cost of College Education

COLUMBUS, Ohio, April 27 /PRNewswire/ -- With college tuition rising across the country and many banks suspending private student loans, MidState Educators Credit Union is one of the first credit unions in Ohio to offer Credit Union Student Choice loans to help students and parents scrambling to fill the increasing gap.

Over the last 15 years, the gap between what scholarships and federal loans cover and the actual cost of attendance has increased by more than $30,000 for public schools and $100,000 for private schools.  CU Student Choice loans supplement that gap while offering significantly lower interest rates, saving students thousands of dollars over the life of the loan compared to other private loan programs.  There are no origination fees, no application fees, no pre-payment penalties and several repayment options.

"CU Student Choice is a sensible solution for students and families scrambling to finance the increasing cost of higher education, noted Dick Maslyk, President and CEO of MidState Educators.  "Because we are the only credit union specifically chartered to serve all colleges and universities in Ohio we offer an easy, convenient choice."

Students enrolled at least half-time in a four year degree-granting program at a public or private non-profit school are eligible for CU Student Choice Loans.  Once approved for a CU Student Choice loan, students can borrow from $1,000 up to the cost of attendance less any other financial aid awarded.  With a Student Choice loan, a student receives a line of credit of up to $75,000, which can be accessed as needed throughout the college years.  

CU Student Choice loans feature several repayment options that can be selected, depending on a student's particular situation, including fully deferring payment while in school, making interest-only payments during school and immediate repayment of principal and interest.

MidState Educators was the first central Ohio credit union to join the Credit Union Student Choice national network which has funded more than $175 million in student loans.  Currently, 67 schools in Ohio are eligible and MidState Educator's charter allows it to serve all of them.

With more than $80 million in assets, nearly 75 years of service, and more than 18,000 members, MidState Educators is one of central Ohio's largest and oldest credit unions.  As a not-for-profit, member-owned financial cooperative that exclusively serves the educational community, MidState Educators is mission driven to meet the financial needs of students, educators, administrators and staff.

"Unlike banks, we exist to serve our members, not maximize our profits, allowing us to maintain lower interest rates and minimize fees on programs such as this," Maslyk added.  "Student Choice loans are just part of the products, ranging from financial literacy to student scholarships that demonstrate our commitment to the education community."

For more information about MidState Educators student loan options, visit http://www.educu.studentchoice.org, call (614) 221-9376, or toll free at (866) 628-6446.  Students can talk to a student loan representative toll free at (866) 465-2171.

Contact: Stephanie Tresso, 614-221-2885 x15, [email protected]

SOURCE MidState Educators Credit Union