Student loan debt has surpassed credit card debt and is predicted to cross $1 trillion this year
According to Emily Barker at Co-operative News, students may find a “saving grace” in credit unions.
While many banks have began to shy away from the student loan market, credit unions are still committed to providing fixed rate loans for students struggling with debt.
More than 130 credit unions nationwide have joined together to launch cuStudentLoans to connect students with not-for-profit lenders. cuStudentLoans now serves 2.1 million credit union members and has US$18 billion in combined total assets. Credit unions not only decrease the interest on student loans, but they actively encourage better debt management.
To read more of this article at Co-operative News, click here.