Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Connecticut governor signs CU student loan act
MERIDEN, Conn. (7/24/09)--At a bill-signing ceremony Wednesday at Seasons FCU, Middletown, Conn., Gov. M. Jodi Rell signed the credit union-backed bill for a Student Loan Guarantee Program Reserve Fund.
Connecticut Gov. M. Jodi Rell and Credit Union League of Connecticut President/CEO Tony Emerson posed after Rell signed credit unions' student loan bill into law Wednesday . (Photo provided by Credit Union League of Connecticut)
Twenty-four Connecticut credit unions participate in the program, which offers low interest rates to students who live or go to school in the state and who may not qualify for traditional loans, or who already have used their resources and are having difficulty funding tuition. Rell said that in light of credit unions taking on the risk, the Connecticut Health and Education Facilities Authority (CHEFA) would provide 20% guarantees for the loans. “Credit unions remain healthy in the current economy due to key differences in our structure,” said Tony Emerson, president/CEO of the Credit Union League of Connecticut. "As cooperative financial institutions, credit unions are not reliant upon the capital markets for funding, but are instead funded through member deposits. Therefore, as the credit crunch hit much of the economy, credit unions by contrast have money that they are ready to lend out to their members," Emerson said. "In addition, it is our mission to help people make credit unions an excellent choice for a program such as Governor Rell’s Student Loan Program,” he added.


RSS print
News Now LiveWire
.@CUNA OpSS Council bestows inaugural professional award #NewsNow #System http://t.co/xNV3iwSpdx
50 minutes ago
Apartment rental costs continue upward trend via @WSJ http://t.co/LHEAiRJyUj
1 hours ago
Defense CU Council salutes top #Military #creditunions http://t.co/6BGANSXTXC
3 hours ago
#ICUDay sparks month-long campaigns @GCUAGov @NWCUA celebrating #CUDifference See #NewsNow http://t.co/TWoR6vW4Tj
3 hours ago
Social media use helps CUs establish credibility/authenticity says Amaia Stecker, @CUNA sr. social media media mangr. http://t.co/wWAPeDe7UW
4 hours ago