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IUSA TodayI features student loans Ohio alliance formed
WASHINGTON and COLUMBUS, Ohio (5/6/10)--USA Today has noted in two separate articles that an increasing number of credit unions are offering nonfederal student loans to college students. “The number of credit unions participating in Credit Union Student Choice, a group that helps credit unions offer nonfederal student loans, has nearly doubled in the past year to 126 members,” Mike Weber, vice president of marketing, told Sandra Block, USA Today personal finance columnist. Some of the new members previously offered federal student loans and want to remain in the business, Block added. (Editor’s note: That doesn’t count credit unions in other private student loan programs, such as Fynanz, a CUNA Strategic Services Alliance partner.) The average interest rate for loans offered by participating credit unions is currently 6.2%, Block wrote. In a related matter, the Alliance of Ohio Credit Unions will announce today that it is committing $150 million in assets to affordable student lending through an initiative called Ohio Student Choice. The alliance of credit unions has a combined field of membership that includes the entire state, the Ohio Credit Union League said in a press release.
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