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Members Cooperative CU joins cuStudentLoans.org
NEW YORK (11/13/09)--Members Cooperative CU, Cloquet, Minn., has joined the Fynanz network, cuStudentLoans.org--the private student loan network’s first credit union partner in Minnesota. Fynanz helps credit unions offer and originate private student loans by providing them with turnkey private student lending solutions and technology for the cuStudentLoans.org network. Private student loans bridge a funding gap that students experience when they exhaust sources of federal financial aid and scholarships. “Credit unions have historically not been very involved in the private student loan marketplace, and this has hurt their ability to retain and attract young members,” said Robbie Thompson, Members Cooperative vice president and general counsel. “We think that this program, coupled with a number of our other youth-focused initiatives, will help us better meet the needs of younger members.” The loans offered by Members Cooperative and other credit unions in cuStudentLoans.org are available to students enrolled at least half-time in degree-granting programs. The loans offer competitive interest rates, in-school deferred payment, no-cosigner option for certain students, a co-signer release and a 1% interest rate reduction during repayment, Fynanz said. Members Cooperative CU has $277 million in assets.
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