A credit union is different from a bank in that it is a not-for-profit institution. To obtain a loan through a credit union, you will need to be a member.
Many of the larger credit unions are now offering options for student loan refinancing. Since they are not-for-profit corporations, credit unions may be able to offer better interest rates and charge fewer fees than banks and other financial institutions.
Refinancing your student loans can help you lower your monthly payments and potentially save you money over the life of your loan. Credit unions typically offer highly personalized services for their members, but they may not have as many options as larger banks.
Refinance Student Loans With Credit Unions
There may be a small origination fee or annual fee associated with membership, and you may need to open a checking or savings account with the credit union. Some credit unions require you to be affiliated with a certain industry, university, company, or geographical area to become a member. Continue reading "Should You Use a Credit Union to Refinance Your Student Loans?"