It’s no secret that student loans can be intimidating. According to the U.S. Department of Education, student loan borrowers collectively owe $1.6 trillion in federal and private student loan debt as of 2021. The good news is that student loans don’t have to be so scary when you get them through a credit union. Let’s take a look at some of the benefits of choosing a credit union for your student loans over a traditional bank.
You Get Money Back
Credit unions are not-for-profit organizations. This means that while they do make profits, every dollar earned goes back to their members. When you choose to use a bank for your student loans, you will not receive any money back for being a member. Getting your student loans from a credit union allows you to save some money to pay your loans off simply by being a member!
Lower Interest Rates
Another benefit of getting your student loans from a not-for-profit financial institution is the low-interest rates. Usually, interest rates for loans are so low at credit unions because they serve their members, not their investors. It’s best to choose an institution with the lowest interest rate in your area, as the lower the interest rate, the less you will have to pay over time. However, always remember that not every credit union will offer lower interest rates in comparison to banks. We recommend doing some research on different credit unions and big banks in your area to find the best offer.
Better Customer Service
Credit unions are unique in the way that they are owned by the members themselves and are run by a member-elected board of directors. This means that the people advising you at a credit union have your best interest in mind and are not looking to make a profit off of you. When first wondering how to get a student loan, you can expect honest and customized advice for your personalized student loans.
How to Get a Student Loan
There are so many benefits to choosing a credit union for your student loans, whether it be a more personalized experience or lower interest rates. If you’re interested in using a credit union for your student loans and are ready to search “credit union student loans”, then look no further than BHCU. Since 1952, BHCU has been providing residents in Lansdowne and the surrounding areas with comprehensive banking services and personalized student loans.
We partner with Sallie Mae to offer loans created specifically for the needs of undergraduate and graduate students and their parents. We allow you to choose the student loan that fits you best, whether it be a medical school loan or a bar study loan. When you choose BHCU for your student loans, you can enjoy competitive interest rates, no origination fee or prepayment penalty, multiple repayment options, and only the best customer service. If you live in Lansdowne or the surrounding areas and are looking for the best credit union for student loans, then BHCU is the place for you! Contact us today to get started!