Why Refinance Your Student Loans With a Credit Union?

Are you looking to refinance student loans? Are you searching for a low interest rate? Have you thought about a local credit union rather than a large bank conglomerate?

Credit unions are sometimes viewed as local banks with limited services. With the expansion of online access, mobile apps, satellite locations, and expanded ATM access, access to a local credit union is far wider than walking into a single brick and mortar location. Now is the time to take advantage of credit union student loans.

Credit Unions Are Not-For-Profit Members of the Community.

The key advantage of belonging to a credit union is that you become an owner of the institution through your membership. Members own and govern their non-profit credit unions and ensure that major decisions benefit the community. Because these institutions operate on a not-for-profit basis, the savings are passed on to the members in the form of low interest rate loans and high-interest rate savings accounts keeping more money in the local community, rather than paying high salaries for bank executives or dividends for shareholders.

Membership Is Not as Exclusive as You Think.

Most Americans can qualify for credit union membership. Some credit union membership is restricted to those who are members of a particular workplace or religious affiliation. Other times a single credit union partners with hundreds of independent small businesses to offer membership to thousands of consumers.

Credit Unions Support the Local Community.

Credit unions offer a variety of benefits to reach out to the local community. By offering free checking and savings accounts, credit unions benefit low income customers who may have previously avoided banking institutions. Many credit unions offer financial literacy classes in a variety of formats: multi-lingual, in person, online, and community classes. They often provide free credit counseling to help members best manage debt.

Your Money Is Fully Protected.

Just like banks, your deposits at your local credit union are insured. Credit union deposits are fully insured by the National Credit Union Association (NCUA). The NCUA protects accounts at each federally insured credit union up to $250,000 per account.

Credit Unions Are Online.

Credit unions are reaching beyond the expectation of a business website and a mobile banking app to serve customers far and wide. Programs such as LendKey work to match borrowers with over 13,000 local financial institutions who may offer a lower interest rate on necessary financial services. This can make refinancing a student loan through a credit union more affordable. Through LendKey, there are various asset classes offered.

Members Only Discounts.

When you belong to a credit union, you become eligible for certain members only offers. Local credit unions use the power of large group membership to obtain impressive discounts and savings opportunities for their members. Some credit unions offer discounts on phone services, insurance services, and free or discounted tickets to local sporting events.