CU Student Lending has released one of the lowest rates available nationwide for private student loans.
The EdAccess loan, with an interest rate starting at 2.75%, offers a simplified origination fee of 2.50% across all pricing tiers, replacing last year’s variable fee structure.
Student Lending Analytics recently reviewed the loan and listed it as one of the lowest rates among all private student loans included in the review.
The loan can be used for all qualified education expenses and features an automatic 1% interest rate reduction after the borrower pays back 10% of the principal balance. There is no penalty for pre-payment, no cosigner option, and a 30-day no-fee return policy. It is one of the first loan programs to introduce a $25 proactive monthly payment plan, requiring the borrower to make payments while still in school. This plan enables borrowers to develop their credit history while reminding them how much they owe.
"We're pleased that we are achieving our goal of setting the standard for private student loans nationwide by offering an extremely competitive loan rate to help credit unions of all sizes meet the growing educational financing needs of their student members," said Thomas O'Shea, chairman of CU Student Lending.
CU Student Lending is an affiliated credit union service organization of Fynanz. It comprises credit unions from across the country and was established to build a network of lenders using a common platform to offer student loans to students and their families nationwide.