Today, TuitionU relaunched, offering expanded offering for student loan funding, and incorporating the P2P lending platform GreenNote into its program. One of the most intriguing things about the new TuitionU is that credit unions are in on the act. Credit unions have not traditionally been part of the student loan scene.

Brian Cox, the Chief Busines Development Officer on the project, told me that he is very excited about involving credit unions. “Credit unions often offer lower fees and interest rates to their members. Seeing them get into private student lending is great, since it provides a win-win.” Cox said that students who need access to better private student loans to close a funding gap win, and credit unions, who are looking for a younger customer base, have the chance to win more members.

In order to get a student loan this way, though, one has to be a member of the credit union. But TuitionU takes care of that as well. “We have a filter set up on the site,” Cox explained. “You put in your state, and then you can select available credit unions and read the membership requirements. If you qualify, you may need to put in five dollars to open an account. But then you can have access to what could be a much better loan. It’s definitely worth the small amount of extra effort.”

Cox said that some of the credit unions in the program have a very wide membership base, making it easy to join. “The NASA credit union is a good example,” he explained. “For five or 10 dollare you can join one of the NASA societies — which are open to anyone — and then you can be a credit union member.”

For those who still don’t qualify for private student loans through banks or credit unions, it is possible to use the GreenNote P2P lending platform. The student loans work, for students, just like those you get through federal programs, with lower interest rates, 10 year repayment and a six-month post-graduation grace period. TuitionU also offers college funding options through federal programs and school payment plans.

Post from: EveryJoe

TuitionU: Student Loans from Credit Unions