UW Credit Union today announced it has launched a fixed-rate private student loan for college students. The loan is designed to help students afford college expenses after they've exhausted their federal financial aid allotment.
The Madison, Wis.-based UW Credit Union said it is the first financial institution based in Wisconsin to offer a fixed-rate private loan option for student members. Previously, the credit union only had a variable-rate loan option.
“This fixed-rate term gives students the peace of mind in having the same rate for the life of the loan, while avoiding the upfront fees associated with alternative fixed-rate options,” said Mike Long, executive vice president and chief credit officer at the $1 billion credit union.
“The costs of higher education are becoming more expensive each year, and federal financial aid awards are not keeping pace with these increases. Our student members will benefit greatly from having this additional, affordable option to help pay for their educational expenses,” he added.
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