The $129 million Texas Partners Federal Credit Union in Killeen has joined the pool of about 500 credit unions that offer Sallie Mae's Smart Option Student Loan referral program, the credit union announced.
Texas Partners FCU said the Smart Option Student Loan will help degree-seeking members obtain low interest rates, graduate with less debt and pay off their loans faster than they would with other alternatives.
The credit union, in return, will earn fee income in exchange for marketing Sallie Mae's loan product to members.
In-school monthly repayment options allow borrowers to save 17% to 49% in interest and pay off their loans three to eight years faster than they would with a conventional, payment-deferred, 15-year term loan, Texas Partners FCU said.
The credit union said the Smart Option Student Loan is designed to supplement federal student loans and other forms of financial aid, can cover up to 100% of borrowers' education expenses, and offers rewards for on-time and automatic payments.
Texas Partners FCU serves around 19,000 members who live, work, worship or attend school in Bell, Coryell and Lampasas counties in Texas.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
