As student loan debt continues to climb, more and more of the nation's 44 or so million borrowers are looking for manageable ways to pay them back.
The student loan refi has become an increasingly popular way to get a handle on this life expense that now looks more like a mortgage than a common monthly bill. What one or two generations ago was considered a nuisance payment has grown in both size and term.
By refinancing, borrowers can take both single or multiple student loans, shrink the interest rate, and make lower monthly payments – or choose a shorter term.
This wonderful solution is most prominently offered by large web-based lenders, but the local credit union deserves some consideration for a few reasons.
Credit unions are member-owned nonprofits, which makes you more than just a number or dollar sign. Unlike banks, profits are reinvested in the membership in the form of lower interest rates on loans and higher dividends on savings.
As a member-owner, you have a stake in how you're treated. You'll likely get the fairest shake from your credit union as opposed to a national web-based bank.
With a credit union, you've got a brick-and-mortar place to apply or ask questions in real life as opposed to just by phone or chat. In other words, you know where we live should there be any need for assistance.
In addition to its local, physical location, your credit union likely offers personal guidance for all things financial, from how to crush student loan debt to building a monthly budget.
This is just one added benefit of membership. Not only can you get the loan you need, but sound financial advice as well.
Total Debt Solutions
College debt is more than just student loans. It's not unusual to accumulate some credit card debt when you're on a limited income at school or as you start out in your career.
That's where options like the Any Purpose Signature Loan from Visions come in. With the Any Purpose, you can roll your student loans and other debts into a single loan with one interest rate and manageable monthly payments.
By virtue of their missions, credit unions are community-focused. In the same way they give back to members, they support the public by sponsoring community events, making donations to worthy organizations, or encouraging employees to volunteer their time.
By banking with a credit union, you get personal service while also indirectly impacting the place where you live, work and/or play. Feels pretty good, doesn't it?
Before you consider a student loan refi with one of the big guys, it might be a good idea to take a look at the neighborhood credit union. Credit unions can offer several advantages in all aspects of banking, but especially in the area of college debt.
See how products like the Any Purpose Signature Loan from Visions can help you simplify your bills now and pave the way to debt freedom down the road.