Friday, July 30, 2010
CampusDoor Smart Options News Release 7/23
Campus Door Draft News Release 7-23-10
CAMPUS DOOR ANNOUNCES NEW PRIVATE STUDENT LOAN
TO HELP COLLEGE STUDENTS SAVE MONEY
Borrow Smart with Market-Leading Rates, Faster Pay Off-Time
and On-time Payment Reward
Campus Door announced today that it has partnered with Sallie Mae to offer a student loan program to credit unions to help their members meet the rising cost of college while helping them graduate with less debt and pay off faster after graduation. The CU Student HELP (Higher Education Loan Program) Smart Option Student Loan by Sallie Mae will be administered by Campus Door and offered to credit unions nationwide.
According to Damien Q. Elias, President and CEO of Campus Door, “the Smart Option Loan provides families with the ability to pursue their dreams of a college education without graduating with excessive debt.”
With the CU Student HELP Smart Option Student Loan by Sallie Mae, students pay interest while in school and graduate with less debt, compared to other longer-term private loan alternatives in which no payments are made until after graduation. With the loan’s shorter repayment period, a customer can pay off the loan five to eight years faster after graduation, compared to a standard 15-year interest deferred private student loan. The customer may select either a $25 monthly in-school payment plan or opt to pay interest only payments while in school. A typical freshman can save 30 to 50 percent on finance charges over the life of the loan.
Designed to supplement a student’s federal student loans and other financial aid, the CU Student HELP Smart Option Student Loan by Sallie Mae can help students cover up to 100 percent of their education expenses. The Sallie Mae Smart Option Student Loan features market-leading interest rates that reward responsible borrowers as they pursue their graduate or undergraduate degrees. Also available are benefits such as an on-time payment reward and interest-rate discounts for enrolling to make automatic payments.
To offer the Smart Option Student Loan, CU Student HELP partnered with Sallie Mae, the nation’s leading saving, planning, and paying for college company. Since its founding nearly 40 years ago, the company has helped more than 31 million people make the investment in a higher education.
CU Student HELP recommends private student loans to help bridge the college financing gap after exploring scholarships, grants and federal student loans. For more information, visit www.custudenthelp.com.
“CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. We understand the education finance marketplace, and leverage our knowledge and technology to help our clients achieve their goals,” Elias added
CampusDoor created CU Student HELP to provide credit unions with the ability to offer private student loans to their members. The CU Student HELP program allows each credit union to choose from one of two available options-- the balance sheet program or the Smart Option Student Loan referral program. Both of the programs increase revenue, minimize risk and fill a gap in the institution’s existing suite of products.