NuUnion CU, formerly State Employees CU, said it is offering $1 million in below-rate education loans as part of the Michigan CU League's Career Transition Program for auto workers.
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The credit union will offer eligible members fixed-rate loans at 50 basis points under the current rate on guaranteed Stafford loans, which is currently 6.8%.
Members will be given two years with no interest or principle payments, which they try to learn new careers. Michigan credit unions have pledged $40 million in the retraining loans.
