NEW YORK – Fynanz Inc., a provider of private student loans for credit unions and operator of the cuStudentLoans.org program, announced that CU Student Lending, LLC, its affiliated CUSO, has lowered rates to just 2.75%, one of the lowest rate private student loans in the nation.
The new loan offers a simplified origination fee of 2.50% across all pricing tiers, replacing a variable fee structure from last year.
The company’s EdAccess loan can be used for all qualified education expenses and features an automatic 1% interest rate reduction once the borrower enters repayment and pays back 10% of the principal balance.
The loan also includes no pre-payment penalty, no co-signer option, co-signer release option and a 30-day no-fee return policy. It is one of the first loan programs to introduce a $25 proactive monthly payment plan, which requires the borrower to make payments while in school. This proactive payment enables borrowers to develop their credit history while providing a monthly reminder of how much they owe.
