MAPLE GROVE, MN--(Marketwire - October 7, 2010) - Recognizing the need for alternative student loan options for its members after all federal aid sources have been exhausted, TopLine Federal Credit Union now offers a funding solution to students and their families with the EdAccess private student loan, which is available through a private credit union only network at www.cuStudentLoans.org.
With college enrollment at an all time high, paired with the escalating cost of tuition, cuStudentLoans.org assists families with funding higher education. The total costs of higher education in 2008-09 were approximately $229 billion with nearly 10 percent of the costs, or roughly $23 billion, covered by alternative private (as opposed to government) loans. Private student loans help to fill the funding gap between the cost of attending school when the amount of federal loans, grants and scholarships may not be enough to cover the total cost of post-secondary education.
Through TopLine's partnership with cuStudentLoans.org, a credit union only cooperative student lending network that provides loans for students at more than 700 schools in 47 states, TopLine will be able to offer members access to the EdAccess Student Loan program to help students and/or parents afford the costs of higher education. The EdAccess student loan can help pay for all qualified education expenses, including tuition, room and board, books, computers, even past due tuition bills after all federal aid sources have been exhausted. This EdAccess loan also includes a unique financial literacy component and monthly repayment option to help students learn good credit habits and build their credit scores while they are still in school.
"With the price of college on the rise, students and parents are finding it difficult to afford higher education. We are very excited to be able to offer the EdAccess student lending program to fill the gap," said Harry Carter, President and CEO of TopLine. "Our unique student loan program also helps students understand what they owe by making monthly payments to build a solid credit history and even recognizes academic success by rewarding the borrower with reduced rates."
Fynanz powers www.cuStudentLoans.org, the industry's leading credit union only private lending marketplace, and developed the ground-breaking Fynanz Academic Credit Score (FACS) that helps credit unions assess credit bureau data and student borrower academic attributes when scoring and pricing loans.
TopLine Federal Credit Union, a Twin Cities-based credit union, is Minnesota's 13th largest, with assets of more than $270 million. Established in 1935 and celebrating its 75th year of operations in 2010, TopLine offers a complete line of financial services from its headquarters in Maple Grove, and four branch offices located in Brooklyn Park, Edina, Maple Grove and Plymouth, as well as by phone and online at www.TopLinecu.com. Membership is available to anyone who lives, works, worships, attends school or volunteers in Anoka, Carver, Dakota, Hennepin, Ramsey, Scott or Washington Counties and their immediate family members.
Contact Information:
CONTACT:
Vicki Erickson
AVP Marketing
TopLine Federal Credit Union
http://www.toplinecu.com/
763.391.0872