SEFCU Becomes Partner in HESC's Student Loan Marketplace
More Options for Students Shopping for Loans to Close the Funding Gap
Governor David A. Paterson recently announced that the State Employees Federal Credit Union (SEFCU), the largest credit union in the Capital Region and one of the 70 largest in the country, joins HESC’s Student Loan Marketplace, an award-winning first-in-the-nation program that allows students to compare actual, pre-qualified private education loan terms from multiple lenders using a single credit check for all.
The HESC Student Loan Marketplace is a Web-based resource that enables students and their parents seeking a private education loan to compare the terms of loan products from multiple lenders, based upon the borrower’s credit profile, with only one credit check. It includes a Financial Aid Learning Center to help students and their parents plan for college costs. The information on financial aid, tips on budgeting, and strategies for financial management help students make smart borrowing decisions.
Borrowers are advised to exhaust all grant, scholarship, and federal loan possibilities before applying for a private loan. This service educates students and their parents about good borrowing practices and helps students make decisions based on accurate information, not “as-low-as” advertised offers.
SEFCU joins Discover Student Loans and PNC Bank in providing a total of up to 15 loan products New York State students can learn about and compare through HESC Marketplace. The eight new loan option loan products provided by SEFCU through HESC Marketplace include both fixed and variable rate options which may be offered to borrowers.
"With SEFCU as a participating lender, HESC Marketplace now provides New York students and families with a myriad of options for closing the college funding gap,” said Elsa M. Magee, Acting President of HESC.
Michael J. Castellana, SEFCU’s President and CEO, said, “SEFCU is pleased to offer affordable education funding solutions for students through HESC Marketplace. This unique Web site enables us to offer highly competitive rates on student loans to New York college students to help them fulfill their dreams of a higher education.”
“We are proud to help them achieve their higher education goals,” Castellana added. “A college education is one of the best investments a student can make."