The $129 million Texas Partners Federal Credit Union in Killeenhas joined the pool of about 500 credit unions that offer SallieMae's Smart Option Student Loan referral program, the credit unionannounced.
|Texas Partners FCU said the Smart Option Student Loan will helpdegree-seeking members obtain low interest rates, graduate withless debt and pay off their loans faster than they would with otheralternatives.
|The credit union, in return, will earn fee income in exchangefor marketing Sallie Mae's loan product to members.
|In-school monthly repayment options allow borrowers to save 17%to 49% in interest and pay off their loans three to eight years faster than they wouldwith a conventional, payment-deferred, 15-year term loan, TexasPartners FCU said.
|The credit union said the Smart Option Student Loan is designedto supplement federal student loans and other forms of financialaid, can cover up to 100% of borrowers' education expenses, andoffers rewards for on-time and automatic payments.
|Texas Partners FCU serves around 19,000 members who live, work,worship or attend school in Bell, Coryell and Lampasas counties inTexas.
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