Credit union managed student loan program answers consumer calls for private student loan refinancing
New York, NY – May 16th, 2013 – cuStudentLoans, a private student loan and private student loan consolidation program managed by not-for-profit credit unions, today announced the development of a new private student loan refinancing program for consumer driven-movement leader, joinStampede. The program, which features a private student loan consolidation without origination fees, was created between cuStudentLoans and joinStampede in response to the 30,000 consumers that pledged interest in refinancing their private student loans through the group discounting initiative.
The initiative, which will continue to collect registrations from consumers with student debt until May 31st (via www.joinStampede.com), will officially begin accepting applications on June 1st. The unique program, which features no origination fee, will allow consumers to apply through June 15th. cuStudentLoans, which has approved over 10,000 consumer applications for $500 million in private student loan refinancing, says that the average interest rate of private student loans that have been refinanced through their program is 5.66%; a far cry from the average 8.46% average that consumers held before refinancing.
“The success of joinStampede’s campaign is further evidence that consumers are seeking better rates and terms on their student loans,” said Alice Stevens, Chairman of the cuStudentLoans program. “cuStudentLoans is happy to be the answer to their needs and will continue to lower interest rates for graduates holding high-interest private student loan debt,” continued Stevens.
“joinStampede has a lot of similarities to the cooperative nature of credit unions,” said Paul Gentile, Executive Vice President of the Credit Union National Association (CUNA). “Credit unions bring people together for the betterment of the whole. joinStampede does the same. Rather than join the drumbeat of naysayers calling student loan debt the next big hit to our economy, let’s work together to make it better,” continued Gentile.
joinStampede, which operates on the belief that organizing consumers around technology and like-minded issues creates a powerful tool for affecting real change in markets, has generated interest from over 30,000 consumers seeking refinancing options. joinStampede has partnered with Causes.com, the world’s largest platform for social change, to engage passionate communities of consumers with private student loan debt.
“We’re thrilled to have gained such traction and momentum in a consumer finance category that has plagued so many recent graduates,” said Stephen Dash, Founder of joinStampede. “We hope that by partnering with credit unions we can help 30,000 consumers become financially independent and potentially save thousands of dollars in annual interest payments on their private student loans,” continued Dash.
cuStudentLoans is a leading network of credit unions offering private student lending options to students and families nationwide. Developed in 2009, cuStudentLoans is comprised of over 160 progressive credit unions that built a member-responsive private student loan program using a common underwriting and pricing platform. The program, which consists of both the cuScholar Private Student Loan and cuGrad Private Student Loan Consolidation, includes loan participations to enhance and mitigate risk.
joinStampede is a consumer movement that uses people power to save individuals money on the big expenses in their lives. www.joinstampede.com.
Causes.com is the world’s largest platform for social change. The platform enables individuals, grassroots organizers, nonprofits and companies to run online-to-offline campaigns. Causes tools help people find passionate communities, take collective action, and make an impact. www.causes.com/about.