Student Loans in Birmingham
College expenses are on the rise, and many families now rely on student loans to pay for tuition, books, housing, and other expenses. The good news is that with the right loan provider, you can minimize fees and interest, making your loans more affordable.
Credit unions are a great provider for student loans because they typically can charge lower interest rates than banks and other for-profit lenders. Plus, they offer student loan refinancing for existing loans. A loan officer can talk you through personalized options that can work for your budget.
How to get Student Loans
Applying for student loans requires some basic information, like your credit history, the amount of money desired, and your school. You can typically receive initial approval for loans the same day and can receive disbursement of the funds within two weeks. Start by applying online or calling to get your questions answered.
Unlike federal loans, private loans can be applied for any time of year. They’re a great way to deal with unexpected costs or simply be prepared for the second semester and summer classes.
Student Loans’ Effect on Credit
Like any kind of debt, student loans can cause your credit score to drop slightly at first. However, making on-time payments boosts your score by establishing you as a reliable person who lenders can trust.
After you have been out of college for a few years and have made on-time payments toward your loans, your credit score will likely increase. You could be in a solid position to apply for home loans and other forms of credit even before you finish paying off your student loan.
Your Credit Union Partner
T&I Credit Union is a Greater Detroit credit union that serves Birmingham, MI, and the surrounding area. We’re proud to offer student loans at low rates to help you reach your education and career goals.
We also offer student loan refinancing to help make your existing debt more manageable. Since we offer personal and auto loans as well, we can be your hometown financial service provider for years to come.
Learn more today by giving us a call at 1 (800)-338-3908. Our friendly staff will take the time to get to know you and your goals, so we can give you the best student loan experience possible.