SECU Introduces Student Loan Refinancing Solutions to Help with Student Loan Debt
According to the Federal Reserve, Americans now have $ 1.5 trillion in student loan debt, which is higher than what we collectively owe in auto loans or even credit card debt. To help our members take control of their student loan debt and to finance the rising cost of higher education, SECU is pleased to introduce new Student Lending solutions.
Our new student loan financing solution differs from traditional student loans in that it is actually a line of credit requiring a one-time application instead of annual loan applications that have to be submitted each year to cover annual costs. Students apply once for the line of credit, and then draw from it each year to cover tuition and other college costs. Students can apply to increase their line of credit if needed.
- One-time application
- No origination or prepayment fees
- Flexible repayment options
Student Loan Refinancing
SECU is also introducing competitive rate student loan refinancing to help cut down on the interest people are paying on current student loans. Refinancing not only saves money on interest, it helps consolidate outstanding loans into one easy payment and can lower the monthly payment amount, helping people manage their debt.
- Fixed low rates
- Consolidate for one easy payment
- Save on interest and shorten your term
With loan repayments just around the corner for the spring 2018 graduates, now is a great time to explore our new refinancing solutions to help you pay down your student loan debt faster.
“With the high cost of higher education, educating our members and helping them save money as they achieve their dreams through higher education is really important to SECU and ingrained in the fabric of who we are as an organization,” said Toby Smith, VP of Lending. “We are really excited to introduce this product to help our members.”
Save on Back to School Shopping During Maryland’s Tax Free Week
It’s hard to believe, but the start of school is just a few short weeks away. As we head to the store to stock up on all the supplies the kids needs to succeed, you can save some money by shopping during Maryland’s Tax Free Week, which runs from Sunday, August 12 – Saturday, August 18. During Tax Free Week, qualifying apparel and footwear priced at $100 or less are exempt from state sales tax. The first $40 for a bookbag or backpack is also tax exempt.
You can make those savings go even farther by using your SECU Cash Back Visa credit card. Earn 1% unlimited cash back on all your purchases, including everything needed for back to school. Every little bit helps, so be sure to take full advantage of Tax Free Week and earn cash rewards for all of your purchase. Learn more about our Cash Back Visa credit card and other credit card solutions here.
Keep Your Accounts Active!
Did you know that Maryland law states that accounts with no activity for more than three years must be declared “abandoned” and those funds transferred to the state? To avoid state seizure of your money, keep your SECU accounts active in any of these ways:
- Make a deposit or withdrawal to your account
- Check your balance using an ATM, Expressline or Online/Mobile Banking
- Call SECU at (410) 487-7328 or (800) 879-7328 and ask to reactivate your account
You’ve worked hard for your money. Be sure to use your SECU account and take advantage of the financial services resources we have to offer.
REMINDER – Change to Mobile Remote Check Deposits
Beginning on July 1, Remote Check Deposits made from your mobile device must include the words “For Mobile Deposit Only” written underneath your endorsement signature on the back side of the check. Thanks for your cooperation.