With uncertainty surrounding whether colleges will re-open this fall for in-person classes, and new financial realities brought about by the ongoing pandemic weighing in, many families will be facing difficult decisions about higher education in the coming weeks. UMassFive, in collaboration with Credit Union Student Choice (CUSC), is rising to meet this challenge by providing clear guidance, and flexible funding solutions for college-bound students and their families.
“Planning and paying for college is stressful for families even in the best of times,” said Craig Boivin, Vice President of Marketing at UMassFive. “With so many unanswered questions about the upcoming fall semester, we’re expanding our offerings to include a new online hub of timely articles and resources, as well as an even more flexible college funding solution with our private education line of credit.”
UMassFive’s application process now allows borrowers to establish a line of credit without requiring them to specify a school or input a specific loan amount. This innovative approach is unique in the private student loan marketplace and will give borrowers peace of mind—knowing they have secured funding regardless of their decision for this fall. Additionally, this setup means borrowers know what funds they have available now, and in the future, without the need to reapply each year*. Once they have decided on attendance at a particular school, and/or determined the exact loan amount needed, borrowers can easily return to their account to finalize their funding request.
“UMassFive has offered a private education line of credit through our partner Credit Union Student Choice for the past 11 years to help families responsibly fill funding gaps that remain after other sources have been exhausted,” said Boivin. “Our solution features competitive interest rates, in-school deferred payment, and a graduated repayment option. Now more than ever, we recognize that families are seeking both financial support and trusted experts to turn to for information—as their local credit union, we are here to fulfill those needs.”
In addition to the online information hub, UMassFive members can receive one-on-one advice about planning and paying for college from a College Access and Repayment Counselor, and access an online library of self-paced webinars.
To learn more about UMassFive’s private student lending solution, visit umassfive.studentchoice.org.
*Subject to credit qualification and annual credit review. Must meet the school's Satisfactory Academic Progress (SAP) requirements.