More details have surfaced recently regarding the private loan program being implemented through a public/private partnership between the state of Connecticut and credit unions which I had first posted about in mid-November.
The press release from Governor Rell's office which appeared on the StamfordPlus.com site on January 26th provided the following highlights:
- Over 20 credit unions are participating in the program
- Rates offered will be between 5.75% and 6.0%
- In terms of risk sharing, the state, through the Connecticut Health and Education Facilities Authority, is providing 20% guarantees on these loans
- Participating credit unions include:
- 360 Federal Credit Union (FCU) – Offices in Windsor Locks and Enfield www.360fcu.org
- Achieve Financial CU - Offices in New Britain, Meriden, Berlin, Southington www.achievefinancialcu.com
- American Eagle FCU - Offices in Bloomfield, Cromwell East Hartford,
Enfield, Farmington, Glastonbury, Manchester, Plainville, Vernon
www.americaneagle.coop
- Capital Region FCU – Offices in Wethersfield, Bloomfield and West Hartford www.capitolregionfcu.org
- Charter Oak FCU - Offices in Groton, Killingly, Brooklyn and Putnam www.charteroak.org
- Connecticut State Employees CU – Offices in Hartford, Middletown, New
Haven, Norwich, Newington, Southbury and Storrs www.csecreditunion.com
- Dutch Point CU - Offices in Wethersfield, Berlin, Waterford, Niantic, Windsor, Newington. www.dutchpoint.org
- FranklinTrust FCU - Offices in Hartford and West Hartford www.franklintrust.org
- General Electric CU - Offices in Milford, Bridgeport, Fairfield, North Haven, Norwalk, Shelton, Stamford www.geefcu.com
- Hartford Healthcare FC – Offices in Hartford and Newington www.hhcu.org
- Ledge Light FCU - Offices in Groton and New London www.ledgelightfcu.org
- Members CU - Offices in Stamford and Cos Cob www.memberscu.coop
- Mutual Security CU – Offices in Brookfield, Cheshire, Danbury, Norwalk, Stratford, Watertown, Wilton www.mscu.net
- New Haven County CU- Offices in New Haven and North Haven www.nhccu.com
- Northeast Family FCU – Offices in Manchester and North Windham www.nsefcu.org
- Northwest Hills CU – Office in Torrington www.nwhcu.com
- Nutmeg State FCU - Offices in Glastonbury, Rocky Hill, Manchester and New Britain www.nutmegstatefcu.org
- Seasons FCU – Offices in Middletown, Meriden, Cromwell, Old Saybrook www.seasonsfcu.org
- Sikorsky Financial CU – Offices in Stratford, Shelton, Milford, Seymour and Danbury www.sikorskyfcu.org
- Waterbury CT Teachers FCU – Offices in Middlebury and Danbury www.wctfcu.com
Earlier, in September of 2008, Iowa Student Loan announced a that they would be partnering "with Iowa financial institutions to create the Iowa Alliance Private Student Loan Program to fund a limited number of nonguaranteed private loans for students who have no other source of financing to continue
their education this year. A total of 16 lenders have pooled nearly $20 million that will be
allocated to Iowa residents attending eligible Iowa colleges and universities."
These are just two examples of creative solutions taking place at the state-level to address the private loan availability crisis.
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