Stanford Business School Partners With Star One Credit Union for Private Loans

I received the following notice last week from Jack Edwards, Director of Financial Aid at the Stanford Graduate School of Business (GSB):

"As of Friday, May 22, 2009, the Stanford GSB has secured a new custom private loan program for International and Domestic Students that does not require a US co-signer.  We will be partnering with Star One Credit Union to provide private educational loans for all GSB students.  The loan program created by Star One Credit Union features a unique line of credit structure, giving students the ability to apply once and secure financing for their complete graduate degree at the GSB. Besides providing financing for tuition and fees, the line includes low competitive interest rates, flexible repayment options, and zero origination and pre-payment fees."

Here is what I found on the Stanford GSB Financial Aid website: 

"The Stanford University Graduate School of Business has partnered with the Star One Credit Union to provide private educational loans to international Business School students. There may be other private educational loans for international students. However, many private educational loans do not offer the combination of relatively low interest rates with the possibility of not requiring a US co-signer for the loan."

This provides another example of the increased prominence of credit unions in the private student loan marketplace.  Star One Credit Union is a member of the Credit Union Student Choice program, which has been discussed in earlier posts.  The other unique feature of this program is that it includes not only international students but also domestic too.