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  1. #1
    Coco M.D.'s Avatar
    Coco M.D. is offline Junior Member 510 points
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    credit union thing?

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    I was wondering if someone could give me some info or shed some light on the credit union thing I keep hearing about in relation to getting loans. It was mentioned in the meeting given by the president this past semester. I know it has something to do with a family member or someone needing to be a credit union member or something along those lines. This upcoming semester is the last semester for which I'll have loans from Citi, and I wanted to start considering any options for future semesters, in case no other loans are in place for the school.

    Thanks in advance!!
    *I choose to live forever, or die trying to*

  2. #2
    UMHS's Avatar
    UMHS is offline School Official 522 points
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    Credit Unions function much like banks and offer most of the same services like checking accounts, savings accounts and loans. The difference is that banks tend to be owned by stockholders and credit unions are owned by the members that use their services. For this reason, the services of a credit union tend to cost less thanthe same services frm a bank.

    In order to use the services of a credit union, you first must join. Check with the credit unions in your area to determine if you qualify. (Some credit unions are only for a certain group of people, e.g. just county or city employees, residents of a geographical area, members of a certain union, etc.) Once you are a member, you will have to meet certain criteria for loans just as you would in a bank. If you do not meet those criteria, you can get a co-signer that does.

    Good luck pursuing your education and getting financial support from the CU!

  3. #3
    ClinicalMD is offline Junior Member 510 points
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    Credit unions like banks will only lend large amounts of money if you or your parents (relatives) are able to put up collateral such as a house. Without putting up a house as collateral i highly doubt you'll be able to finance your tuition from a credit union and even if you do your monthly payments will be sky high. A better option would be to refinance the house and use that money for tuition; you'll prob get a better interest rate.

  4. #4
    gx255's Avatar
    gx255 is offline Senior Member 517 points
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    theres a huge risk with putting up your own house as collateral
    UMHS

  5. #5
    ClinicalMD is offline Junior Member 510 points
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    Absolutely! I don't think its wise either to put up your house as collateral but when it comes down to options i think that's about it! Given how bad the situation is schools that have loans are going to attract the most students right now!

  6. #6
    Coco M.D.'s Avatar
    Coco M.D. is offline Junior Member 510 points
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    Thanks everyone for the responses!
    *I choose to live forever, or die trying to*

  7. #7
    thepudendal is offline Junior Member 510 points
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    Coco will sell her soul!
    "The distance between insanity and genius is measured only by success"

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  8. #8
    gx255's Avatar
    gx255 is offline Senior Member 517 points
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    its like a flake of skin and microscopic i'm sure coco will !!!
    UMHS

  9. #9
    Coco M.D.'s Avatar
    Coco M.D. is offline Junior Member 510 points
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    I'm down...as long as my med career is paid for!
    *I choose to live forever, or die trying to*

  10. #10
    Coco M.D.'s Avatar
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    OK so still on the topic of loans...does anyone have information about Sallie Mae? I tried emailing them but haven't received a response yet.
    *I choose to live forever, or die trying to*

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