SECU Invests $1.6 Billion in Education
State Employees' Credit Union (SECU) continues its commitment to education by investing $1.6 billion of members' funds in N.C. Student Loan Bonds in the past year, a news release said.
That helped the North Carolina State Education Assistance Authority (SEAA) and College Foundation Inc. (CFI) make education loans available to North Carolina students and parents. An additional $25 million pool of funds has been committed to help meet the higher demand for student loans for this school year.
"We are grateful that SECU stepped up to help make money available, and we also appreciate their genuine interest in helping educate families about the best ways to pay for college," said Steve Brooks, SEAA executive director. "Families need to understand the college financial aid process and how to find available federal and state scholarships, grants and low-cost Federal loans before they consider other options. They also need a solid foundation in financial literacy to make good choices."
"SECU firmly believes that helping North Carolinians get an education is one of the best and most important investments we can make. Education opens up opportunities for individuals to increase their incomes and improve the quality of their lives," said Mike Lord, SECU senior vice president of finance and accounting. "We support the CFNC effort to help North Carolina families 'plan, apply and pay for college.'"
The two North Carolina private, nonprofit financial institutions and SEAA are also in the planning stages for SECU to help families with questions on completing the Free Application for Federal Student Aid (FAFSA). Students and parents must complete a FAFSA form to be considered for federal and state aid for college.
SECU will help CFNC and the North Carolina Association of Financial Aid Administrators offer FAFSA Day at sites across the state in February 2010. Details on the joint efforts of these groups will be announced soon.
SECU is a nonprofit financial cooperative owned by its members. >SECU has been providing the employees of the State of North Carolina and their families with consumer financial services for more than 70 years.
CFNC, a free service of the state of North Carolina provided by Pathways, College Foundation Inc. and the NC State Education Assistance Authority, helps students plan, apply and pay for college.
The North Carolina State Education Assistance Authority is the state agency that promotes access to higher education by administering financial aid and savings programs, informing students and families about paying for college, teaching educators about financial aid administration, and advocating for resources to support students.
Pathways is a state-based initiative including the N.C. Department of Public Instruction, the University of North Carolina System, the North Carolina Community Colleges, and the North Carolina Independent Colleges and Universities working together to increase access to college for all North Carolinians.
College Foundation, Inc., a nonprofit corporation serving North Carolina students and families since 1955, administers a portfolio of more than $4 billion, including low-interest federal education loans, the state's college grant programs and the tax free "529" college savings program on behalf of the N.C. State Education Assistance Authority.
CFNC offers its resources via telephone, toll-free at (866) CFNC or on its Web site at CFNC.org.
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