Madison, WI June 17, 2016 UW Credit Union has added Debt Protection to its private student loans. At no cost to the borrower, this new loan feature protects up to $50,000 of a borrower"s outstanding aggregate loan balance if the borrower passes away.
Every in-school and refinanced student loan automatically includes Debt Protection. Borrowers and cosigners don"t have to opt in or do any extra work to receive this protection. Debt Protection applies to all new loans, as well as loans previously made.
"We"re committed to acting in the best interest of our members, and that"s why the credit union chose to offer this benefitwe believe we"re the first credit union to pay for this kind of coverage," said Mike Long, Executive Vice President & Chief Credit Officer at UW Credit Union.
In addition to providing Debt Protection for all of its private student loans, UW Credit Union is forgiving the balances of current cosigners where a borrower has died, as well as reimbursing payments made after the borrower passed away. In total, the credit union will refund members over $110,000.
"Forgiving these balances and refunding payments is simply the right thing to do for our members," said Paul Kundert, President & CEO at UW Credit Union.
All Debt Protection fees for student loans are paid by UW Credit Union.
To learn more about UW Credit Union"s student loan options, visit uwcu.org/studentloans.
About Us
UW Credit Union is a growing, federally insured financial institution and a leading provider of a full range of financial services to University of Wisconsin communities. UW Credit Union's 500 employees serve the financial needs of more than 213,000 members through world-class technology systems, and through a convenient network of 23 branch locations and over 100 ATMs. With assets totaling $2.2 billion, UW Credit Union is ranked nationally among the leading credit unions. Founded more than 80 years ago by members of the University of Wisconsin community, UW Credit Union continues to operate as a not-for-profit, memberowned financial cooperative with locations in the Madison, Milwaukee, Stevens Point, Green Bay, Oshkosh and Whitewater areas. Visit UW Credit Union at uwcu.org to learn more.
