LOS ANGELES, Aug. 19, 2004 (PRIMEZONE) -- Education Loan Resources (ELR) is now offering California's lowest cost student loans. ELR's zero-fee Stafford Loan is designed to make a college education more affordable for California residents and students attending California schools.
Most Federal Stafford lenders charge a 3% origination fee which is paid to the government to offset the costs of the loan program. Under its new program, ELR will pay the 3% fee on behalf of its borrowers, allowing students to receive more funds.
"We always look for ways to provide students and their families with the most value," said Michael Kim, ELR President/CEO. He added, "And with our zero fee Stafford Loan, students will get more money right away, when they need it most."
Students who borrow from ELR can also receive a 2% interest rate reduction at repayment by having their monthly payments automatically deducted from their credit union or bank account. At the current Stafford rate of 3.37%, ELR borrowers would pay just 1.37%.
Education Loan Resources is a wholly owned subsidiary of USC Credit Union and dedicated to the credit union philosophy of value and service over profit. Credit union membership is not required to use Education Loan Resources. USC Credit Union and ELR originated nearly $85 million in student loans for the 2003 academic year.