For borrowers attending degree-granting institutions
Has your child recently made the important decision of where he or she is headed to college or graduate school? Your family is likely now facing a new challenge—finding the right way to pay for it. For college expenses not covered by scholarships and federal loans, Altier Credit Union has partnered with Sallie Mae to bring our members the Smart Option Student Loan, allowing families to design the private education loan that’s right for them.
To encourage responsible borrowing, the Smart Option Student Loan offers the following benefits:
A good credit score can make a big difference when you apply for a car loan, credit card, lease, mortgage, or even when you apply for a job. Student loans can have a positive impact on your credit score if you consistently make on-time payments. On the other hand, if you miss payments and fall behind, your actions can indicate that you're a higher risk and may lead to you getting a higher interest rate than someone with better credit.
Understand credit reports
You are entitled to one free credit report each year from each of the three major credit bureaus —TransUnion®, Equifax®, and Experian®— that details your outstanding credit, payment history, and any public records about bankruptcy or delinquency.
Understand your FICO® Score
A FICO® Score is an overall indicator of your credit health. It summarizes information in your credit report into a single number that lenders can use to assess your credit risk quickly, consistently, objectively and fairly.