Credit unions?

Question

I am starting a career after finishing my B.A. and M.Ed, and I am getting really overwhelmed with the process of paying back student loans and costs of college. Would a credit union be able to help me, at least for financial advice? I would like to consolidate my loans (Federal and Perkins), and possibly get a better rate on my car payments, but I'm a little fuzzy about how a credit union works in the first place.

Answer 1

They are just a specialized bank ,
Made up of from deposits by employees and
Then make loans back to the employees at supposedly less than commercial bank rates .

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Answer 2

a credit union is basically a bank with the exception that it has members and the member investments into the credit union are in turn loaned out to other members -- only problem i see if you wrap your loans all together don't you get a tax break on the interest from you student loans??? also if you put your car in there will you be paying for your car for a longer period of time -- and if they use it for security you will have to pay off the whole loan before you get a clear title -- but i woulds join the credit union and go in and have a set down with the manager~!!!

Answer 3

Credit unions, like banks, are financial institutions that offer savings and loan products to people. Yes, a credit union could help you with information on the best way to handle your debt.

The difference between credit unions and banks is how they are structured and governed. As financial cooperatives, the basic premise of credit unions is people pool their money together and loan it to each other. They do not have stockholders or investors, so the "profits" are returned to the credit union members in the form of better rates, lower fees and fewer fees.

Here is a link to give you more detailed information on what is a credit union:

http://www.creditunion.coop/what_is_a_cu.html

The most important difference to you as a consumer is that credit union's have a field of membership which defines who they can serve. Here is a link to a website that can help you find a credit union in your area that you can join:

http://www.creditunion.coop/cu_locator/index.html

Answer 4

Definitely go with a credit union. In my experience, they are more likely to help you get a loan, or consolidate what you've got. They will also get you the best interest rates, too. And yes, they'll help with financial advice, too. Like I said, overall they just seem to want to help more than a typical bank. Good luck.

Answer 5

Most likely you shouldn't be touching your federally sponsored student loans (I believe both of yours are) -- they're a very good deal that you can't even approach without the federal guarantees. Just try to refinance the car loan.

Credit unions are just banks with a different org structure, which you as a customer don't really care about. Just compare them the same as other banks. In my experience sometimes they come out ahead, but many times they don't.

Answer 6

It's basically bank - essentially - doing the same things. However you can get a better loan and in my opinion they are nicer to deal with!!! I moved from California and didn't want to give up my credit union - so I have kept it even with my out of state moves! They tend to help you where normal banks can't and are a bit more lax on credit scores and such. :)