Governor Paterson Announces SEFCU Partnership in HESC Student Loan Marketplace

ALBANY, NY (11/11/2009)(readMedia)-- Governor David A. Paterson today announced that SEFCU, the largest credit union in the Capital Region and one of the 70 largest in the country, joins the New York State Higher Education Services Corporation's (HESC) Student Loan Marketplace, at HESCMarketplace.org, an award-winning first-in-the-nation program that allows students to compare actual, pre-qualified private education loan terms from multiple lenders using a single credit check for all.

With eight new loan options, SEFCU joins Discover Student Loans and PNC Bank in providing a total of up to 15 loan products New York State students can learn about and compare through HESC Marketplace.

Governor Paterson said: "HESC Marketplace provides students seeking private education loans with the essential information they need to borrow responsibly. SEFCU's participation broadens students' options, allowing them to compare a variety of loans that they may not have known about and decide which is best for them."

The loan products provided by SEFCU through HESC Marketplace include both fixed and variable rate options which may be offered to borrowers.

Administered by HESC, the State's student financial aid agency, HESC Marketplace is a Web-based resource that enables students and their parents seeking a private education loan to compare the terms of loan products from multiple lenders, based upon the borrower's credit profile, with only one credit check. HESC Marketplace includes a Financial Aid Learning Center to help students and their parents plan for college costs. Borrowers are advised to exhaust all grant, scholarship, and federal loan possibilities before applying for an alternative loan. The information on financial aid, tips on budgeting, and strategies for financial management help students make smart borrowing decisions. This service educates students and their parents about good borrowing practices and helps students make decisions based on accurate information, not "as-low-as" advertised offers.

HESC recently won a distinguished award from the Center for Digital Government (CDG) for HESC Marketplace, recognizing it as "a project best advancing service to the public."

Elsa M. Magee, Acting President, HESC said: "With SEFCU as a participating lender, HESC Marketplace now provides New York students and families with a myriad of options for closing the college funding gap."

Michael J. Castellana, SEFCU's President and CEO, said: "SEFCU is pleased to offer affordable education funding solutions for students through HESC Marketplace. This unique Web site enables us to offer highly competitive rates on student loans to New York college students to help them fulfill their dreams of a higher education. We are proud to help them achieve their higher education goals. A college education is one of the best investments a student can make."

Steven W. Dwire, Director of Financial Aid at the College of Saint Rose in Albany said: "We are pleased that our students have more educational funding opportunities to explore with SEFCU's involvement in HESC Marketplace. With its emphasis on smart borrowing and financial aid literacy, HESC Marketplace is a safe and trustworthy environment where we know our students get important information and meaningful guidance."

The new State-sponsored student loan, the New York Higher Education Loan Program (NYHELPs), will also be available in HESC Marketplace for the spring 2010 semester.

About HESC: The New York State Higher Education Services Corporation is the State's student financial aid agency, providing more grant and scholarship awards to students than any other state in the nation. In 2008-09, HESC helped nearly 600,000 students achieve their dream of attending college by providing $4.6 billion in grants, scholarships and loan guarantees, including $813 million awarded through the Tuition Assistance Program (TAP) to more than 375,000 students. HESC also assists schools and students with advanced default prevention, financial literacy and counseling programs, and provides training and technical services to college financial aid administrators, high school counselors.

About SEFCU: Established in 1934 as the credit union for state employees, today SEFCU is among the 70 largest credit unions in the U.S. with over 1,000 ways to join, more than $1.8 billion in assets, over 180,000 members and 39 offices in the Capital Region, Binghamton, Syracuse, and Buffalo. In addition to standard deposit and loan products, SEFCU offers 24-hour banking by phone and Internet, electronic bill payment and eStatements, investment and insurance services, and a full range of business banking services. Find us on Facebook(r) . Follow us on Twitter(r).

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