USA Today has reported that half of men and women aged 18-24 have used alternative financials institutions. Those are the Cash Advance, Payday Lenders, and Pawn Shops. Did you know that when you go there, you’re literally paying upwards of 200-300% APR? We’re not even sure how that’s legal because if that’s not usury, then what is?
The problem, as USA Today also reports, is that too many young people are lacking in financial knowledge. That is, they don’t even realize there are MUCH better options available. The first step, as it often is, is education.
Take the time to learn about finances. Don’t assume you know enough. This industry is so complex that it literally would take a lifetime to figure out all the little ins and outs and where predatory lenders (they’re out there) will try and get you. Also, don’t knock the football game that you see below until you try it because it’s surprisingly addicting.
Filer Credit Union is one of the only financial institutions in northern Michigan to offer high quality student loans to members. Why don’t more people try to keep their student loan business local? That’s the way we look at things.
Apply for your student loan – Student Choice Line of Credit
Other helpful college links
*Although Filer Credit Union strives to offer educational information to its young members, we cannot be responsible for any information contained on websites other than www.FilerCU.com. Filer Credit Union also attempts to verify that linked sites comply with the Children’s Online Privacy Protection Act. Please remember to surf the web safely.