Benchmark Community Bank announced today that it has partnered with CampusDoor to offer the CB Student HELP Smart Option Student Loan made by Sallie Mae to help their customers meet the rising cost of college while helping them graduate with less debt and pay it off faster after graduation.
“With the recent regulatory changes restricting the ability of banks to make traditional student loans, this product will fill the void for many of the college bound students and their families in Southside Virginia. Benchmark is very pleased to offer this new product,” remarked Benchmark’s Senior Vice President of Retail Operations, Jay Stafford.
Unlike other longer-term private loan alternatives in which no payments are made until after graduation, with the Benchmark Community Bank Smart Option Student Loan, students make payments while in school and graduate with less debt, compared to other longer-term private loan alternatives in which no payments are made until after graduation. With the loan’s shorter repayment period, a customer can pay off the loan five to eight years faster after graduation, compared to a standard 15-year interest deferred private student loan. The customer may select either a fixed monthly in-school payment plan or opt to pay interest-only payments while in school. A typical freshman can save 30 to 50 percent on finance charges over the life of the loan. Designed to supplement a student’s federal student loans and other financial aid, the Benchmark Community Bank Smart Option Student Loan can help students cover up to 100 percent of their education expenses. The Smart Option Student Loan features market-leading interest rates that reward responsible borrowers as they pursue their graduate or undergraduate degrees. Also available are benefits such as an on-time payment reward and interest rate discounts for enrolling to make automatic payments. Benchmark Community Bank recommends private student loans to help bridge the college financing gap after exploring scholarships, grants and federal student loans. By offering the Smart Option Student Loan, Benchmark Community Bank can help its customers pay for necessary college expenses including tuition, room and board, books, and even a computer while building a credit history.
As part of the CB Student HELP program, CampusDoor will assist with the development and implementation of the loan program and provide specialized call center support to Benchmark Community Bank customers. To offer the Smart Option Student Loan to banks nationwide, CampusDoor created the CB Student HELP program and partnered with Sallie Mae, the nation’s leading saving, planning, and paying for college company. Since its founding nearly 40 years ago, Sallie Mae has helped more than 31 million people make the investment in a higher education. “Sallie Mae is delighted to partner with Benchmark Community Bank and CampusDoor to assist families seeking responsible solutions to make the investment in a college education,” commented Jerry Maher, senior vice president, Sallie Mae.