By Chris Dutton | Business Insider Georgia Tech is going all in on the world’s first community credit unions, which will allow students to take out loans at the community college where they work.
The Georgia Tech Credit Union has been designed to work with students from Georgia Tech’s five campus community colleges and offer an array of tools to help them navigate the process of enrolling.
The credit union is one of three planned to be created at Georgia Tech over the next two years, the others being the Georgia Tech Community College Student Loan Program, and the University of Georgia’s Student Finance Program.
The credit unions will operate under Georgia Tech rules, with the first in 2017, and will operate independently from the university’s business operations.
In the next five years, students at Georgia College and the Georgia Institute of Technology, the schools in which the credit unions are located, will be able to borrow $6,000 per year, the Georgia Times-Union reported.
Students at the Georgia College campus will have to sign up for an account at the credit union and provide their name, Social Security number, and address, but not their full name.
The Georgia Tech credit union will provide a service that allows students to apply for a loan through a phone call, email, or text.
A student will not be able, for example, to apply to borrow money at the grocery store for an online checkout.
Georgia Tech students can also borrow money through the Credit Union Connect, which is a partnership between the credit Union and the university.
The two companies will begin offering credit cards at the beginning of 2018, the Times-UNT reported.
The credit unions operate through a partnership with the Georgia Public Service Commission.
Georgia Tech is planning to expand the network of the credit card service to include the Georgia Technology Community College, as well as a separate network of student loans and other financial products.
All three credit unions have a focus on serving students in a variety of areas.
Student loan borrowers who live in the Atlanta area and Georgia Tech will have access to a credit union with a total capacity of about 100,000 students.
Students from Georgia College students and the College of Technology in Atlanta will have the ability to borrow from the Georgia Technical Community College and College of Arts and Sciences, respectively.
According to the Times Union, students can borrow up to $1,600 for their first three years of enrollment, but the average loan amount for students enrolled at the two schools will range from $1.2 million to $3.5 million.
Some student loans will also be eligible for federal and state forgiveness, and some credit unions offer a combination of loans.
GeorgiaTech will have a partnership agreement with the University in the event that Georgia Tech students are eligible for the federal and federal government’s Workforce Investment Act.
One of the first major credit unions that GeorgiaTech will be offering will be the Georgia Career Credit Union, which has been in operation since 2002.
The Atlanta-based credit union has roughly 2,000 members who can borrow money to pay for college costs, and it also offers loan forgiveness programs for Georgia Tech graduates.
“If you are a Georgia Tech graduate, you are able to apply and get forgiveness from the government for up to 10% of your loans, which can be a big savings for you,” said Jeff Hightower, executive director of the Georgia Credit Union Association.
The company has been planning for the coming years to expand its network of community credit accounts.
The new credit union’s mission is to make the life of a student as easy as possible.
“I want to encourage our students to do the best for themselves and the community that they live in,” said Scott Stoll, vice president of the Credit Unions at GeorgiaTech.
“And the Creditunions will help students make the most of their education.”
Georgia Tech was named one of Time’s 100 Best Colleges in America last year.