Credit union increases loan options for masters degree candidates

Credit union increases loan options for masters degree candidates

In an effort to help more individuals pursue their educational goals, Wright-Patt Credit Union has announced it will increase its student loan options for campus-based and online masters degree candidates.

The Dayton Business Journal reports that the Ohio-based lending institution has announced it will commit at least $53 million to student loan programs beginning this month. This funding will be reserved for borrowers who plan to pursue masters-level degrees at campus-based or online colleges.

Graduate loans available through the credit union will require no origination or prepayment fees and include a six percent interest rate. Masters degree candidates may be eligible to receive as much as $100,000 from the lender.

The credit union also offers undergraduate loans worth up to $75,000 per student, according to the news source.

Dustin Limburgh, the lender's marketing representative for young adults, told the media outlet that these options are intended to answer the growing need for higher education.

Similar financing options could pay off in the long term, as government analysts say that masters degree holders could earn thousands more per week than professionals who only have bachelors degrees.

By Stefanie Hughes