YELLOW SPRINGS, Ohio (5/30/14)--YS FCU has stepped in to provide loans to students of recently re-opened Antioch College, allowing young adults to study at their school of choice.
Because it was closed from 2008 to 2011, Antioch College won't be accredited until 2015, which means students can't use federal student loans for tuition until then. As of May, the $16 million-asset Yellow Springs, Ohio-based credit unions has saved nine students from dropping out due to lack of finances, according to President/CEO Sandy Hollenberg
YS FCU has experienced no losses and there is "greater than 80% share-security pledged from unencumbered endowments to ensure low risk to the credit union," Hollenberg said (eLumination May 28).
Because the Yellow Springs economy is largely dependent on the college, helping Antioch College succeed is critical to the community, Hollenberg said.
Credit union staff also provide loan recipients with financial education, creating a budget and payment plans.
Several students at Antioch College have agreed to form a student advisory committee, which will share the credit union philosophy and market YS FCU to other students. Hollenberg also plans to invite students from other area colleges and high schools to join the advisory committee.
Also, the credit union has hired three students as part-time interns, participates in the school's student body meetings and offers educational sessions to the student body.