SPOKANE - As a gesture to show that the outstanding student loan debt in America is a problem, a local credit union is offering to help erase some of that debt. On Monday, Numerica Credit Union announced that it is offering two $2,500 scholarships for those who are battling student loan debt after their completion of an Associates, Bachelor’s, or Master’s degree. The national student loan debt level has reached $1.6 trillion dollars according to the Federal Reserve.
“The burden of student loan debt is a common challenge amongst our members – often impacting their financial wellbeing or ability to take meaningful steps in life like purchasing a home or saving for retirement,” said Kim Pearman-Gillman, senior vice president of corporate and community relations at Numerica. “We are committed to addressing this impact through financial counseling as well as this new and relevant scholarship.”
Requirements for the student loan repayment scholarship include:
· Being a Numerica Credit Union member in good standing
· Completion of a degree
· Not having received one of Numerica’s previous scholarships
· Must be a Federal Student loan
· Cannot be a Parent Plus loan
Applications for the loan repayment are due by November 30.
To date, Numerica has given more than $85,000 in student scholarships. However, this is the first year it has offered an award to those who have already completed a degree.
“Numerica never wants student loan debt to overshadow the time and talent people put into getting a degree. Planning, preparing, and only taking what you need in loans are important steps to minimize debt while you’re in school. This scholarship is an opportunity for Numerica to assist our members’ in repaying their student loans,” Pearman-Gillman emphasized.
Numerica Credit Union is based in Spokane with branch locations in Wenatchee, East Wenatchee and Entiat.