(Somerville, MA) Naveo Credit Union relaunched a Back to School Loan, a unique product geared to assist local parents, young adults and educators with the growing number of costs associated with starting a new school year. Naveo originally created this seasonal loan a few years ago to help with the costs of textbooks, computers, and school supplies, but this year, the loan was expanded to include additional costs associated with remote learning such as WIFI connectivity equipment, headphones, etc.
Many of the school districts that are part of Naveo’s field of membership are either offering fully remote or hybrid school options to start the year, which can mean unexpected costs for those without WIFI connectivity or access to a computer. The costs for standard supplies can add up, especially when you add in dorm room necessities or school-required uniforms. In addition, many teachers are spending out-of-pocket funds to supply their classrooms due to dwindling budgets at schools. In the current economic environment, all these costs can cause a financial burden for those with kids returning to school.
The Back to School Loan is available in amounts up to $2,000 and in terms of 3 months to 12 months, allowing the loan to be paid off by the start of the following school year, should another loan be needed. The loan features a lower-than-usual rate for an unsecured loan, making this solution more affordable for those who need assistance with school expenses.
“We celebrate the many great educators in our local schools and neighborhoods, who are consistently rated among the best in the nation, and are very happy to support them and their students in these challenging times,” commented Albert Pinho, Interim Chief Executive Officer of Naveo Credit Union.