MSUFCU Saves Members Over $1.3 Million in Loan Interest in Three Months
EAST LANSING, MI—Michigan State University Federal Credit Union (MSUFCU) set a goal to save its members $1,000,000 in loan interest during its One Million Dollar Challenge promotion, held January 3–March 31, 2012. The $1,000,000 goal was surpassed ahead of schedule, with MSUFCU members ultimately saving more than $1.3 million in loan interest by refinancing their loan and credit card balances, totaling over $9.6 million, from other financial institutions with the Credit Union. Three members who refinanced loans with MSUFCU during the promotion won additional cash prizes.
Patrick McPharlin, MSUFCU’s President and Chief Executive Officer, commented, “MSUFCU held its first One Million Dollar Challenge in 2011, and the promotion was so popular with our members and staff, we brought it back for 2012. The One Million Dollar Challenge presented the perfect opportunity for MSUFCU members to establish new, low-rate loans with the Credit Union without taking on additional debt.”
McPharlin added, “By refinancing their loans with MSUFCU, many of our members were able to save hundreds, and even thousands, of dollars in interest. We’re thrilled we were able to surpass our goal and save our members so much money.”
MSU Federal Credit Union, the world’s largest university-based credit union, serves Michigan State University and Oakland University faculty, staff, students, alumni association members and their families worldwide and offers a full range of personal and business related financial services. Founded in 1937 by a handful of MSU professors and employees, MSUFCU now has 165,000 members, over $2.25 billion in assets, and more than 430 employees. MSUFCU was named the Michigan Credit Union League Credit Union of the Year in 2010.