Our mission here at the GWUCUI is to strengthen the GW community by helping students bank affordably, build credit, better manage their finances and develop valuable skill sets that they can bring to their careers. We seek to accomplish this goal by chartering a student-run Credit Union. A Credit Union is essentially a not-for-profit bank. This will allow us to not only offer small loans with low rates, but also pay higher interest on member deposits! In addition to banking services, we will offer a unique credit building program that builds credit score and knowledge of finances. All these services aim to empower the GW community while also providing job experience for GW students interested in any field.
Once we are granted a charter from the NCUA, we will offer:
Share Accounts
Our share accounts will be savings accounts that offer higher interest than any of our competitors, partial ownership of the Credit Union, and voting rights on Credit Union policies.
Share Draft Accounts
Our share draft accounts will be standard checking accounts, and will give the student access to on-campus ATMs and personalized debit cards.
Credit Builder
Our credit building program will be an effective, cheap, and risk-free way of building credit through the use of a small secured loan.
Textbook Loans
Similar to internship loans, these loans will help students cover the cost of expensive textbooks. Students with on-campus jobs who know that they will be able to cover the payment but don’t currently have the means will benefit from this.
Student Org Micro-loans
Student orgs will be able to get short-term loans to cover the cost of their operations while they are waiting for funding from the school.
Internship Loans
After 3 rounds of surveying and over 1,000 conversations with students, we have identified the areas where students are willing to take out small loans. Internship-related expenses that happen before a student’s first pay day will be met with an internship loan.
We aim to solve a critical problem that our peers face: a lack of financial literacy education and training to manage their personal finances. Fellow GW undergraduate and graduate students have told us they feel underprepared for the transition to financial independence after graduation. A lack of financial literacy follows into adulthood, affecting the ability to plan and sustainably spend. We have already hosted events and are now working with partners on campus to develop a curriculum around financial literacy. These resources will help students understand their personal finances and utilize our products.
Your assistance will help us get this Credit Union operational. Your donation is greatly appreciated. For donations greater than $2,000, or if you have any questions at all, please email us at info@gwucui.com, and a core team member will be assigned to personally work with you.
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