Guest Blog: Creating Opportunity Using a Compensating Balance Loan

(Our Guest Blogger, Jamie Alderman is seated at left. Sitting at the desk is Shannon Kile, Loan Officer with CWV TEL Federal Credit Union.)

Hello. My name is Jamie Alderman and I am ready to go back to college. The CWV TEL Federal Credit Union has made that next step possible for me.

Up to this point, service industry employment has not offered the career challenges I am seeking. I am looking for something that is more intellectually stimulating. I will be studying Sociology (undergraduate), then Seminary (graduate school). I will develop my people skills in the ministry--graduating as a pastor and using my education and skills to teach, counsel, and minister to my congregation.

I owed approximately $1,200 in old student loan debt. Systems such as VR and PASS cannot pay of my existing debt so that I can go back to school sooner, rather than later. I could have waited until I paid the debt off myself, but that would have taken about 4 more years according to my current payment schedule. Instead, the loan offered by CWV TEL  has made it possible for me to go back to school next semester.

Russell's quick note:

This is Job Squad's 2nd round with a Compensating Balance Loan. The first was done in partnership with the Center for Social Capital. Jaime's loan is 100% guaranteed by a JSI deposit with CWV TEL, equivalent to Jaime's loan principle.

Thank you to Carol Johnson of CWV TEL for making this happen! And to Ian Rudick for connecting JSI with such an outstanding group of folks at CWV TEL Federal Credit Union!