UICCU offering break to workers

Iowa's largest credit union is offering its employees an unusual benefit that could save them thousands on their college education.

University of Iowa Community Credit Union will refinance employees' student loans without charging interest.

The average student-loan debt for class of 2015 graduates is a little more than $35,000, according to a recent article in the Wall Street Journal. Assuming an interest rate of 4.5 percent and term of six years, over the first five years of the loan a person would reduce debt to $19,493 and pay $6,296 in interest.

If they are UICCU employees, they still would make the same monthly payment, reduce their debt to $13,220 and pay no interest over the same period.

UICCU began offering the no-interest benefit to employees on Sept. 1. Human Resources Director Sue Freeman said in a news release that a number of UICCU employees have taken advantage of the new benefit.

UICCU is the state's largest credit union with assets of just over $3 billion and 130,000 members. The credit union operates 14 branches, with additional locations planned in Cedar Rapids and other communities.