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Home » Ask » Student Aid Matters® FAQ » What is a Credit Union

What is a Credit Union

Penny Redlin
By Penny Redlin
December 18, 2025

A credit union is a not-for-profit financial institution that provides banking services like savings accounts, loans, and credit cards. Unlike banks, credit unions are owned and controlled by their members (account holders). Their primary goal is to serve their members rather than generate profits, which often results in lower fees, better interest rates, and a more personalized customer experience.

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