Credit union strives to stock local classrooms' shelves

Last year, 92 percent of teachers reported spending their own money on supplies for their classroom. Through a report conducted by the National School Supply and Equipment Association, it was also revealed that these out-of-pocket expenses averaged about $356 per schoolteacher. In order to assist teachers with stocking their classroom, Michigan Schools and Government Credit Union (MSGCU) is introducing a new Classroom Loan, which finances teachers with up to $500 at a 0% APR. "In this economy, it's getting more difficult to balance school budgets," said Peter Gates, CEO and President of MSGCU. "Sadly, when budgets are cut, the pinch can be felt in the classroom as there is less money available to buy the supplies that our youth needs to learn and thrive." The Credit Union's new Classroom Loan will help teachers stock their classroom without taking a huge toll on their personal finances. Using the funds, teachers can ensure that their classroom is well supplied on the very first day of school, or throughout the school year, and not worry about how it will impact their personal pocketbooks. During August, the Credit Union will also be collecting new school supplies at all of their branch locations. These supplies will be distributed to needy children throughout the Oakland and Macomb Intermediate School Districts. "Schoolteachers have been our core membership since 1954," continued Gates. "Assisting our members and supporting them during this challenging period by providing them with options to help them set it right financially is our top priority." Those interested in applying for a Classroom Loan or donating new school supplies should stop by any of MSGCU's nine branches located throughout Macomb and Oakland County. MSGCU's Main Branch is located at 40400 Garfield Road, just south of 18 Mile Road, in Clinton Township. For additional details about the Classroom Loan, teachers can visit the website at or call (586) 263-8800 or 1-866-MSGCU4U. Published: Tue, Aug 2, 2011