Georgetown University Alumni and Student Federal Credit Union (GUASFCU)

Georgetown University Alumni and Student Federal Credit Union, better known as GUASFCU, is a student-run credit union that provides various financial services to the Georgetown community. It is the world's "largest entirely student run financial institution"1. GUASFCU is located in the Leavey Center between the university bookstore and Vital Vittles2.

History

Alyce Russo (C'84) and Len Schoppa (SFS'84) founded the Georgetown University Student Federal Credit Union in 1983. It was the first student credit union established both in the DC area and at a private university when it received its charter in February 19833. Modeled after similar credit unions at various New England universities, GUASFCU aimed to provide more affordable financial services and higher interest rates than traditional financial institutions4. GUASFCU was originally located in Village C but has moved to the Leavey Center since then. 

GUASFCU quickly attracted members, with membership doubling over the summer of 19835. By January 1984, GUASFCU had received over $30,000 in deposits6. It continued to grow over the following years; by 1989, only six years after its inception, GUASFCU had over $962,000 in assets7. It changed its name from Georgetown University Student Federal Credit Union to its current name in late 1994 or early 19958. Since then, GUASFCU has serviced more than 800 loans and managed a $7.6 million portfolio. 

Services

GUASFCU offers a range of financial services to the Georgetown community, including savings accounts, loans, and a rewards program. According to GUASFCU, over 60% of Georgetown students use its services9. GUASFCU currently has over 150 student interns10.

Individuals and groups, including clubs and roommates, can establish checking and savings accounts at GUASFCU11. GUASFCU also offers a range of loans, including personal loans, student loans, and auto loans12.

GUASFCU's Credit Builder program is one of its signature offerings, providing students with secured loans that GUASFCU pays off to build student credit scores13. The GUASFCU Rewards program, another notable GUASFCU offering, gives GUASFCU members discounts at various businesses in the Georgetown area14. Current partners include The Corp, Athleta, and Curry & Pie15.

In February 2023, GUASFCU celebrated its 40th anniversary with a gala at the Kennedy Center and panels with alumni throughout the month. 

  • 1GUASFCU, About Us. https://www.guasfcu.com/about.
  • 2GUASFCU, About Us. https://www.guasfcu.com/about.
  • 3Lee, Kathy. "Credit Union Chartered." The Hoya. 18 February 1983.
  • 4Lee, Kathy. "Credit Union Chartered." The Hoya. 18 February 1983.
  • 5Karkkainen, Anne. "Credit Union Membership Doubles." The Hoya. 26 August 1983.
  • 6Caviness, Kimberly. "Credit Union Funds Top $30,000; Cash Transactions Forecasted." The Hoya. 27 January 1984.
  • 7Sloan, Eugene. "Giving Credit Where Credit is Due." The Hoya. 22 November 1988.
  • 8"Credit Where Credit's Due." The Hoya. 24 January 1995.
  • 9GUASFCU, About Us. https://www.guasfcu.com/about.
  • 10GUASFCU, About Us. https://www.guasfcu.com/about.
  • 11GUASFCU, Checking & Savings. https://www.guasfcu.com/deposit.
  • 12Georgetown University Alumni and Student Federal Credit Union, Loans. https://www.guasfcu.com/loans.
  • 13Georgetown University Alumni and Student Federal Credit Union, Loans. https://www.guasfcu.com/loans.
  • 14GUASFCU, Rewards. https://www.guasfcu.com/rewardsnew.
  • 15GUASFCU, Rewards. https://www.guasfcu.com/rewardsnew.
In 1983, the National Credit Union Administration presented a charter to GUASFCU officials in a ceremony at the U.S. Treasury Department.

A photograph from 1983 of the National Credit Union Administration presenting a charter to GUASFCU officials in a ceremony at the U.S. Treasury Department.
 

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