Last semester’s proposal for a student-run credit union at NIU has come to a standstill while supporters try to regroup.

Three out of the five students who came up with the idea graduated, and two haven’t linked up with the NIU professor behind the idea, said NIU finance Professor Joseph Newman, who conceived the credit union.

Newman said he has had no contact with any of the members on the credit union’s independent research team since last semester.

And, even though the credit union is Newman’s brainchild, he stressed the fact that “if the students don’t do it, it won’t get done.”

However, the overall reason for delay is because of the development of a three-year projection to get a charter from the National Credit Union, said Bruce Hawver, senior finance major and credit union developer.

The projection, an outline of the credit union’s procedures, includes how much cash will flow through the business and the feasibility of the idea, Hawver said.

He said the $25 charter should not take too long to get.

The proposed non-profit credit union would be run by students and operate exclusively for the benefit of NIU students and alumni members.

Some benefits of the credit union include lifetime membership, low-interest rate loans and high-interest rates for checking accounts, Newman said.

Once the credit union gets off the ground, it will have “desk space” and be located across from the Campus Activities Board office in the lower level of the Holmes Student Center, Hawver said.

Hawver said he’d like to see the credit union open next semester.