Education Loan CUSO, USC CU Tops the List of CU Lenders
LOS ANGELES -- According to the latest Student Market Measure Report, USC Credit Union, when combined with its wholly owned CUSO subsidiary, Education Loan Resources, Inc. is the nation's leading credit union student loan originator.
The $283 million CU and CUSO originated $154.8 million in Federal Family Education Loan Program student loans funded in the last annual reporting period. Both were ranked fourth and fifth, respectively, out of the 1,237 credit unions that funded student loans in the 2006 fiscal year, with USC CU funding $91.5 million and ELR funding $63.3 million.
"We believe that high yield, low risk guaranteed student loans should be a central strategic focus for the credit union movement, as there's no better product through which credit unions can establish profitable lifelong relationships with a critical 18 to 24 year old segment that simply doesn't perceive credit unions in the same light as their parents and grandparents," said Gary Perez, CEO of USC CU.