The marketplace allows students to sort and compare private student loans side-by-side with detailed rates and terms based on their credit information. Students are matched with products from lenders through a system that simplifies the complex private student loan process.
"Credit unions have historically been an untapped resource in the student lending field, and given the contraction in this space, have a tremendous opportunity to bridge the gap," said Jon Jeffreys, president of Student Choice. "As not-for-profit cooperatives, credit unions not only have financial strength but also a longstanding 'people helping people' philosophy that allows them to deliver fair-value private student loans to students and families at a time of critical need. We're pleased to make our credit union partners aware of Student Loan Marketplace, as it provides an innovative vehicle through which they can market these affordable loan products to students."
So far, Star One Credit Union, Addison Avenue Federal Credit Union, NASA Federal Credit Union and Mid-Atlantic Federal Credit Union participate in the Student Loan Marketplace.
"Through the Student Loan Marketplace and their partnership with Student Choice, Overture has facilitated NASA Federal's relationships with students and schools," said Barbara Gatorian, vice president of consumer lending at NASA Federal Credit Union.
"We are proud to help families across the country afford higher education-one of the best investments a student can make for their future."