Student lending program provider Fynanz has announced the creation of a new CUSO, CU Student Lending LLC.
The CUSO is made up of credit unions that developed and will manage the cuStudentLoans.org EdAccess private student loan. The EdAccess loan is designed for credit unions to pool funds and share the risk of the loan. There are currently 46 credit unions that offer the EdAccess loan.
"The CUSO came together to best make sure the credit unions had full control over the pricing and structure of the loan. All the credit unions participating were interested in being representing by CEOs and credit union executives that have the background to make underwriting decisions," said Jim Merrill, senior vice president of sales at Fynanz.
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