With Lending Landscape Changed, TruMark Partners With Student Choice
TruMark Financial Credit Union is not new to the student lending market-in fact, it has been making such loans for decades. However, when the Obama administration made changes to federal student lending in July, the Trevose, Pa.-based CU revised its products and services. To help members fill the gap between federal funding and the actual costs of college, the credit union chose to partner with a CUSO, Credit Union Student Choice, to offer private loans.
Since CUSC's founding in 2008, its CU clients have funded more than $260 million in private student loans to nearly 20,000 students. The CUSO's 160 credit union partners range in size from $20 million in assets to nearly $9 billion.