Offering private student loans can be advantageous to a credit union in many ways, and more and more CUs are taking an interest in the product.
"I have not been at a credit union strategic planning meeting in the last nine months where student lending has not come up. It has become a major topic of strategic conversation because students need the loans and credit unions need the business," said Dennis Dollar, principal partner of credit union consulting firm Dollar Associates.
Private student loans can also be a way to diversify from auto loans, credit cards and mortgages, as well as earn income.
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