Credit unions are committed to helping students finance theireducation through private student loans while large banks are backing out of thestudent lending business, according to Fynanz, a CUNA StrategicServices alliance provider that serves credit unions withcustomized student lending programs and the cuStudentLoans privatestudent loan marketplace.
|New York City-based Fynanz gained about 75 credit union partners in the past year,bringing its total credit union partner number to more than 180.Meanwhile, lending giants U.S. Bank and JPMorgan Chase haveeliminated and reduced their private student lending programs,respectively, Fynanz emphasized. Going forward, JPMorgan Chase willonly make private student loans for existing customers, the bankgiant has said.
|“Private student lending has experienced significant change overthe past several years,” said Wes Millar, senior vice president forCUNA Strategic Services, a program jointly owned by CUNA andstate credit union leagues. “Credit unions have created a strongfoundation in student lending during this period and will remainsteadfast in supporting students and families nationwide.”
|More than 125 Fynanz credit union partners participate incuStudentLoans, a program that's managed and designed byparticipating credit unions using common underwriting and pricing,Fynanz said.
|cuStudentLoans features the cuScholar Private Student Loan andthe cuGrad Private Student Loan Consolidation.
|“Students today face challenges in higher costs and less aidwhen financing their higher education,” said Alice Stevens, chairfor cuStudentLoans LLC. “Credit unions are happy to answer the calland help these students reach their educational goals throughresponsible lending.”
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