Student CU Connect Loans to Be Serviced By First Associates
Consumer loan servicing company First Associates Loan Servicing of San Diego has stepped up to service the student loans offered by Student CU Connect CUSO LLC, a student lending CUSO formed by seven credit unions in 2009 to assist students of ITT Technical Institutes, First Associates announced.
SCUC’s private student loans are available through the $1 billion Eli Lilly Credit Union of Indianapolis, one of the CUSO’s seven founding credit unions. Students can borrow between $1,000 and the total cost of their education, minus any funds they receive due to federal and state grants and financial aid, First Associates said.
The CUSO’s six other founding credit unions are the $2.2 billion Bellco CU of Greenwood Village, Colo., the $1.9 billion Community America CU of Lenexa, Kan., the $577.7 million Directions CU of Sylvania, Ohio, the $2.2 billion Veridian CU of Waterloo, Iowa and the $483 million Credit Union of America in Wichita, Kan.
“We’re pleased with this vote of confidence from SCUC and Eli Lilly,” said David Johnson, CEO for First Associates. He said the CUSO’s selection of First Associates was the culmination of a one-year due diligence process.