Student loan debt remains a stress-inducing burden for manycollege students, recent grads and their families. In the wake ofrising tuition costs, growing national student debt figures and aweak economy that's made it tough for grads to find decent jobs,there is no quick solution to the student debt problem.

In 2013, credit unions can and will embrace their role inchipping away at the problem. This includes offering low-costprivate student loans to fill the gaps that remain after borrowersexhaust federal student loan options, providing educationalresources to help students learn how to pay for college, and,unlike some other lenders, make borrowers' best interests a toppriority.

Now that President Obama has won a second term, we can expect tosee student loan reform efforts continue to take place in the WhiteHouse. A new law, effective in 2014, said new borrowers will spendno more than 10% of their disposable income on federal student loanrepayments, any remaining debt will be forgiven for borrowers after20 years, and borrowers who work in public service professions willhave any remaining debt forgiven after 10 years if they make theirpayments on time.

This is good news for students who plan to stick to federalstudent loans in covering their education costs, but funding gapswill still remain for many, and that's where credit unions come in.Next year, more credit unions will likely enter the private studentloan market as they realize that the benefits of offering privatestudent loans outweigh the drawbacks.

While student loans can be a risky line of business and don'tpromise much in returns, they provide an opportunity to connect andbuild relationships with young members. Credit unions entering themarket for the first time will likely simplify the process byoffering student loans through a third party vendor. This will be awise decision given that regulations over the private studentlending market are expected to increase or become more complicated.Credit unions that are already players in the private student loanmarket will begin to expand their programs to stand out from theircompetition by adding loan consolidation offerings, forexample.

The bottom-line benefits may not be huge, but private studentloans can help keep credit unions focused on what matters most: thefinancial well-being of their members.