Credit union will buy up to $25 million in federally guaranteed student loans from state agency in program that gives defaulters another chance.
According to the Western Union Payments Money Mindset Index survey’s student debt data for the first quarter of 2012, Gen Y is more likely than any other generation to carry student loan debt, and 10% of Gen Y members are holding a hefty amount of it–$30,000 or more.
Western Union Payments Money Mindset Index survey finds 10% of Gen Y members owe $30,000 or more.
The $730 million Indiana University CU is the latest to team up with Credit Union Student Choice to offer a private student lending solution.
All student loan borrowers are out to get an education, but for those who belong to credit unions, a different kind of schooling might be in store. Some credit unions say they’re placing an emphasis on educating their student loan recipients about the borrowing process, from application submission through repayment.
Another top finding of the survey was 90% of respondents said they should be contacted the way they like the most.
Lending giants U.S. Bank and JPMorgan Chase recently announced they had eliminated and reduced their private student lending programs, respectively. JPMorgan Chase will only make private student loans for existing customers.
Student lending program specialist adds 75 credit union partners in past year.
New York credit union signs on with student lending CUSO.
Credit unions and community banks have traditionally stood as direct competitors, vying for the attention of similar types of consumers. But in the private student lending market, a fierce face-off between the two is not expected, several experts say.