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.
Coming to the rescue of younger members looking for help meeting higher education costs presents an opportunity for credit unions to shine.
Private student loans account for just 0.2% of the U.S. credit union loan portfolios, according to Callahan & Associates, but student loan CUSOs and credit unions that offer student loans believe they’re a worthwhile addition to any CU’s product suite, citing potential relationships with young members as a major benefit.
This article will be among the news, features, analysis and insight filling the pages of the next print edition of Credit Union Times.
Credit Union Student Choice has added three more credit unions to its client base, all in the billion dollar asset range.
Credit Union Student Choice, a provider of student lending services, announced today that Genisys Credit Union in Auburn Hills, Mich., TruMark Financial Credit Union in Trevose, Pa., and Georgia's Own Credit Union in Atlanta have partnered with the CUSO.