After more than 75,000 people asked Sallie Mae to stop charging forbearance fees to unemployed college students via an online petition, the education-focused financial services company made a compromise.
Coming to the rescue of younger members looking for help meeting higher education costs presents an opportunity for credit unions to shine.
Members in or out of school can refinance outside, consolidate current loans.
UW Credit Union announced it has launched a fixed-rate private student loan for college students.
Greater financial education, a greater variety of loan products and different lending strategies have all been techniques credit unions have begun to use to help borrowers meet more stringent housing finance requirements, according to executives from credit unions and mortgage CUSOs.
One example of this trend is the 162,000-member, $1.41 million UW Credit Union, headquartered in Madison, Wis.
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.
Austin CU to use Wisconsin-based CUSO's services to offer private student loans.
Advantis Credit Union President/CEO Ronald A. Barrick has been named to the Federal Reserve's Twelfth District Community Depository Institutions Advisory Council.