Credit Union Times Web Seminars
Keeping Credit Union Members in Credit Unions – Private Student Loan Referral Strategies
Original Broadcast Date: Tuesday, November 15, 2011
Cost: FREE
Sponsored by:
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Since the federal government abandoned the Federal Family Education Loan Program (FFELP) in place of the Direct Loan Program in 2010, many credit unions that participated in FFELP have found themselves struggling to replace the student loan asset class. cuStudentLoans, a CUSO managed program of over 120 participating credit unions, provides a low cost alternative for Gen-Y students seeking private student loans, which are used to fill any remaining funding gap after federal funds have been exhausted.
Rising higher-education costs, coupled with an increase in student enrollment, has fueled a demand for private student loans. Many credit union members, faced with challenges when it comes to affording college, oftentimes are forced to go outside of their credit union for their higher-education financing needs. Credit unions, regardless of whether or not they offer their own private student loan option, should be advising their members on the best private student loan options available in the market. Given the costs of higher-education, and higher rate loans with limited borrower benefits among some traditional lenders, student debt can easily become an unmanageable burden following graduation. Join us to learn about the growing private student loan industry, and how credit unions can empower their members with a credit union managed private student loan program revolving around financial literacy, without having to directly participate in the program.
Featured Speakers:
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Jim Merrill Jim is the senior vice president that manages the Fynanz sales and business development teams. Jim has over 20 years of direct credit union and financial services experience. Before heading up the sales and partnership division of Fynanz, Jim was the senior vice president of business service for the New Jersey Credit Union League. He served as the primary liaison between all of the member credit unions and the league while managing the Professional Services Group and all key business areas/product lines. Jim also served as the chief executive officer of Fairless Credit Union and worked in multiple positions at banks and credit unions throughout his career, learning all aspects of lending and operations. Jim has served on the boards of CUSOs and has experience managing league relationships as well as partnerships across many different organizations. Jim holds a Bachelor of Science degree in business administration from York College of Pennsylvania. |
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Thomas O'Shea Tom is the president and chief executive officer of Aspire Federal Credit Union and the chairman of CU Student Lending, LLC; the CUSO that oversees the cuStudentLoans program. Tom has spent his entire professional career in the credit union movement, including prior stints as a field consultant for the New Jersey Credit Union League and past executive and board member experience at various credit unions. A graduate of Fairleigh Dickinson University, Tom was named the New Jersey Credit Union League CEO of the Year in 2008 and is also a member of the CCUE class of 1998. |
