WASHINGTON — The $812 million Eli Lilly Federal Credit Union isthe latest to sign on with Credit Union Student Choice, a newprivate student loan program CUSO.

“Many of our members do not qualify for federal student aid, butstill need assistance with the increasing cost of higher educationfor their families,” said Rick Thornburg, senior vice president,lending at Eli Lilly FCU. “Instead of referring members to a bankor other for-profit lender, we want to strengthen relationships andprovide credit union value by working directly with our members inthis area.”

Eli Lilly FCU is one of the largest single sponsor credit unionsin the country with nearly 35,000 members.

Thornburg said having the ability to offer its own student loanprogram could not have come at a better time.

“Every day we're hearing about traditional student lendersexiting the market or raising rates due to problems in the capitalmarkets,” Thornburg said. “Well, we don't need to access thecapital or secondary markets. We are balance sheet lenders. Thatgives us a competitive advantage in this area of lending where wehaven't had a presence until now.”