Credit unions that offer the EdAccess student loan from Fynanz have announced they are joining together to create a new CUSO, CU Student Lending LLC.
The CUSO will manage the EdAccess private student loan product. The loan is designed for credit unions to pool funds and share the loan risk. There are currently 46 credit unions that offer the loan.
"The CUSO came together to best make sure the credit unions had full control over the pricing and structure of the loan. All the credit unions participating were interested in being representing by CEOs and credit union executives that have the background to make underwriting decisions," said Jim Merrill, senior vice president of sales at Fynanz.
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