Going to school is in right now. And not just for 18-year-olds, but for 28 and 29-year-olds, too. Layoffs, low-paying jobs, miserable days at the office and unsuccessful job searches are among the many reasons why Gen Y members are seeking second or even third degrees. And their end goals are typically the same: find a job that's stable and in demand, launch a rewarding career and earn a higher salary.

In addition to the endless hours of homework, of course, tuition financing is one element of school that can cause anxiety for students. And in this day and age, it should. I recently interviewed a young author in California who published a book on how to graduate from college debt-free, and he described the combination of unemployment and rising tuition costs as the perfect storm for parents hoping to finance their children's education. According to financial aid education website FinAid.org, the cost of college tuition doubles every nine years.

Nevertheless, classroom fever is in the air. The National Center for Education Statistics  projected a 19% increase in college enrollment for people over age 25 from 2006 to 2017 and a 10% rise for people under age 25. This provides credit unions with an excellent opportunity to implement and market student lending products to Gen Y and hopefully build solid relationships with young borrowers.