LendKey said it has added two more credit unions as users of its cloud-based student lending and private student loan consolidation programs.
They are the $943 million, 102,000-member Andrews FCU in Suitland, Md., and the $584 million, 32,300-member United States Senate FCU in Alexandria, Va.
Andrews FCU is joining the other 165 credit unions using the cuStudentLoans program on the LendKey platform, which includes loan participation to reduce risk, the company said.
“The cuStudentLoans program provides us the perfect opportunity to enter a new asset class and grow Gen Y membership while still taking advantage of the risk mitigation benefits of an experienced lending network,” said Linda Garboczi, vice president of marketing at Andrews FCU.
“We wanted a lending solution that was built to fit the individual needs of our membership base in time for the upcoming academic year,” said Susan Enis, CEO of United States Senate FCU.
LendKey, formerly Fynanz, is located in New York City and Cincinnati and said it now has partnered with 243 credit unions and CUNA to offer private student lending solutions.