Eli Lilly Federal Credit Union, also known as ELFCU, may have planned for some level of loan loss when it became part of Student CU Connect. The CUSO was created specifically to provide private student loans to enrollees at the for-profit ITT Technical Institute.
However, the $1.1 billion Indianapolis credit union may have felt a sharper sting than expected.
ELFCU recorded a $26 million loan loss at the end of 2012 when it reserved 70% of total loan balances for a specific private student loan program, according to an article in the April 26 Indianapolis Business Journal.
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