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You’ve likely heard news in recent years about impending shortages of key professions that keep us all moving forward, such as pilots and nurses. With increasing demand for employees in high-paying skilled trades, many credit unions have begun offering new education financing options for career pathways such as aviation, nursing and energy trades – stepping up to fill a need often overlooked by other lenders.
The U.S. Bureau of Labor Statistics estimates that from 2023 to 2033 each year, on average, there will be openings for:
- 194,500 registered nurses;
- 18,500 airline and commercial pilots;
- 13,400 aircraft mechanics; and
- 10, 700 electrical powerline installers/repairers.
However, these critical career paths often are not eligible for traditional lending options, including federal student aid. This leads to an education funding gap that credit unions are in a unique position to fill.
Credit Union Student Lending Solutions
Credit unions aren’t new to helping members achieve their higher education goals. Hundreds of cooperatives nationwide already provide lending options for current and new members attending traditional four-year, nonprofit institutions (as well as their co-borrowers). Adding solutions for critical career education paths is a logical next step to meet the evolution of today’s workforce.
How can credit unions play a role in helping their members, local trade schools and the general public, who will benefit from these roles being filled by well-trained replacements? Like many of the other solutions cooperatives have developed, it all starts with identifying your community’s needs.
Here are a few questions to help your credit union discover the opportunities that are likely already in your own backyard:
- Are there any vocational or trade schools within your current field of membership?
- How many current or potential members could such programs serve over the coming decade?
- Do these training programs offer affordable financing options?
- Could any of the schools’ current financial solutions be improved?
- Is there an opportunity to develop a new SEG relationship or strengthen an existing one?
- What additional products could your credit union provide these individuals? For example, could you provide savings and checking accounts, credit cards or auto loans?
- How would better financing pathways and increased graduation rates benefit the local community?
APCU/Center Parc Credit Union ($2.4 billion, Atlanta) responded by launching a funding option for aviation students enrolled in the Pilot Pathway Program at AeroGuard Flight Training Center in 2024.
“Our credit union’s roots are in the service industry, and the ability to help future pilots fund their education aligns with our dedication to provide responsible financing options for some of life’s biggest moments – and biggest expenses,” APCU/Center Parc Chief Lending Officer John Anderson said. “Students enrolled in skilled trades programs often have fewer options available to cover the costs of their education, and we are excited to play a role in supporting the next generation of airline pilots.”
Returning Value to the Cooperative
According to the Bureau of Labor Statistics, the median annual wage for powerline installers and repairers in 2024 was $92,560; for registered nurses, it was $93,600. Airline and commercial pilots earn nearly $200,000 on average.
Such high-demand, well-paying careers make these borrowers strong candidates for additional credit union products in the future – like mortgages, auto loans and savings – creating long-term relationship potential.
The Importance of Career Education Lending
Credit unions that step into this space are not only filling a critical financing gap but also reinforcing their longstanding role as trusted community cooperatives and financial partners in education – whether that means supporting a traditional four-year degree or helping members pursue specialized training for essential careers. Establishing a lending solution that builds stronger futures for both borrowers and credit unions is the start of a powerful partnership.
By offering solutions in career education areas, your credit union can empower members and support valuable community partners. And by providing the affordable funding solutions members need today, your institution can open new doors to high-paying, in-demand jobs, building lifetime relationships and boosting the local economy.
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