Built By Credit Unions For Credit Unions
In hopes of improving the economic value found in private student lending, several of the nation's leading credit unions and CUSOs formed Credit Union Student Choice to help members lower their overall cost of higher education. The new credit union service organization (CUSO) launched in May 2008 and offers a turn-key private student lending solution that benefits members through lower loan rates, zero origination fees, and more flexible repayment options. This revolutionary new loan product fills the growing funding gaps that federal student can leave behind, without the higher price tag commonly associated with "private loans".
The Product is Yours
Student Choice puts your credit union directly in the student lending business so that you can serve your members with products, services, and rates designed by you. Our network enables you to make certified private student loans and hold them on your own balance sheet, without adding any additional staff. Under this scenario, you'll be able to recognize the full value stream that can only come from a long-term productive loan relationship. This is not a referral program-it is your loan with your Gen Y member at the most critical stage of their young financial lives. This unique solution will give you the opportunity to grow and diversify your loan portfolio while helping you solidify lifelong relationships with young adults who are the future of your credit union.
The Expertise is Ours
By pooling our collective resources, Credit Union Student Choice has centralized the expertise necessary to stay on top of this rapidly changing market. Our network of best-of-breed partners handles the most difficult and time-consuming aspects of private student lending, such as:
- regulatory compliance
- risk management
- loan processing and servicing
- guarantor relationship
- web services, including online application and approval
- 24x7 call center operations
This collaborative structure allows you to do what you do best-use solid underwriting to lend member deposits at appropriate terms, providing superior economic value to borrowers while bringing revenue growth and member relationships to the credit union.
