A Decade of Strong Student Lending from Student Choice
In 2008, Credit Union Student Choice was formed to assist credit unions in providing a fair-value private loan option to help fund their members' education. Over the past decade, nearly 82,000 borrowers have benefited from a Student Choice loan from their credit union, and the need has not diminished for these types of education loans over the years.
Credit Union Times recently shared data from MeasureOne outlining the important role of credit unions in the world of student lending. Below are some of the key takeaways from the article:
Credit unions continued to increase their role as secondary lenders for college students last year, with their private student loan portfolios growing faster than those of other private lenders and the federal government.
NCUA data shows credit unions’ student loan portfolios stood at $4.3 billion on Sept. 30, up 14.3% from a year earlier and representing just over 1% of total credit union loans among the 710 credit unions offering student loans. Among the 568,739 borrowers, their average loan was $7,588 in the third quarter, up 4.9% from a year earlier.
Among credit unions, delinquency rates remained stable at about 1.3% for student loans and 0.7% for total loans.
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Continued Growth for Student Choice
Twenty new credit unions partnered with Student Choice to enter the private student lending space in 2017. A total of 77 credit unions began offering new student loan refinancing solutions.
“Student Choice’s rapid growth from a handful of founding credit unions in 2008 to the 270 cooperatives offering fair-value private student lending and refinance solutions today represents industry collaboration at its best,” said Scott Patterson, President & CEO, Credit Union Student Choice. “This model was developed in response to a clear need for higher education financing a decade ago and continues to position credit unions as leaders in education finance today, as the critical member need for college financing grows.”
To learn more about the in-school and refinancing products available from Student Choice, attend one of our upcoming webinars - simply click below for available times.
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