Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CUs maintain commitment to private student loans
New York (4/18/12)--Credit unions nationwide remain committed to assisting students and families with higher-education financing through private student loans, while traditional banks have recently been reducing their footprint in student lending. More than 180 credit unions are providing private student loans through Fynanz, a CUNA Strategic Services alliance provider, which provides student loan marketing, education, origination, and repayment solutions for lenders.

Recent announcements by Chase Bank and US Bank to reduce and eliminate their respective private student loan programs is further downsizing an industry that services hundreds-of-thousands of students each year, said Fynanz. Chase Bank will continue to originate private student loans but only for existing Chase customers.

Private student loans are used by students to bridge the funding gap in their higher-education financing after all federal options have been exhausted.

"Private student lending has experienced significant change over the past several years," said Wes Millar, CUNA Strategic Services senior vice president. "Credit unions have created a strong foundation in student lending during this period and will remain steadfast in supporting students and families nationwide."

The majority of credit unions on the Fynanz platform participate in the cuStudentLoans program, which is a private student loan program that is managed and designed by participating credit unions using common underwriting and pricing.

The program, which features the cuScholar Private Student Loan and the cuGrad Private Student Loan Consolidation, includes loan participations to enhance risk mitigation.
Other Resources

RSS print
News Now LiveWire
Expanded ATM services at branches attractive to members: @CFIGroup. See #NewsNow Friday
3 hours ago
#FinCEN imposes civil money penalty against NJ's BPI money services co. for #BSA violations http://t.co/WnDzOcxdOZ
5 hours ago
.@ABCULCUs give hat tip to America's #100MM #creditunion milestone http://t.co/q8yo6Lx3LM
6 hours ago
The @CFPB has announced new Credit Union Advisory Council members, as well as other senior leaders, advisory board and council members.
7 hours ago
GDP expanded 4.2% on an annualized basis in 2Q according to Bureau of Economic Analysis
7 hours ago