Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
CUs student loan efforts recognized in IWall St. JournalI
NEW YORK (8/7/09)--A Dow Jones Newswires personal finance column carried in Thursday's Wall Street Journal discusses the increase in credit unions offering student loans as a response to consumer demand in a tight-credit market. Jilian Mincer's "Getting Personal" column notes that many private lenders are abandoning the business as access to credit tightens. However, credit unions are in a better position to make loans because they did not engage in speculative financial practices. The column cites several credit union programs, including the Credit Union Student Choice program, which has more than 80 credit unions participating; New Jersey credit unions' new network for student loans; and Connecticut credit unions' new program in which the state partially guarantees loans made by 25 credit unions. Paul Gentile, president/CEO of the New Jersey Credit Union League, told Mincer that banks have exited the student loan market in a big way and that the league's new network of credit unions making student loans is getting an "overwhelming" number of applications. Tony Emerson, president/CEO of the Credit Union League of Connecticut, says the response to credit unions' program in that state has been "outstanding." He noted some credit unions are maintaining rates of 5.75% or 6% for 10 years or more. Those in the program commit to the rates for the first five years. In the article, Mark Kantrowitz, publisher of FinAid, a website tracking the college financial aid industry, says credit unions loans are "worth considering once government loan options have been exhausted."
Other Resources

RSS





print
News Now LiveWire
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
22 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
22 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
23 hours ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
1 day ago
CCUA hosts @TheNASCUS college for #creditunion directors http://t.co/CftpSXDKWx
1 day ago