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Harvard University CU partner on student loans
CAMBRIDGE, Mass. (4/17/09)--Harvard University Employees CU (HUECU) announced the launch of a custom loan program with Harvard University that will provide assistance to students at all 13 of the university’s graduate schools. The program--available to domestic and international students--features competitive loan terms and flexible repayment options, HUECU said. “Today’s volatile economic environment has wreaked havoc on many lenders in the private student lending industry, leaving students with little access to fair-value financial aid,” said Gene Foley, HUECU president/ CEO. “But as a not-for-profit credit union that is completely focused on serving the Harvard community, not only are we surviving the current economic downturn, but we are in a position to step up and deliver an even higher level of service to Harvard students at a time of critical need,” Foley added. HUECU developed the custom loan program for Harvard’s graduate students with Credit Union Student Choice, a credit-union-owned organization that offers school-certified private and affordable student lending solutions to more than 50 credit unions. The program provides students with an online application and 24/7 call center support. The objective is to ensure that a Harvard graduate education remains accessible to talented students, said Dan Shore, Harvard’s chief financial officer. “The agreement with the Harvard credit union creates multiple lending options for our students at a time of significant uncertainty in the global credit markets,” he added. The agreement is another example of a credit union leveraging its balance-sheet lending capability to become a strong player in private student lending and deliver superior value to borrowers, according to Jon Jeffreys, president of Credit Union Student Choice. “In America, credit unions were born from the Great Depression and have a philosophy and corresponding business model that can help them weather economic storms,” Jeffreys said. “As balance-sheet lenders, credit unions are much less exposed to liquidity concerns and capital market fluctuations. By using proper risk management and working within the cooperative network provided by Student Choice, it makes them uniquely positioned to redefine value in private student lending.”
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