WASHINGTON (6/5/08)--The Credit Union Student Choice network has approved more than $1.5 million in private student loans since the network launched one month ago. Credit Union Student Choice is a credit union service organization that helps credit unions offer private student loans at a time when major student lenders have left the market. The seven credit unions on the network providing members with cost-effective college financing are:
* Affinity Plus FCU, St. Paul, Minn.; * Digital FCU, Marlborough, Mass.; * NASA FCU, Bowie, Md.; * NuUnion FCU, Lansing, Mich.; * Northwest FCU, Herndon, Va.; * Star One CU, Sunnyvale, Calif.; and * Wright-Patt CU, Fairborn, Ohio.
“We started to see applications flow in immediately and they haven’t stopped,” said Jon Jeffreys, Credit Union Student Choice CEO. “The volume has picked up significantly in the last week alone, as members are becoming aware of their credit union’s new solution. “Some of our first loans were actually from credit union employees who’d heard about the new loan product and were sold on its benefits before marketing had even begun,” he added. Most of the credit unions have little background in student lending. “It shows the tremendous need that exists now; the affinity that consumers have in borrowing from strong, local lenders; and the value credit unions can deliver with this product as more members become aware,” Jeffreys said. The new program launched May 5.