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PCUA to CUs Make room for student loans
HARRISBURG, Pa. (6/4/08)--As the student lending market gets tighter, credit unions have an opportunity to connect with young members and provide a service to build lasting relationships, said Pennsylvania Credit Union Association (PCUA) President/CEO Jim McCormack. Many large banks have stopped lending to students attending community colleges, for-profit universities and other less competitive institutions--which means that needy students will be challenged with finding enough money to pay for school, the PCUA said (Life is a Highway June 3). McCormack encourages credit unions to provide student lending programs. Pennsylvania credit unions have created TEAMS, a cooperative program that helps credit unions offer student loans to members through the Federal Family Education Loan Program (FFELP). A number of lenders have withdrawn from FFELP because they can’t sell loans in the secondary market, the league said, referring to a recent The Wall Street Journal article. “[Student lending] is good business and reinforces the credit union’s future,” McCormack said.
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