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28 states and D.C. sign up with private student loan program
MADISON, Wis. (5/12/10)--Credit union leagues representing 28 states and the District of Columbia have chosen to support Fynanz Inc. and CUNA Strategic Services (CSS) strategic alliance to offer credit unions custom and turn-key private student loan programs. Credit union leagues announcing their support serve the following states: Arizona, Arkansas, California, Nevada, Idaho, Indiana, Kentucky, Louisiana, Massachusetts, New Hampshire, Rhode Island, Maryland, the District of Columbia, Maine, Minnesota, Mississippi, Montana, New Mexico, North Dakota, South Dakota, New Jersey, Oregon, South Carolina, Tennessee, Texas, Vermont, Washington, Wisconsin and West Virginia. More state leagues are expected to support Fynanz in the coming months, said CSS and Fynanz. “The broad support from the state leagues validates our selection of Fynanz as the sole provider of private student loans through CUNA Strategic Services,” said Wes Millar, senior vice president of CSS. “This additional collaboration at the state level will reinforce our message to credit unions nationwide that private student loans can attract new Gen Y members, and that the Fynanz program offers unique benefits to meet the needs of this important market segment.” “The financial education component of the Fynanz program will appeal to many credit unions,” added Sylvia Fath, senior vice president of business services, California League Services Corp. “The in-school servicing model will also help each participating student as they develop good payment behavior and build a positive payment history.” Fynanz’s financial literacy component can enhance a credit union’s loan offering to members, said Vince Passione, CEO and founder of Fynanz. All programs come with marketing through cuStudentLoans.org, a lending marketplace powered by Fynanz. The programs also:
* Offer a proprietary Fynanz Academic Credit Score (FACS) to help mitigate risk; * Allow students to apply for a new loan each year, so they can obtain a lower rate if their FACS improves; * Provide in-school servicing with a monthly payment made while students are still in school, helping increase financial literacy and build credit; * Includes monthly e-mail billing and notifications to both borrower and co-signer to help reduce default rates and increase awareness of financial obligation; and * Provide electronic loan certification and funds disbursement.
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