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Fynanz-CSS alliance to offer student loan program
MADISON, Wis. (2/22/10)--A new alliance between CUNA Strategic Services Inc. (CSS) and Fynanz Inc. aims to help credit unions get a piece of the private student loan market, attract new members, and assist borrowers with financing tuition and achieving higher education goals. "Fynanz provides the powerful combination of helping credit unions grow their loan portfolios and increase their reach into the high school and college demographic," said Wes Millar, senior vice president of CSS. "The youth market is critical to credit unions' growth." Private student loans provide value to students needing financing for education while helping credit unions develop lasting relationships with younger members--gaining members for life, said the companies. "Our alliance will help us develop even more customized loan solutions that diversify credit union portfolios and attract new members," said Fynanz CEO/Founder Vince Passione. Fynanz offers both custom private student loan programs and end-to-end solutions. All programs include marketing through cuStudentLoans.org--a private student loan, Web-based marketplace. The program also:
* Uses proprietary Fynanz Academic Credit Score (FACS) to help mitigate risk; * Allows students to apply for a new loan each year to obtain a lower rate if their FACS improves; * Offers in-school servicing with a monthly payment made while students are still in school, which helps students increase financial literacy and build their credit; * Sends monthly e-mail bill and notifications to both the borrower and the co-signer to help reduce default rates and increase awareness of financial obligation; and * Establishes eduLink connections between lenders and schools for funds disbursements.
Fynanz recently closed $6.5 million in Series A funding from investors.
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