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CU program launches student loan product

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LANSING, Mich. (5/6/08)--Credit Union Student Choice, a collaborative credit union service organization (CUSO), is now offering a new student loan product to help defray the costs of college. The product, Credit Union Student Choice, aims to fill the gap between federal student aid and rising tuition, fees and other student-related expenses. Credit unions founding the project are:
* Affinity Plus FCU, St. Paul, Minn.; * Digital FCU, Marlborough, Mass.; * NASA FCU, Bowie, Md.; * NuUnion CU, Lansing, Mich.; * San Antonio (Texas) FCU; * Star One CU, Sunnyvale, Calif.; and * Wright-Patt CU, Fairborn, Ohio.
Affinity Plus, NuUnion and Wright-Patt have gone live with the solution. “Many families have been forced to seek higher cost loans to pay for education,” said Teresa Mayer, NuUnion vice president of lending. She noted that the product has no origination fees, flexible repayment terms, lower interest rates and deferment of principle and interest while students are enrolled. Students enrolled at least half-time in a degree-granting program are eligible. Approved students can borrow from $1,000 up to the total cost of attendance, less other financial aid. The maximum borrowing amount is $75,000. About 1,700 colleges and universities participate in the program. Business partners for the CUSO include PSCU Financial Services, Digital Dialogue, Credit Union Direct Lending and CU*Answers.

Great contact experience impacts business says study

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CUPERTINO, Calif. (5/6/08)--More than 74% of respondents to a recent TuVox survey said a great contact center can have a large impact on their business. TuVox is a provider of OnDemand speech applications used by credit unions, such as American Airlines FCU, Dallas. Though customer service is the biggest influence on loyalty, many institutions use technology only to deflect calls and contain costs, which frustrates consumers, TuVox said. The company recently released more than 50 on-demand application modules for the Intelligent Customer Front Door (ICDF) solution, which allows companies to discern the identity and intent of a caller, gather relevant information, determine how to treat callers--based on business rules--and match the customer with the most relevant and available resource.