"It’s very clear that today’s students and families face significant challenges when funding their higher education," said Diana Dykstra, president and CEO of the Leagues.
"Rising costs and a sluggish economy force many families to rely on private student loans to fill funding gaps after lower cost sources have been exhausted. By working with a knowledgeable partner to efficiently enter this market, credit unions have a distinct opportunity to deliver much needed economic value and financial education to borrowers."
According to Dykstra, Credit Union Student Choice’s experience, innovative approach, and credit union focused business model make them an ideal partner for credit unions.
"With nearly 250 credit union clients and more than 35,000 funded loans, Student Choice has showcased an ability to work with credit unions of all shapes and sizes while delivering excellent service to members," said Dykstra. "By enabling credit unions to make direct loans at a local level, Student Choice empowers credit unions to become an even more valuable resource to their community while providing them with a genuine opportunity to develop long term member relationships with these young adults."
A credit union service organization (CUSO), Student Choice is owned by 12 natural person credit unions and several CUSOs, and manages many of the challenges and risks commonly associated with student lending. Ultimately, the Student Choice private student lending solution allows a credit union to make school certified private student loans that are held on the credit union’s own balance sheet.
"We are absolutely thrilled that the California and Nevada Credit Union Leagues have chosen to partner with our organization,” said Jim Holt, vice president of sales operations for Credit Union Student Choice. “We currently work with more than 15 credit unions in these states and through this partnership we look forward to helping many more deliver a fair value private student lending solution to their members."
To learn more, visit www.studentchoice.org or call 800.541.1500.