Lending giants U.S. Bank and JPMorgan
Chase recently announced they had eliminated and reduced their private student
lending programs, respectively. JPMorgan Chase will only make private student
loans for existing customers.
Meanwhile, credit unions are
demonstrating a strong commitment to helping students finance their education
through private
student loans, said New York City-based student lending vendor Fynanz,
which provides credit unions with customized student lending programs and the
cuStudentLoans private student loan marketplace. Fynanz, a CUNA Strategic
Services alliance provider, has gained
about 75 new credit union partners in the past year, bringing its total
credit union partner number to more than 180.
“Private student lending has
experienced significant change over the past several years,” said Wes Millar,
senior vice president for CUNA Strategic Services, a program jointly owned by
CUNA and state credit union leagues. “Credit unions have created a strong
foundation in student lending during this period and will remain steadfast in
supporting students and families nationwide.”
More than 125 Fynanz credit union
partners participate in cuStudentLoans, a program that’s managed and designed
by participating credit unions using common underwriting and pricing, Fynanz
said. cuStudentLoans features the cuScholar Private Student Loan and the cuGrad
Private Student Loan Consolidation, and includes loan participations to enhance
risk mitigation, the vendor said.
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