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News Now

CU System
PCUA assisting 90 CUs through student loan changes
HARRISBURG, Pa. (3/10/08)--The 90 Pennsylvania credit unions affected by Pennsylvania Higher Education Assistance Agency's (PHEAA) suspension of funding of certain student loans can work with the Pennsylvania Credit Union Association (PCUA) to transfer their loan programs. PHEAA's suspension of funding all new student loans in the Federal Family Education Loan Program (FFELP) went into effect Friday. The credit unions affected participate in the SELECT referral program, where credit unions referred members to PHEAA for student loans and PHEAA handled the application process and funded the loan (Life is a Highway March 7). The Education Asset Management System (TEAMS) program is available for credit unions to offer members through the FFELP. TEAMS is a cooperative program developed for Pennsylvania credit unions by PCUA and AES/PHEAA. PCUA said 171 credit unions currently participate in the TEAMS program. Those credit unions won't be affected by the change, said Bob Hinchey, PCUA senior vice president, fee services. "The association will continue to work with those affected credit unions that want to transition to TEAMS." Although PHEAA will no longer participate as a federal STAFFORD Loan Lender in the FFELP, it still will provide the federal guarantee, origination and servicing for FFELP loans, essentially providing the system and process for loan delivery and repayment. Students and others with existing student loans are not affected by the suspension. PCUA said will schedule a webinar in early April to assist credit unions in transferring from SELECT to TEAMS. More details will be announced later.


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