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College aid community informed about CU financing options
WASHINGTON (12/21/09)--Recent presentations from executives at Credit Union Student Choice are making consumers aware of the financing solutions offered by a new entrant in the market--credit unions. Officials from Credit Union Student Choice, a credit union service organization (CUSO) that provides turnkey private student lending services to nearly 100 credit unions nationwide, were featured on the agenda at several events, including the California Association of Student Financial Aid Administrators (CASFAA) conference. Held after a decision by the California government that could result in a 30% increase in costs for students attending state colleges and universities, the conference addressed the increasing importance of private student loan options. “During a period of incredible economic difficulty for lenders, families and colleges, the entrance of credit unions into the private student loan marketplace is one of the few bright spots in college financing,” said Scott Patterson, executive vice president at Student Choice. “During my panel discussion at the CASFAA conference, the audience was extremely impressed with the program being offered through our partner credit unions and eager to learn more,” he added. “Administrators play a key role in the lending process, and it’s critical that we educate them about the options we provide.” Student Choice President Jon Jeffreys represented the CUSO at a panel discussion at the Consumer Bankers Association Student Lending Conference in Washington, D.C., alongside executives from some of the largest student lenders in the country, including First Marblehead, Citibank’s Student Loan Corp. and U.S. Bank. “The opportunity to speak at this conference serves as testimony to the expanding role and increasing influence of credit unions within private student lending,” Jeffreys said. “While the national lenders focused squarely on the challenges in the market, the story of Student Choice, our credit unions and the 10,000 members we’ve helped thus far is extremely positive.” Executives from Student Choice also were at conferences for the Career College Association and the Ohio Association of Student Financial Aid Administrators to heighten awareness of credit union financing options. “Feedback from the financial aid officers who’ve worked with Student Choice has been overwhelmingly positive,” Patterson said. “By offering zero origination fees, a unique line-of-credit structure, and market-leading interest rates, credit unions are providing superior value to borrowers.”
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