Follow Us: Google+
 
Bankrate.com

2011 Credit Union Checking Study
Fountain pen and calculator
checking
5 new services credit unions are offering

Student loans are growing
Next
6 of 7
Back
text

Since it launched in May 2008, the Credit Union Student Choice service organization has grown from seven credit union partners offering student loans to 165, according to Mike Weber, the organization's vice president of marketing. So far in the 2010-2011 academic year, participating credit unions have originated more than $210 million in loans, compared to a total of approximately $158 million for 2009-2010. Weber says the big jump in annual loan originations owes mainly to the spike in the number of affiliated credit unions.

After the U.S. government took over processing of all federally backed student loans, the industry had to change how it approached college loans. But Fagan says consumer adoption of credit union student loans has been strong.

"When banks started shutting down some of their lending practices, (student) loans were a natural fit for credit unions as they tried to get that next-generation consumer to join," he says.


 

 

advertisement

Show Bankrate's community sharing policy
            Connect with us
Compare Checking Rates



advertisement
Most Read
  1. 10 ways to turn off a homebuyer
  2. No more Social Security at 62?
  3. What TV homes cost in real life
  4. 5 frugal ways to expand living space
  5. Naughty things credit card won't buy
  6. What it takes to remodel kitchen
  7. Danny Bonaduce's house for rent
  8. Bruce Willis' house for sale
  9. 12 meanest cars for the environment
  10. Celebrity estate planning mistakes
Savings Overnight Averages
Product Yield +/- Last week
MMA
0.47% 0.47%
$10K MMA
0.47% 0.47%
MMA jumbo
0.60% 0.60%
Interest checking
0.50% 0.50%
Compare rates:
Don Taylorsavings
Hanging on to Series EE bonds may be more lucrative than redeeming them.
advertisement
A recent NCUA report shows that credit unions have gained members and added assets in the past year.
Partner Center
advertisement

Advertising Disclosure: Bankrate.com is an independent, advertising-supported comparison service. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.