HERNDON, Va. – Northwest FCU said yesterday it has signed with CU Student Choice, the new CUSO that will facilitate private student loans for credit unions.
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Officials with the $.1 billion credit union said they have made referral student loans for years but is initiating this new option for members as many people in their field of membership are searching for college financing options.
The new credit union-owned venture will allow Northwest to set its own credit criteria, customize the product and pricing, and retain the full value streams that come from an active lending relationship with the member, without increasing staffing.
The new CUSO was created by Callahan & Associates and has six billion-dollar credit unions signed up so far.
