NEW YORK-School's out, so the time is ripe for-surprise- student lending.
That is the message from Jim Merrill, SVP at lending technology provider LendKey. He told Credit Union Journal the second half of 2013 will introduce a new private student lending "season" to college students, with student lending activity reaching full steam by mid July.
"Credit unions can take advantage of new lending opportunities and can garner a new crop of long-term members in need of quality financial services-and it all starts with a simple private student loan," he said.
In addition to active students seeking education loans, Merrill reminded there are many college graduates who are burdened with high-interest private student loan debt and need loan refinancing and consolidation to better manage their debt and lower their monthly payments and interest expense.
"This opportunity for refinancing and consolidations follows the end of the six-month loan grace period that succeeds recent graduates," he explained. "Again, this annual scenario presents another opportunity for credit unions to step up and provide a much-needed service for students, which ultimately increases their value in the long run."
