U.S. Central’s Charlie Mac Enters the Student Loan Business

SAN ANTONIO, Texas – U.S. Central CU has begun marketing a student loan origination program through its Charlie Mac CUSO. The loans, which are being marketed through U.S. Central’s corporate members, will be originated by Campusdoor, a subsidiary of Lehman Brothers. As many as 11 corporates have begun marketing the product and more than a half-dozen credit unions have begun offering it to their members. Among them are: Fort Lee FCU, Connex FCU, Altier CU, and Deer Valley CU. The program was unveiled yesterday at CUNA’s annual Lending Council conference. The private loans, called CU Student HELP (for Higher Education Loan Program), will provide lower-cost funding for students looking to supplement federally guaranteed loans or those not eligible for federal loans, according to Tracy Sniscak, client relationship manager for Campusdoor. “This is also a good way for credit unions to build relationships with younger people, the so-called Gen Yers,” she told The Credit Union Journal yesterday. Charlie Mac was created by U.S. Central in 1999 to provide a secondary market conduit for jumbo mortgages, and expanded to include auto loans.