Norwest Corp. has signed on to use student loan outsourcing services from Servus Financial Corp.
Servus enables Norwest customers to get preapprovals on loans for college tuition or related expenses, like computers, in real time by telephone. Soon Servus is to make the preapprovals available through Norwest's Web site.
Norwest becomes the third major financial institution in less than six months-after Bank One and Crestar-to create a private-label student loan program through Servus.
"The people who will benefit most from this program are our customers," said Jon Veenis, president of the Norwest Student Loan Center. "They can quickly and efficiently take advantage of affordable alternative options to finance their education needs, allowing them to focus on their studies."