Just in Time for Peak Lending Season!

With the cost of college tuition rising at 7.5 percent annually, credit unions need a student loan program that ensures its members are completely covered.

 

By HRx

 
CUStudentHELP

According to a recent MSNBC report, over the last five years, college prices have risen 31 percent above and beyond the general inflation rate for other goods and services.

Twenty years from now, in 2028, (with current tuition rate percentages) the average tuition for one year at a private college is estimated to be $76,406, while public schools will average tuition of $23,832 per year, according to PayingforCollege.com.

With the cost of college tuition rising at 7.5 percent annually, credit unions need a student loan program that ensures its members are completely covered. CU Student H.E.L.P. (Higher Education Loan Program) can fill the gap where federal loans might fall short.

Created exclusively for the credit union community, CU Student H.E.L.P. is a private student loan program to help college-bound students cover education expenses.

Peak lending season
As the weather is beginning to heat up, so is student loan season. The student loan industry typically defines their busy (“peak”) season as July through September. However, this year is proving different. Since so many lenders are not offering student loan funding this year, lenders that are offering them already are feeling the effects of the busy season.

“We've had the CU Student H.E.L.P. offering available for two months and have already had 29 applications for over $600,000 requested by our members!” said Jeanine Belcastro, lending project coordinator for Quorum Federal Credit Union.

“I did quite a bit of research and believe this relationship is a good fit for our organization.” Belcastro was impressed with the ease of signing up for CU Student H.E.L.P.

How easy is it to implement the program?

I know that dealing with ‘customers' on tight deadlines can sometimes be a difficult task, yet everyone at CU Student H.E.L.P. did what they could and with a smile that could be heard over the phone,” Belcastro continued. “I greatly appreciated their willingness to provide me information, even before the contracts were signed, in an effort to help me meet my deadline.”

 

Program highlights
CU Student H.E.L.P. offers cooperatively priced student loans with additional benefits such as extended grace periods for students, up to a full 12 months after they graduate. Loans can be approved in as little as a minute through a co-branded Web site, 24 hours a day, seven days a week.

Other benefits include:

  • Interest-rate reductions for auto-debit
  • Interest-rate reductions for on-time payments
  • Co-signer release after 36 months.

Since the program's inception in the fall of 2007, 14 corporates and 121 credit unions have signed up to participate in CU Student H.E.L.P.

“Charlie Mac's CU Student H.E.L.P. has been very effective in attracting younger members, as well as providing an opportunity to cross-sell additional products and services,” said Larry Eisenhauer, president/CEO of Kansas Corporate Credit Union.

Contact your corporate investment representative or Charlie Mac at (800) 798-CLMC (2562), to sign up for CU Student H.E.L.P.

CU Student H.E.L.P. is offered through the Corporate Credit Union Network by Charlie Mac, LLC, a wholly owned subsidiary of U.S. Central. CU Student H.E.L.P. loans are administered by CampusDoor.

 

This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.

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June 9, 2008


Comments

 
 
 
  • How is this different from every other student loan referral programs available to credit unions? This seems to be a member & loan we are referring to a bank for a small fee.

    What are the rates and fees our members will see from them?

    How do we build a relationship with a member we refer to someone else?

    I believe in student lending and the opportunity for my credit union. I just don''t see how we''re really helping members in this case versus what they could have gotten otherwise.
    Anonymous
     
     
     
 
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