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Interesting viewpoint. But probably more interesting is where do these institutions stand on HOLDING these student loans? It does provide a nice stream of income when you originate and SELL them along with the servicing..much like a 1st mortgage but HOLDING them in your portfolio provides a better service to the students as members.
A tip of the hat to Mr. Connors, who is right on target with these comments. Kudos to you for highlighting these three credit unions so that we may learn from their success in this market.
I''m a credit union customer and gone so far as to ask my credit unions if they have any way for me to designate them for my student loans. If they say I can select them as my lender, my next question is whether they will service them or sell them, but this seems to be the point where they get confused. I want my credit union to handle all of my money, so when I log in to "online banking," I want to see this account in there with my whole financial picture. Rick (above) makes a great point about holding the loan. If the CU is just going to sell it anyway, there''s no point in going through the hassle of trying to choose a lender that''s different from the one the originator automatically assigns.
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