Press
Student Choice enters milestone year with growing client base and expanding product lineup
Credit Union Student Choice, the foremost provider of higher education financing solutions to America’s credit unions, enters its 10th year riding a wave of momentum with a record number of credit union partners and an expanding lineup of products.
“When we launched in May 2008, it was truly the worst of times and the best of times,” said Scott Patterson, Student Choice’s President and CEO. “As the country descended into the great recession, millions of Americans, including college-bound students and families, were faced with severe financial challenges. However, as other lenders exited the student lending market or charged exorbitant rates, credit unions stepped up and provided much-needed, fair-value financing solutions in the form of an innovative line of credit that was, and remains, truly unique. We’re thrilled to have now maintained and built upon that success for nearly 10 years, enabling credit unions to help their members responsibly achieve higher education dreams for nearly 82,000 young adults.”
In 2017 alone, 20 credit unions partnered with Student Choice to begin offering higher education financing solutions while 77 existing credit union partners added new lending products to their portfolio. In addition, the CUSO strengthened its holistic approach to education finance by expanding its educational resources and introducing CollegePAYE, an innovative solution that helps employees and members manage and repay their student debt.
“While we’re incredibly proud to have helped our credit union partners originate more than $2.4 billion in student loans in the last 10 years, that has never been the sole purpose,” said Patterson. “Credit unions are now key participants in education financing in their local communities, and we anticipate that role will become even more vital in the coming months and years as lawmakers define the future of federal higher education loan programs. It’s inspiring to reflect on how far credit unions have come in this important market, but even more exciting to see where they are heading and how they can play an even more empowering role in the lives of members.”
Olean Area Federal Credit Union ($268M, Olean, NY), one of Student Choice’s newest partners, echoes Patterson’s statement.
“As a credit union focused on providing a complete line of financial products and services, offering the Student Choice lending and refinance solutions that younger members need just made sense,” said Rich Yeager, Vice President of Lending. “Our mission is to create a premier financial destination in support of our membership and local communities. For a growing number of young adults seeking a higher education and a lifetime of higher income potential, fair-value student lending is a critical component of that.”
“Student Choice’s rapid growth from a handful of founding credit unions to the 265 cooperatives we serve today represents industry collaboration at its best,” said Patterson. “Our unique model allows us to serve credit unions of all sizes, helping them to develop a sustainable program in an efficient manner.”
According to new Student Choice partner Edge Federal Credit Union ($46M, Liverpool, NY), the holistic approach put forth by Student Choice resonated with their mission as a financial cooperative.
“Our credit union was founded by teachers and we continue to promote education alongside traditional banking products and services.” said Jennifer Pollastro, Lending Supervisor. “Offering student lending solutions through Credit Union Student Choice is helping Edge FCU deliver on our mission to build a thriving financial community while also helping us connect with younger members.”
More information about Student Choice is available at https://www.studentchoice.org/
Scott Patterson