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Student Loan Debt

  • 1.  Student Loan Debt

    Posted Jan 27, 2020 12:38 PM
    We are looking for a way to help out our members with Student Loan Debt.  Looking for suggestions/programs you may offer your membership.  Looking for ideas and if you are willing to share your criteria.  Thank you for any input.​

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    Rhonda Schademann
    AVP Lending
    Nebraska Energy Federal Credit Union
    P 402-563-5599
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  • 2.  RE: Student Loan Debt

    Posted Jan 28, 2020 07:17 AM
    Rhonda:

    We've been wrestling with that question for quite some time here with no good answer. Unfortunately, when the government forcibly took over student lending, they did so in a way (underwriting, rates etc.) that makes competing or refinancing a difficult proposition. For example, you can't just refinance those who will be in a certain career; or you would have a difficult time lowering the rate and underwriting criteria to beat the government new, unsecured college loan originations. Good luck...I'll be watching for those who've figured this out.

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    Bernard McLaughlin
    President/CEO
    Point Breeze CU
    Hunt Valley MD
    410.771.3850
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  • 3.  RE: Student Loan Debt

    Posted Jan 29, 2020 02:27 PM
    ​We too utilize LendKey. We researched quite a few and found them to be the best fit for us. We offer both private student loans and consolidations, which is what you are asking about. We are entering our fifth year and have oriiginated about $1.2 million (current balance) of each with 178 originations being  in school loans and 49 consolidation loans for our members.Lendkey is a participation program so we.only hold 10% of any loan, whether it be our members or other participating CU members.

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    Karla Hanna
    Executive Vice President
    Sioux Falls FCU
    Sioux Falls SD
    605.977.8320
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  • 4.  RE: Student Loan Debt

    Posted Jan 28, 2020 07:20 AM
    Great questions.   I have heard of credit unions working with lendkey or credit union student choice to offer student loan refinance to lower payments.

    Greenpath provides student loan counseling https://bit.ly/2RR2m5i

    Nerdwallet posted recently about loan forgiveness programs https://www.nerdwallet.com/blog/loans/student-loans/student-loan-forgiveness/

    Gradifi offers programs for employers to add a student loan paydown employee benefit https://www.gradifi.com/student-loan-paydown

    Hope this helps

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    [Russell] [Evans]
    [VP Member Relations & Sales - Northeast]
    [CUES]
    [Madison] [WI]
    [53711]
    [russelle@cues.org]
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  • 5.  RE: Student Loan Debt

    Posted Jan 28, 2020 09:22 AM
    Hi Rhonda,

    FedChoice has been partnering with LendKey for a number of years to offer student loan refinancing/consolidation services. Check out their website for more info - https://partner.lendkey.com/fedchoice/student (we have a co-branded website with LendKey).

    I don't happen to have access to the loan criteria but LendKey would likely provide guidance regarding the rates and qualifications that should be offered in your market area.

    Deborah J. Wright
    Product & Service Strategist
    FedChoice Federal Credit Union
    10001 Willowdale Rd
    Lanham, MD 20706
    301.699.6100 x4480

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    Deborah Wright
    Product & Service Strategist
    FedChoice FCU
    Lanham MD
    301.699.6100
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