CONTACT: Kecia Brooks
VP, Member Communications
(800) 585-4317 ∙ kbrooks@firstcarolina.org
Greensboro, N.C. (Sept. 7, 2011) – Credit unions across the country now have access to a unique, one-stop shop for student loan programs. First Carolina Corporate Credit Union, through an agreement with the premier student-lending provider CampusDoor, is bringing an exclusive, market-ready Private Label Student Loan Solution to credit unions looking to help their members pay for college.
“With increasing tuition costs, limited federal aid, and tighter family budgets, a growing number of students are seeking assistance to fund college expenses,” said David Brehmer, President/CEO of First Carolina. “Through the First Carolina-CampusDoor program, credit unions can support these efforts, making it possible for more members to receive a higher education.”
According to Damien Elias, Chairman/CEO of CampusDoor, students and families will borrow an estimated $12 billion in private educational loans this year. “No doubt, the need for student lending is significant. By offering a student-loan program powered by CampusDoor, First Carolina is making it possible for credit unions to attract and retain next-generation members and their families.”
Designed by CampusDoor and Silver Sword Capital Partners specifically for credit unions wanting to fund their own branded education financing program to generate and hold private student loan assets, this solution is only available to the credit union community through First Carolina. The program allows for rapid market entry while minimizing upfront capital investment, and can be implemented and launched in as little as 60 days.
CampusDoor leverages state-of-the-art technology and a proven centralized infrastructure to provide a streamlined process and robust management capabilities. Among the program’s features are product design flexibility; ongoing full regulatory compliance; borrower/member support; life-of-loan servicing; collections and default prevention; and a completely automated application, decisioning, documentation and disbursement process. Most importantly, the loans are originated and serviced as the individual credit union’s assets, which allows for better risk mitigation, program administration and portfolio management.
“CampusDoor has processed more than $10 billion in private student loan applications assisting some 1.2 million borrowers while establishing relationships with 3,200 schools nationwide. We’re confident in CampusDoor’s commitment to the credit union industry,” said Brehmer. “This company is focused specifically on the education financial marketplace, and has the unmatched knowledge and technology credit unions need to help their members achieve their educational goals.”
Credit unions throughout the country are eligible to participate in First Carolina’s student loan programs, whether or not they are members. For information, contact Scott Wood at swood@firstcarolina.org or 336-217-4905.
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About First Carolina Corporate
First Carolina Corporate, headquartered in Greensboro, N.C., is a $1.7 billion, full-service corporate serving credit unions in four states. Founded in 1980, First Carolina is dedicated to building a stronger, more independent credit-owned financial network. For more information, visit www.firstcarolina.org.
About CampusDoor
CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. CampusDoor was founded in 1995 to deliver student loans to borrowers and their families via web-based application systems. It pioneered the first on-line private student loan application with a live underwriting and response system, and has continued to lead the industry with innovative solutions. Visit www.campusdoor.com for more information. |
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