Attracting younger borrowers with education lending

by The CU Lab

Hear about how Franklin Mint Federal Credit Union has been engaging Gen Z and Millennial borrowers with their student lending options. We’ll be talking about the successful marketing campaigns that FMFCU employed, why they were so effective, the member feedback they received, and more. We’ll also cover the current landscape of student loans, and some new methods to enhance your member service.

Key Takeaways:

  • [02:29] 66% of Gen Z are saying that they are worried about accumulating or not being able to pay off their student loan debt. More than 80% of respondents in that survey said they are going to attain at least a two-year degree. 
  • [03:21] 67% of student loan borrowers took out at least one additional product with the credit union who they finance their student loan through. It is a great opportunity to not only attract but to continue to retain and grow those relationships.
  • [10:07] Franklin Mint wanted to offer the program to prospective members so they did print advertising, online advertising, outdoor advertising, and Pandora. The first 7 months of the year they averaged 300-400 visits to their student loan page.  After the campaign, it went up to 1500-4000 visits.

 

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