How to set members up for success in high-demand careers

Credit unions aren’t new to providing funding to help members achieve their higher education goals. Historically, hundreds of cooperatives nationwide have provided lending options for current and new members attending traditional four-year, non-profit institutions, as well as their co-borrowers.

Now, with an increasing demand for employees in high-paying skilled trades, there is an opportunity to offer new financing options for career pathways such as aviation, nursing, and energy trades. You’ve likely heard news around impending shortages of key professions that keep us all moving forward, such as pilots and nurses.

The latest statistics for these in-demand, and well-paying, careers speak for themselves:

• Shortfall of over 24,000 commercial airline pilots in 2026
• Shortage of 43,000 aircraft mechanics by 2027
• 500,000+ nurses needed to replace those leaving the profession

However, these critical career paths often are not eligible for traditional lending options, including federal student aid. This leads to a funding gap that credit unions are in a unique position to fill.

How can credit unions play a role in helping their members, local trade schools and the general public who will benefit from these roles being filled by well-trained replacements? Like many of the other solutions cooperatives have developed, it all starts with identifying your community’s needs.

Here are a few questions to help your credit union discover the opportunities that are likely already in your own backyard.

• Are there any vocational or trade schools within your current field of membership?
• How many current or potential members could such programs serve over the coming decade?
• Do these training programs offer affordable financing options?
• Could any of the schools’ current financial solutions be improved?
• Is there an opportunity to develop a new SEG relationship or strengthen an existing one?
• What additional products could your credit union provide these individuals? Savings and checking accounts, credit cards, or auto loans?
• How would better financing pathways and increased graduation rates benefit the local community?

Credit unions have begun stepping up to offer private student lending solutions for not only traditional college students, but also those who choose a path that leads more directly to the workforce. By providing the affordable options members need today, your institution can open new doors to high-paying, in-demand jobs—building lifetime relationships and boosting the local economy.

 “We saw a need from our utility-based SEG groups – most of the energy trade schools we’ve now partnered with do not have any other funding options. Our vision statement is to be our members’ trusted financial partner for life, and these members can also get other financial products from the credit union, including auto loans or their first credit card,” says Julie Ward, VP of Lending at Utilities Employees Credit Union.

CU Student Choice helps credit unions meet the evolving needs of the next generation of members. Our vision began with an education line of credit in 2008 and now has grown to include student loan refinance, skilled trades lending solutions, referral programs, next gen lead gen and a dynamic loan origination system that simplifies the education lending process.

Contact us to learn more about how your credit union can partner with Student Choice to provide funding solutions in these and other career education areas, where you’ll be empowering members and supporting valuable community partners.