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The CUInsight Network podcast: Innovative student lending – CU Student Choice

Featuring Scott Patterson, President and CEO at CU Student Choice

Scott Patterson (2)

Thank you for tuning in to The CUInsight Network, with your host, Robbie Young, Vice President of Strategic Growth at CUInsight. In The CUInsight Network, we take a deeper dive with the thought leaders who support the credit union community. We discuss issues and challenges facing credit unions and identify best practices to learn and grow together.

My guest on today’s show is Scott Patterson, President and CEO of CU Student Choice. He joins me to discuss a wide range of topics from his eighth-grade adventures in China to pioneering the early virtual presence of credit unions via Callahan & Associates, as well as the innovation that he has cultivated via his current position at Student Choice.

During our conversation, Scott discusses the origins of CU Student Choice, we explore the increasing importance of gap financing, and we talk about potential policy changes under the current administration and how CU Student Choice is positioning itself to support CUs through whatever comes next. Scott also gives us a behind-the-scenes look at OPAL, their newly launched $8 million loan origination platform that’s changing the game for student lending.

As we wrap up the episode, Scott gives us an inside look at his love for pinball machines, San Antonio, and a certain sci-fi novel from the '90s. Enjoy my conversation with Scott Patterson!

Shout-out: Johns Hopkins University
Shout-out: Nanjing University
Place mentioned: Austin, Texas
Place mentioned: San Antonio, Texas
Shout-out: Callahan & Associates
Shout-out: PSCU (now Velera)
Place mentioned: Washington DC
Shout-out: Sallie Mae
Shout-out: Department of Education
Shout-out: Treasury Department
Shout-out: Linda McMahon
Shout-out: Congress
Resource mentioned: CU Select
Shout-out: Jon Jeffreys
Shout-out: Apple
Shout-out: San Antonio, TX
Shout-out: Trinity University
Book mentioned: Snow Crash by Neal Stephenson
Shout-out: Jeff Bezos
Shout-out: Amazon
Shout-out: Kindle
Shout-out: Facebook
Shout-out: Meta
Shout-out: AOL
Shout-out: Wells Fargo
Place mentioned: Denver, CO

[00:46] – Although he expected a career in international business, the dot-com boom led Scott elsewhere.
[02:48] – Scott’s college internships at Callahan sparked his passion for credit unions and digital solutions.
[04:35] – Advancing at Callahan as a partner, Scott co-founded CU Student Choice, eventually becoming its president and CEO.
[07:58] – Student loans help credit unions build lifelong relationships with young members entering financial independence.
[11:10] – Hear how credit unions support families dealing with costly college decisions, ensuring that education remains an investment.
[15:49] – What potential changes does Scott see on the horizon under the current presidential administration?
[18:31] – Potential policy changes may impact federal student loans, and credit unions must stay prepared.
[21:04] – Scott explains how over 115,000 families have financed education responsibly via manageable loans and career-focused programs.
[24:44] – Hear about OPAL, a new loan origination system, and CU Select, a student loan marketplace.
[27:57] – Learn how Student Choice models cooperative leadership, uniting credit unions to provide student loans since 2007.
[29:39] – Scott loves technology and recently got into pinball, enjoying both playing and repairing machines.
[30:32] – Scott enjoys visiting San Antonio for work, nostalgia from college, and its welcoming culture.
[31:32] – Hear Scott talk about his love for the book Snow Crash by Neal Stephenson.
[33:28] – Scott discusses how his company embraced remote work in 2008, later adapting a hybrid model which helped with work-life boundaries.
[36:12] – Scott points out that credit unions offer student loans to build long-term, loyal relationships with future young professionals.