Student Lending: A case study in bringing in younger borrowers

Attracting and retaining millennial members is a challenge that credit unions have been trying to tackle for the last decade. This challenge only becomes more complex as Gen Z begins to enter adulthood with a unique perspective on financial management. Credit unions who have had the most success in converting these consumers to active members have often prioritized technology and product alignment.

Franklin Mint Federal Credit Union has a long history of championing education and financial literacy. As they reviewed their product mix, they saw an opportunity to expand their options to meet the needs of their members and potential members.

“As a management team, we continually assess our product and service offerings to ensure we’re providing solutions that our members not only want, but need,” said Allan Stevens, SVP and Chief Credit Officer at Franklin Mint Federal Credit Union. “It took time to find the right partner and solution, but we found an excellent vendor match to offer the right products to members and prospects.” In 2018, the credit union partnered with LendKey to offer Private Student Loans and Student Loan Refinancing.

 

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