Student lending: Why credit unions are turning to CUSO loan participation platforms
LendKey has observed consumer demand for student loan refinancing is up 23% year over year for newly approved applications compared to the same time last year. Credit unions can put their excess liquidity to work while servicing the needs of Millennial and Gen Z members and prospects. Tap into the opportunity to build relationships with these new members and promote future cross-sell opportunities with prospects as their primary financing institution. We’ll share about how credit unions drive high-volume acquisition in the refinancing market, the current landscape of student loans, and some new methods to enhance your member service.
Key Takeaways:
- [03:37] The best customer service that we can provide is speed. It is getting to a yes or no as quickly as possible, being able to decide and fund that loan as quickly as possible, and eliminating friction throughout the process.
- [06:26] Choosing a partner whose values reflect those of your credit union is so important because that partner is an extension of your credit union.
- [10:30] 66% of borrowers took on at least one additional product or service in addition to their student loans.
