VIENNA, Va.–Navy Federal Credit Union is entering the student loan market and will now be offering consolidation and private student loans to qualified members. The world’s largest credit union is offering the student loans using New York-based LendKey’s lending platform.
“We’re pleased to form this partnership as we further our mission to be the preferred and trusted financial institution serving the military and their families. We’re excited to provide students, and their families, the funding they need for school when federal loans, grants and scholarships are not enough,” said Aaron Aggerwal, AVP of education lending at Navy Federal, in a statement. “LendKey’s customizable platform was the right solution for our members and the implementation process ran very smoothly.”
LendKey said its platform is being used by more than 300 credit unions and community banks, who have collectively issued loans to over 35,000 customers. Many credit unions and community banks have funds to deploy, but not the time, resources or infrastructure to meet online loan demands, according to LendKey, which provides these financial institutions with a seamless turnkey solution that markets, originates and manages loans.
“We’re thrilled to be working with Navy Federal on their online student lending program for America’s armed forces,” said LendKey CEO and Founder Vince Passione. “This was our biggest implementation to date, and Navy Federal Credit Union is now able to deliver private student loan options to its vast network of members of over five-million members.”