MOHEGAN LAKE, N.Y.–Hudson River Financial FCU has chosen Credit Union Student Choice, a provider of higher education financing solutions, to use its Undergraduate and Private Student Consolidation loan products. This two-pronged approach looks to serve current college students with fair value loans that fill education funding gaps while also helping post-graduate members consolidate their private student loans for a more expeditious and cost-effective payment process, according to the credit union.
“We’ve been trying to find a lending niche and with Student Choice’s help, we think we’ve found one with these loan offerings,” says Hudson River Financial Director of Lending Chris Powers. “One of our goals with the undergraduate loan is to attract younger members, and then assist them with additional loan and deposit services down the road following graduation and early in their careers.”
In addition to the undergraduate loan product, Powers says that members have come to the credit union looking for the consolidation loans to pay off their college debts. “We are so happy we can do this for them now,” he adds. “These unique offerings really show the difference between our credit union and other financial institutions. It really sets us apart.”
“Being able to offer Hudson River Financial Federal Credit Union two types of loans that help current college students and graduates provides a unique value statement that not many other financial institutions can offer,” said Jim Holt, Student Choice’s Chief Revenue Officer. “It does indeed set them apart from the competition, while also positioning them for future relationships with these potential lifelong members.”
Student Choice enables credit unions of all sizes to make private education loans that are held on their own balance sheet. Since launching in 2008, the CUSO has helped nearly 250 partner credit unions originate $1.6 billion in loans to more than 70,000 borrowers.