LendKey is the NAFCU Services Preferred Partner for Student Loan and Student Loan Refinancing Platform.
Listen On:
Key Takeaways:
- [01:47] During the initial months of the pandemic our credit union partners experienced spiking student refinance loan volumes.
- [02:18] During those first few months and when the work from home started, we saw many young working graduates went shopping to refinance their student loans and took advantage of much lower rates.
- [04:09] Private student loans have historically had lower default rates than federal loans.
- [10:54] Most borrowers are purchasing a home two years after refinancing their student loans.
- [13:18] This offers an opportunity for credit unions to continually serve these members with a potential lifetime of borrowing through cross-selling additional products.
Presented By
Jim Hindenach
Senior Executive of Lender Partnerships | LendKey
Jim has substantial experience in credit, financial technology, digital lending and banking. He works with credit unions of all sizes to enable them to provide better, faster and cost-effective consumer solutions such as student lending. Jim continues to help LendKey partner with financial institutions as they compete to attract young borrowers and build a lifetime relationship with their members.