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.