Student Lending: Why Credit Unions are Turning to CUSO Loan Participation Platforms

About the Podcast

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.

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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. 

Presented By

Kara VanWert
Kara VanWert

SVP Lending, Veridian Credit Union

Kara joined Veridian Credit Union in 1991, with headquarters in Waterloo, IA. Having held various lending and branch management positions during this time, Kara is currently the Senior Vice President of Lending. Her areas of responsibility are Mortgage Lending, Consumer Direct & Indirect Lending, as well as Account Resolution/Collections.

Ryan Giffin
Ryan Giffin

SVP Client Success, LendKey

Ryan oversees the Client Success team, comprised of account management, client services, and implementations. These teams are responsible for the growth, development, and on-going support of our lending partners to ensure program success and profitability. Ryan has spent his career in financial services and was a credit union lending executive prior to joining LendKey.