HARRISBURG, Pa. — Joining up with a state student loan agency roiled by market troubles, the Pennsylvania Credit Union Association said Monday it has set April 2 as the date for a special Webinar aimed at helping CUs transition to new funding mechanisms.
Some 90 CUs which previously referred student loans to the Pennsylvania Higher Education Assistance Agency for funding and servicing until the agency halted that practice March 7, will now be seeking other alternatives, perhaps through other PCUA programs, said trade group officials.
"We will be hosting the Webinar but officials from PHEAA will be answering the questions and discussing the options," said a PCUA spokesman.
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PHEAA is one of a handful of state-run student loan agencies impacted in recent days by the credit crunch and find themselves revamping or cutting back student loan operations. Funding and bonding problems surfaced over the last week in at least two states, Montana and Iowa with more expected.
PHEAA announced last month it was suspending its lending role in the Federal Family Education Loan Program halting issuance of its own funds for loans.
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