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Student Loan Referral Program Allows CUs to Meet Member Need; Earn Fee Income

Although they are outside credit unions' traditional line of products, private student loans present an opportunity to help families pay for college when scholarships, grants and federal loans are not enough to cover the rising cost of attendance.

By Marygrace Murphy | Updated on January 11, 2011

Although they are outside credit unions’ traditional line of products, private student loans present an opportunity to help families pay for college when scholarships, grants and federal loans are not enough to cover the rising cost of attendance.

“I think it’s crucial that a credit union be considered a full service financial institution and offering student loans is one part of that essential mix,” said Dennis Dollar, principal partner of credit union consulting firm Dollar Associates. “So whether it be through direct lending or through a referral program, I believe that credit unions must offer student loans.”

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