We are proud to help families across the country afford higher education - one of the best investments a student can make for their future.
Bethesda, Maryland and Washington, D.C. (PRWEB) July 9, 2009
Credit Union Student Choice, a credit union service organization that provides turn-key private student lending services to more than 80 credit unions across the country, and Overture Technologies, the leading provider of solutions that help students and their families make better financial decisions, announced today a marketing alliance to bring a competitive source of capital to students and families searching for ways to pay for higher education.
As a result of the recent reduction in private lending by traditional lenders, many colleges and universities have struggled to find sources of capital for students who need loans to finance their education. Through their alliance, Student Choice and Overture will be connecting students with attractive loan products from not-for-profit credit unions through Overture's Student Loan Marketplace (http://www.overturemarketplace.com).
"Credit unions have historically been an untapped resource in the student lending field, and given the contraction in this space, have a tremendous opportunity to bridge the gap," said Jon Jeffreys, President of Student Choice. "As not-for-profit cooperatives, credit unions not only have financial strength, but also a long-standing 'people helping people' philosophy that allows them to deliver fair-value private student loans to students and families at a time of critical need. We're pleased to make our credit union partners aware of Student Loan Marketplace, as it provides an innovative vehicle through which they can market these affordable loan products to students."
The Student Loan Marketplace enables students to sort and compare private student loans side-by-side with detailed rates and terms based on their own credit information. Users are matched with products from lenders through a system that encourages transparency and simplifies the often-confusing private student loan process.
"We are excited about this alliance to raise awareness with both schools and students regarding the availability of credit unions as a source of competitive private student loan financing," said Peter Carroll, Vice President of Product Marketing at Overture Technologies. "Credit unions involved in the Student Choice network are offering attractive rates and terms, and we are pleased to make them available to students through the Student Loan Marketplace."
As not-for-profit, community-based lenders, credit unions see private student lending as a way to reach out to local college students, offering highly competitive rates to help them fulfill their dreams of a higher education. Currently, Star One Credit Union, Addison Avenue Federal Credit Union, NASA Federal Credit Union and Mid-Atlantic Federal Credit Union participate in the Student Loan Marketplace, providing affordable loan products to students.
"Through the Student Loan Marketplace and their partnership with Student Choice, Overture has facilitated NASA Federal's relationships with students and schools," said Barbara Gatorian, Vice President of Consumer Lending at NASA Federal Credit Union. "We are proud to help families across the country afford higher education - one of the best investments a student can make for their future."
About Credit Union Student Choice - Credit Union Student Choice is a credit union service organization (CUSO) founded in 2008 by several of the nation's leading credit unions and CUSOs. Credit Union Student Choice positions credit unions as leaders in education financing in the 21st century by redefining value for student borrowers and helping credit unions connect with new Gen Y members. The Student Choice network enables credit unions of all asset sizes and fields of membership to make private student loans that may be held on their own balance sheet to recognize the long-term economic return of the loan relationship versus a one-time referral fee. The CUSO helps credit unions by managing many of the challenges and risks commonly associated with student lending. Since launching in May 2008 with seven credit union partners, the CUSO has now grown to serve more than 80 credit unions across the country. It was also recognized in 2009 as a co-recipient of the prestigious NACUSO Collaboration and Innovation Award. To learn more or find out how your credit union can participate, visit http://www.studentchoice.org or call 800-237-5678 and ask for a Credit Union Student Choice representative.
About Overture Technologies - Founded in 2000, Overture Technologies is the leading provider of solutions that help students and their families save money by making better financial decisions. Using patent-pending technology, Overture helps students create comprehensive plans for financing their education as well as source competitive rates on private student loans through a marketplace of national lenders, credit unions and other not-for-profit organizations.
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