More Than 100 Community Banks Join iHELP’s Private Student Loan Program

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Greater participation of community banks in private student lending gives borrowers more options.

iHELP Private Student Loans, the exclusive student loan Preferred Service Provider of the Independent Community Bankers of America® (ICBA), announced today that in the first half of the year, more than 100 ICBA member community banks have signed on to the program.

iHELP Private Student Loans fill the gap between a family’s contribution, scholarships, federal aid and the cost of attending college. Community banks can provide student loans through the iHELP program as an originating lender, participating bank, or as a referral partner. As a result, ICBA members and their customers have more options in the marketplace. Through iHELP, students can work through a local community bank to make an informed decision about how to finance their college education.

“During the summer and fall months, students and their families finalize their funding plans for the upcoming academic year. Working through a trusted community bank as part of the iHELP program gives students and families a compelling option during what can otherwise be a confusing and stressful process,” said Kevin Moehn, iHELP Program Executive.

“The iHELP program has been one of our most successful new category launches. There is a real momentum from our banks to offer private student loans. It’s a great way to cultivate relationships with younger customers, and this is an appealing asset class to add to our portfolio,” said Kevin Bostrom, UBB Senior Vice President Lending and Chief Credit Officer.

“We realized some of our best customers were taking private student loans, just not through us. Joining the iHELP program gives our customers the resources and transparency to understand the costs and return on investment of a college education. Helping our customers make informed decisions about their financial future is an important part of building our community and strengthening customer relations,” explained Chris Gavin, President at Midwest Bank of Western Illinois.

Through its College Planning Services portal, iHELP helps students and their families make informed decisions about their plans for higher education, providing current resources on school costs, estimated salaries for various careers, and providing free access to more than 17,000 scholarships. If students determine that they might need a private student loan, they can complete an online application that provides approval notification within minutes, or they can work with their iHELP participating community bank. iHELP Private Student Loans assigns each borrower a dedicated customer service representative to help with loan origination and loan repayment through its program administrator, the Student Loan Finance Corporation, based in South Dakota.

This spring iHELP launched its fixed and variable rate consolidation loan products to help graduates streamline the repayment of their private student loans. By offering consolidation loan products, iHELP provides borrowers with greater flexibility and control over their financial future.

Media Contact:
Kevin Moehn
kmoehn(at)ihelploan(dot)com
571.313.1307

About iHELP Private Student Loans
The iHELP Private Student Loan Program is provided through more than 5,000 community minded member banks of the Independent Community Bankers of America® (ICBA). iHELP and its lending partners are committed to helping students and their families make informed decisions about their plans for higher education, providing current resources on school costs, estimated salaries for various careers, and providing free access to more than 17,000 available scholarships. The Student Loan Finance Corporation administers iHELP for its banks and has more than 30 years of experience in the student loan business. iHELP was named the #2 resource for student loans by YesCollege.com. http://www.ihelploan.com.

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