Student Loan Referral Program

Although trade unions to help outside the traditional line of credit products, private student loans families a chance to study to be financed, if scholarships, grants and federal loans are not sufficient to cover the increased aid.


"I think it is important that the Credit Union is full-service financial institutions and the loans they offer to students as an essential element of this mix," said Dennis Dollar, principal partner of Associates Consulting dollars to fund. "So, either through direct loans or through a referral program, I think credit unions should offer loans to students."

Hundreds of credit unions have the option, Sallie Mae Smart reference signed on student loans. The loans are backed, funded and serviced by Sallie Mae, UC participants serve as a reference by a link to your website.

"The program can be used benchmark lending unions to their members must manage student loans without a highly specialized assets," said Angel Rocha, senior vice president of Sallie Mae.

With the optional Smart student loans to choose members of a monthly payment plan of $ 25 paid to the school or the possibility of interest only while in school.

"The loans with the idea of making payments to the school have been developed to recognition of how long you borrow and what it will cost," said Rocha. "Trade unions loans are very receptive to the idea that it is possible that the money from loans to their customers, but we do it in a responsible manner."

Another advantage of the SMP, Rocha said that credit unions "to take the opportunity to take advantage of the size and scope of the Sallie Mae."

"We do not want us to our credit price better than what is offered by Sallie Mae, taking into account possible solutions," said Jonathan Rhodes, president and CEO of FedFinancial Federal Credit Union, Rockville, Maryland, the contract with the optional Smart Student Loans Referral Program in November.

The program also allows credit unions to earn income through commission.

Include silver sword Capital Partners, marketing and sales, to encourage banks and credit cooperatives regarding programs for student loans. He is currently working with more than 300 credit unions.

"Credit unions are in the millions of dollars to do so in the articles", said Mike Mullowney, managing partner of the company. "Some of them, tens of millions of dollars. It is an opportunity for significant tax revenue to the fund as well, and there is no cost to Sallie Mae found."