COTTAGE GROVE, Wis.–Summit Credit Union here has partnered with Credit Union Student Choice to offer its members innovative lending solutions for both private student loans and student loan refinance.
“Summit opened its first in‐school high school branch in 2011, and now has four high school locations,” said Kim Sponem, CEO & president of Summit Credit Union. “We are deeply committed to educating and preparing the next generation of college students for financial success, and that starts with a responsible way to borrow for college. For those moving into the next stage of their adult lives, a refinance solution will help them better manage their student loan debt.”
Sponem added that Student Choice’s focus on financial education and personalized borrower support provided an ideal partnership for the credit union.
“Paying for college is a significant financial stressor for many families,” Sponem said. “With our new solutions we can help alleviate that stress by educating members on making wise decisions, providing a unique solution that allows multi‐year funding with just one application, and offering personalized support throughout the process.”
More Than $3 Billion in Loans
Student Choice said it enables credit unions of all sizes to make private education loans that are held on their own balance sheet. Since launching in 2008, the CUSO has helped nearly 290 partner credit unions originate more than $3.1 billion in loans to 90,000 borrowers.
“For many families, determining how to responsibly fund a college education is one of the biggest financial challenges they will ever face,” said Jim Holt, Student Choice’s chief development officer. “We are thrilled that Summit has chosen to partner with Student Choice in bringing members a holistic education funding platform that will help them address this challenge head‐on.”
The $3.6-billion Summit CU has more than 194,000 members.