New York, NY – April 29th, 2012 – Meanwhile, credit unions are demonstrating a strong commitment to helping students finance their education through private student loans, said New York City-based student lending vendor Fynanz, which provides credit unions with customized student lending programs and the cuStudentLoans private student loan marketplace. Fynanz, a CUNA Strategic Services alliance provider, has gained about 75 new credit union partners in the past year, bringing its total credit union partner number to more than 180.

“Private student lending has experienced significant change over the past several years,” said Wes Millar, senior vice president for CUNA Strategic Services, a program jointly owned by CUNA and state credit union leagues. “Credit unions have created a strong foundation in student lending during this period and will remain steadfast in supporting students and families nationwide.”

More than 125 Fynanz credit union partners participate in cuStudentLoans, a program that’s managed and designed by participating credit unions using common underwriting and pricing, Fynanz said. cuStudentLoans features the cuScholar Private Student Loan and the cuGrad Private Student Loan Consolidation, and includes loan participations to enhance risk mitigation, the vendor said.

Fynanz designs customized student loan programs for its credit union partners that choose not to join the cuStudentLoans portal, which involves pooling funds with other participating credit unions.

Alice Stevens, chair for cuStudentLoans LLC and chief operating officer for the Wall, N.J.-based, $175 million First Financial FCU, said she’s noticed an increased interest in student lending among credit unions. She said the cuStudentLoans program allows participating credit unions to not only serve existing members, but attract new members–the portal is designed to direct prospective, non-credit union member borrowers to the credit unions they’re eligible to join.

“We’re really filling a void because some students may not be able to go to school if it weren’t for these loans,” Stevens said. “The cuStudentLoans program also encourages students to start paying off their loans right away. Instead of deferring payments for four years…. That teaches them responsibility, and we believe it makes our portfolio perform better.”

Stevens added she sees a possible shift in the private student lending business–one that moves away from large banks toward small financial institutions. 

Link: [CU Times]

New York, NY – April 17th, 2012 – Credit unions nationwide remain committed to assisting students and families with higher-education financing through private student loans, while traditional banks have recently been reducing their footprint in student lending. More than 180 credit unions are providing private student loans through Fynanz, a CUNA Strategic Services alliance provider, which provides student loan marketing, education, origination, and repayment solutions for lenders.

Recent announcements by Chase Bank and US Bank to reduce and eliminate their respective private student loan programs is further downsizing to an industry that services hundreds-of-thousands of students each year. Chase Bank will continue to originate private student loans but only for existing Chase customers. Private student loans are used by students to bridge the funding gap in their higher-education financing after all federal options have been exhausted.

“Private student lending has experienced significant change over the past several years,” said Wes Millar, SVP of CUNA Strategic Services. “Credit unions have created a strong foundation in student lending during this period and will remain steadfast in supporting students and families nationwide.”

The majority of credit unions on the Fynanz platform participate in the cuStudentLoans program, which is a private student loan program that is managed and designed by participating credit unions using common underwriting and pricing. The program, which features the cuScholar Private Student Loan and the cuGrad Private Student Loan Consolidation, includes loan participations to enhance risk mitigation.

“Students today face challenges in higher costs and less aid when financing their higher-education,” said Alice Stevens, Chairman of cuStudentLoans, LLC. “Credit unions are happy to answer the call and help these students reach their educational goals through responsible lending.”

cuStudentLoans is a leading network of credit unions offering private student lending options to students and families nationwide. Formed in 2010, cuStudentLoans is comprised of over 140 progressive credit unions that built a member-responsive private student loan program using a common underwriting and pricing platform. The program, which consists of both the cuScholar Private Student Loan and cuGrad Private Student Loan Consolidation, includes loan participations to enhance and mitigate risk.

NEW YORK, NY – March 20th, 2012 – Fynanz, Inc., the financial technology provider of student loan marketing, education, origination and repayment solutions for lenders, today announced the addition of Linn Area Credit Union (IA), City County Credit Union of Fort Lauderdale (FL), Hanscom Federal Credit Union (MA), Cornerstone Community Federal Credit Union (NY), and Sooper Credit Union (CO), raising their total client list to over 180 partners who are leveraging their private student lending technology.

Linn Area Credit Union, a $285 million credit union serving over 25,000 members in Iowa, Hanscom Federal Credit Union, a $900 million credit union serving over 45,000 members in Massachusetts, and Cornerstone Community Federal Credit Union, a $300 million credit union serving over 45,000 members in Upstate New York, are the most recent credit union clients to build customized programs on the Fynanz platform. Fynanz solutions are tailored to the product and credit requirements of each individual credit union and its members.

“Fynanz’ customizable platform and holistic approach to student lending were the best fit for our members’ higher-education financing needs,” said Tracy Molander, Vice President of Lending of Linn Area Credit Union. “Choosing Fynanz allows us to quickly enter private student lending with a turn-key program that our members can trust,” added Tom Becker, Vice President of Lending at Hanscom Federal Credit Union.

City County Credit Union of Fort Lauderdale, a $300 million credit union serving Florida residents in 21 counties, and Sooper Credit Union, a $250 million credit union based in Colorado serving members in four states, have become the latest credit union lending partners to join the cuStudentLoans program. The program is managed by Student Lending, LLC, a CUSO that designed the program using common underwriting and pricing, which also includes loan participation to enhance risk mitigation.

“The cuStudentLoans program will allow our credit union to serve our existing members with a new and valuable loan product. In addition, the design of this program provides us a unique opportunity to continually build our member base of creditworthy Florida residents,” said Lloyd Gill, President and CEO of City County Credit Union of Fort Lauderdale.

“Offering a private student loan program was a natural fit for our credit union”, said John Purcell, Vice President of Lending at Sooper Credit Union. “We believe there is a real need for private student loans. Fynanz will help us provide this product to help members manage the cost of education. In turn, the program will help us grow membership with college students in the market for other financial service products as well.”

“Credit unions nationwide continue to recognize private student lending as an important new asset class,” said Jim Merrill Senior Vice President of Sales at Fynanz. “In addition, our comprehensive technology platform provides a total solution that includes financial literacy via the Fynanz College Resource Center and marketing support to ensure that members understand our credit union client’s commitment to serving their higher education financing needs.”

About Fynanz

Fynanz, Inc. is a leading technology provider of custom private student lending programs and solutions. Fynanz pioneered innovative technology that easily puts lenders into the private student lending business without the need to purchase or install any software. This end-to-end integrated solution includes marketing, education, underwriting, origination and servicing. The Fynanz platform also powers cuStudentLoans, the leading private student lending program, and currently serves more than 180 credit unions across the country. For more information, call (800) 881-8985, or visit www.fynanz.com.

Media Contact
Christian Widhalm, Fynanz, Inc.
christian.widhalm@fynanz.com
646-626-7414

(MoneyWatch) If you have to borrow for college, the best college loans are the ones available through the federal government, which provide the same student loan rates and terms for everyone.



If you are interested in pursuing private college loans, you need to proceed carefully. Here are seven things you need to know when shopping for private loans.

1. Turn to credit unions.

• Credit unions, which are newer players in the private student loan world, almost always provide better interest rates. Ironically most people stick with the well-known lenders even though their rates are typically higher. You can look for college loans at credit unions throughcuStudentLoans.

2. Check for schools that have their own credit unions. If your school is affiliated with a credit union, check its rates. Here are institutions that have a credit union:

• Harvard University
• University of Chicago
• Amherst College
• Hampshire College
• Mount Holyoke College
• Smith College
• University of Massachusetts
• University of Wyoming
• MIT
• University of Kentucky
• Princeton University
• California State University system
• Eastern Iowa Community Colleges
• Canada College

3. Apply for multiple loans.

At AllTuition, a private college loan comparison site, parents research many loans, but rarely apply for more than one. Unfortunately, borrowers won’t know what rate they qualify for unless they apply. It’s well worth the effort.

“A family taking out a $12,000 private loan is paying $5,000 more in interest because the parents aren’t taking 30 minutes to shop and they only complete one application,” says Sue Kim, Alltuition’s CEO.

4. Don’t assume you’ll get the lowest rate.

The teaser rate on private loans can look much more attractive than federal college loans. For instance, the interest rate for the federal PLUS Loan for Parents is 7.9 percent vs. some advertised rates of 3.5 percent or 4 percent. Mark Kantrowitz, the publisher of FinAid, however, estimates that fewer than 5 percent of borrowers capture the best rate.The difference between the lowest rate and the highest rate at an individual lender can be huge.

5. Use loan search engines.

Here are three online tools to find private student loans:

• Alltuition
• CertifiedPrivateLoans.com
• eStudentLoan

6. Ask the right questions.

Before committing to a private loan, ask these questions:

• 1. What is the interest rate?
• 2. Is the rate fixed or variable?
• 3. Is there an interest-rate cap?
• 4. What is the total cost of the loan?
• 5. Does the loan have borrower rewards?
• 6. What are the student loan deferment options both during and after school and are there any hardship waivers?
• 7. Are there any additional fees?
• 8. How difficult is it to consolidate loans and cut interest rates after graduation?
• 9. Does the loan offer penalty-free pre-payments?
• 10. How long is the grace period?
• 11. What are the borrowing limits?

7. Borrow responsibly.

Don’t borrow too much. Sure, college is a great investment, but you don’t want to hamstring yourself by graduating with too much debt. It’s much easier to borrow too much through private loans because they have higher borrowing limits.

Use the student loan calculator at Mapping Your Future to estimate how much your repayments will be.


via Money Watch


NEW YORK, NY – March 5th, 2012 – Overture Technologies’ Student Loan Marketplace, which is the only private loan comparison website that presents, side-by-side, the specific rates and terms students would see if they applied with each lender separately, today announced a partnership with cuStudentLoans, a private student loan program developed and managed by not-for-profit credit unions, to promote a private student loan consolidation and refinancing opportunity for college graduates with private student loan debt.

The program, which allows graduates of over 2,000 universities nationwide to refinance and consolidate their private student loan debt, is an extension to the Student Loan Marketplace’s existing private student loan service. The loan, known as the EdSucceed Private Student Loan Consolidation, will be issued by credit union lending partners within the cuStudentLoans program.

To date, the program has helped nearly 1,000 graduates better manage and improve their private student loan debt. “I had over $100,000 in private student debt with loans up to 14.13%,” said Steven W., a graduate of the Art Center College of Design. “By refinancing with cuStudentLoans, I’m saving $8,400 per year in payments and now have more financial control over my life.”

“The goal of the Student Loan Marketplace has always been to empower students financially through greater transparency around private student loan options available in the market,” said LeRoy Pingho, CEO of Overture Technologies. “Partnering with cuStudentLoans’ consolidation program allows us to continue this mission by helping students after they have graduated and are ready to reduce their student loan expenses.”

“Given the federal government’s recent commitment to keep interest rates at historically low levels, now is an opportune time for graduates carrying private student loan debt to seek out refinancing options,” said Alice Stevens, COO of First Financial Credit Union and Chairman of cuStudentLoans. “cuStudentLoans is proud to partner with a company like Overture Technologies in building awareness of a financial product that positively impacts the lives of so many graduates.”

“I decreased my loan term by five years and lowered my initial monthly payments by almost $400 per month,” said Marissa P., a graduate of Purdue University. “Refinancing my loan with cuStudentLoans was one of the smarter decisions I’ve ever made.”

Overture Technologies has aligned itself with marketing partners in thirteen states across the country, including the associations of private colleges and universities in six states, to bring its services to their students. These organizations are working with Overture in helping to increase awareness among graduates of independent colleges and universities who are burdened with high-interest private student loan debt.

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 cutting-edge 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.

About cuStudentLoans

CU Student Lending, LLC is a leading network of credit unions offering private student lending options to students and families nationwide. Formed in 2010, CU Student Lending, LLC is comprised of over 150 progressive credit unions that built a member-responsive private student loan program using a common underwriting and pricing platform. The program, which consists of both the EdAccess Private Student Loan and EdSucceed Private Student Loan Consolidation, includes loan participations to enhance and mitigate risk.

Media Contact
Christian Widhalm, Fynanz, Inc.
christian.widhalm@fynanz.com
646-626-7414


Jeff Sheely, Overture Technologies
jsheely@overturecorp.com
240-482-3361

Securian to provide Fynanz credit unions with compliant student loan forms.

St. Paul, MN, November 15, 2011 2011 – Securian Financial Group’s PerFORMer loan form service will be offered to all Fynanz, Inc. credit union clients under a new, exclusive partnership between the two firms. Securian’s PerFORMer service provides a full set of state and federally compliant loan documents. PerFORMer is backed by Securian’s warranty that the forms are and will remain compliant in this ever-changing regulatory environment.

“Partnering with Securian provides our credit union clients with a guarantee that their private student lending documents are fully compliant wherever they do business in the United States,” said Vince Passione, CEO and founder, Fynanz, Inc. “Our partnership creates efficiency for all credit unions that use the Fynanz platform for their student lending needs.”

“This new service simplifies and strengthens the student loan process for credit union members and for credit unions,” said Jackie Philpot, manager, Securian Loan Document Services. “It also expands the reach of our PerFORMer product line by giving us the opportunity to work with new credit union clients.”

cuStudentLoans, a private student lending program comprised of over 125 not-for-profit credit unions, leverages the Fynanz technology platform and will be the first Fynanz client to utilize Securian’s PerFORMer service for each of their program partners.

“Fynanz’ new relationship with Securian is yet another dimension of added value in partnering with their technology,” said Tom O’Shea, Chairman of cuStudentLoans, LLC. “Today, with over 125 participating credit unions in our program, this helps us provide peace of mind that all of our lending partners are fully protected and compliant.”

About Securian Securian Financial Group has served financial institutions for over 50 years, providing insurance, debt protection, loan documents, and marketing services to more than 4,000 financial institutions across the United States. Founded in 1880, Securian is now one of the nation’s largest financial services providers and the holding company parent of a group of companies that offer a broad range of financial services. Learn more at www.securian.com.

About Fynanz, Inc.
Fynanz provides lenders with an end-to-end private student lending technology and processing solution, which includes underwriting, origination and servicing platforms. It is highly customizable and supports over 150 financial institutions currently participating in the education finance market. For additional information please visit www.fynanz.com.

About cuStudentLoans
cuStudentLoans is a leading network of credit unions offering private student lending options to students and families nationwide. Formed in 2010, CU Student Lending, LLC is comprised of over 125 progressive credit unions that built a member-responsive private student loan program using a common underwriting and pricing platform. The program, which consists of both the EdAccess Private Student Loan and EdSucceed Private Student Loan Consolidation, includes loan participations to enhance and mitigate risk.

Media Contact:
Maggie Jensen
Media Relations Consultant
651-665-7558

Program Representing Over 125 Not-for-Profit Credit Unions Continues its Commitment to Helping Students Reduce Debt After Graduation

CLARK, NJ – November 1st, 2011 – In light of President Obama’s efforts to better manage student loan debt from the Direct Lending Program (DLP) and the Federal Family Education Loan Program (FFELP) with a new federal consolidation option, cuStudentLoans, a credit union service organization (CUSO) that developed and manages a private student loan program comprised of over 125 not-for-profit credit unions nationwide, has reaffirmed its commitment to reducing private student loan debt through its EdSucceed Private Student Loan Consolidation.

“Young people today are faced with extraordinary economic challenges in affording higher-education, especially when entering such a competitive job market upon graduation,” said Tom O’Shea, Chairman of cuStudentLoans, LLC. “Credit unions will continue to respond with responsible debt management solutions, including the EdSucceed Private Student Loan Consolidation, which provides the ability to refinance private student loans after graduation at typically much lower interest rates and considerable savings to the borrower.”

The cuStudentLoans program, which currently serves more than 125 participating credit unions nationwide, uses common underwriting and pricing in its EdSucceed Private Student Loan Consolidation, which has been available to eligible graduates since December 2010.

About CU Student Lending, LLC

CU Student Lending, LLC is a leading network of credit unions offering private student lending options to students and families nationwide. Formed in 2010, CU Student Lending, LLC is comprised of over 125 progressive credit unions that built a member-responsive private student loan program using a common underwriting and pricing platform. The program, which consists of both the EdAccess Private Student Loan and EdSucceed Private Student Loan Consolidation, includes loan participations to enhance and mitigate risk.

Media Contact

Thomas J. O’Shea, Chairman
CU Student Lending, LLC
Thomas.oshea@aspirefcu.org
732-388-0477 ext 8117

CUSO Representing Over 110 Credit Unions Announces Member Referral Program for Credit Unions Outside of its Lending Network.

NEW YORK, NY – September 19th, 2011 – Fynanz, Inc., the financial technology company that develops customized private student lending solutions and powers the cuStudentLoans private student loan program, today announced the addition of Maroon Financial Credit Union (IL), ORNL Federal Credit Union (TN), Corning Credit Union (NY), Caltech Employees Federal Credit Union (CA), University First Federal Credit Union (UT) and Pioneer Federal Credit Union (ID), raising their total client list to over 150 partners who are leveraging their private student lending technology.

Maroon Financial Credit Union, a campus based credit union serving the University of Chicago, ORNL Federal Credit Union, a $1.3 billion credit union serving over 150,000 members across the state of Tennessee, Caltech Employees Federal Credit Union, a $1.0 billion credit union serving 30,000 members within the California Institute of Technology and its affiliate organizations, and Corning Credit Union, a $900 million credit union with presence in three states that serves 80,000 members all over the world, are the most recent credit union clients to build customized programs on the Fynanz platform. Fynanz solutions are tailored to the product and credit requirements of each individual credit union and its members.

“Fynanz’ customized and loan participation programs, along with their developed member education programs, were factors in our choice of providers. While the program primarily benefits our very important Gen Y members, this is an important program to serve all our members’ ever increasing higher education financing needs,” said Clay Kearley, VP of Consumer Lending at ORNL Federal Credit Union. “Choosing Fynanz’ custom platform was the best choice to allow us to create a program to serve the employees and students at the California Institute of Technology,” added Luisa Avila, VP Operations at Caltech Employees Federal Credit Union.

University First Federal Credit Union, a $560 million campus based credit union serving 80,000 members at the University of Utah and within Salt Lake County, and Pioneer Federal Credit Union, a $430 million credit union serving 30,000 members across 13 counties in Idaho, have become the latest credit union lending partners to join the cuStudentLoans program. The program, which has ballooned to over 125 participating credit unions, uses common underwriting and pricing and includes loan participation to enhance risk mitigation.

“The cuStudentLoans program instantly provided us with two new Gen Y focused loan products through its private student loan and private student loan consolidation,” said Paul Bargman, CEO of Pioneer Federal Credit Union. “Implementing our program was incredibly fast and easy,” said Joseph Boekweg, VP Lending at University First Federal Credit Union, whose program was fully implemented and taking applications in less than a week after making their decision to join the cuStudentLoans program.

“In just six months Fynanz has increased its client base by 50% and total client assets by over $10 billion,” said Jim Merrill SVP of Sales at Fynanz. “The speed of reaching this next milestone is a testament to our existing client base and credit unions nationwide understanding the need for a new asset class to drive member growth,” continued Merrill.

About Fynanz

Fynanz, Inc. is a leading technology provider of custom private student lending programs and solutions. Fynanz pioneered innovative technology that easily puts lenders into the private student lending business without the need to purchase or install any software. This end-to-end integrated solution includes complete origination, underwriting, servicing and marketing. Fynanz also powers cuStudentLoans, the leading private student lending program, and currently serves more than 150 credit unions across the country. For more information, call (800) 881-8985, or visit www.fynanz.com.

Media Contact:
Christian Widhalm, Fynanz, Inc.
christian.widhalm@fynanz.com
646-626-7414

CUSO Representing Over 110 Credit Unions Announces Member Referral Program for Credit Unions Outside of its Lending Network.

CLARK, NJ – June 27th, 2011 – CU Student Lending, LLC, a credit union service organization (CUSO) that developed and manages the cuStudentLoans private student loan program, today announced the launch of a member referral program that allows credit unions outside of its lending network to offer members a credit union managed and funded alternative for their private student loan needs.

The new referral program, which features the EdAccess Private Student Loan and the EdSucceed Private Student Loan Consolidation, is a credit union managed program of over 110 participating credit unions that have pooled funds to offer private student loans to students and families nationwide. The program, in an effort to protect the member sovereignty of its referral partners, includes a non-solicitation agreement that ensures their members will not be marketed to by the lending credit union with outside loan products while they are in repayment.

“This program is yet another demonstration of credit unions linking together to promote the credit union mission and serve members with superior loan products at exceptional rates,” said Tom O’Shea, Chairman of CU Student Lending, LLC. “The cooperation ensures members will not have to go outside of the credit union space to receive what is among the best loans in the industry for students seeking assistance in their education financing.”

The program, which is now available to interested credit unions, also includes a suite of member marketing tools for credit unions to promote the program and maximize referral volume.

About CU Student Lending, LLC
CU Student Lending, LLC is a leading network of credit unions offering private student lending options to students and families nationwide. Formed in 2010, CU Student Lending, LLC is comprised of over 110 progressive credit unions that built a member-responsive private student loan program using a common underwriting and pricing platform. The program, which consists of both the EdAccess Private Student Loan and EdSucceed Private Student Loan Consolidation, includes loan participations to enhance and mitigate risk.

Media Contact
Thomas J. O’Shea, Chairman
CU Student Lending, LLC
Thomas.oshea@aspirefcu.org
732-388-0477 ext 8117

CLARK, NJ – May 18th, 2011 – CU Student Lending, LLC, a credit union service organization (CUSO) that developed and manages the cuStudentLoans private student loan program, today announced the launch of its 2011 EdAccess Private Student Loan that features zero origination fees to the borrower.

The new loan product, which debuted officially on May 1st, will be available to all qualified student borrowers for the 2011-2012 academic year. The CUSO’s decision to remove the origination fee comes at a time when student borrowers are faced with escalating tuition costs nationwide, creating a widening funding gap in order to finance their education.

“Providing credit union members and their families a private student loan product with zero origination fees, especially during a time with dramatic increases in tuition costs, is something that is extremely important to us,” said Tom O’Shea, Chairman of CU Student Lending, LLC. “This is just another borrower benefit that makes the cuStudentLoans program, and in particular the EdAccess Private Student Loan, among the best in the industry for students seeking assistance in their education financing.”

The cuStudentLoans program, which currently serves more than 100 participating credit unions, uses common underwriting and pricing in its EdAccess Private Student Loan.

About CU Student Lending, LLC

CU Student Lending, LLC is a leading network of credit unions offering private student lending options to students and families nationwide. Formed in 2010, CU Student Lending, LLC is comprised of over 100 progressive credit unions that built a member-responsive private student loan program using a common underwriting and pricing platform. The program, which consists of both the EdAccess Private Student Loan and EdSucceed Private Student Loan Consolidation, includes loan participations to enhance and mitigate risk.

Media Contact
Thomas J. O’Shea, Chairman
CU Student Lending, LLC
Thomas.oshea@aspirefcu.org
732-388-0477 ext 8117