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Is a Fox Guarding Your Henhouse?

Is a Fox Guarding Your Henhouse?

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As credit unions look for ways to attract new younger members, offering a student loan product seems like the logical choice. The next step in the journey to offering student loans is making the decision to balance sheet the assets or simply find a partner who can offer it to your members. Though offering a referral program through a trusted partner might seem like the easier of the two paths there are considerations. Remember why you contemplated this asset class in the first place – you were looking for new members. Student loan referral partners make it so easy - they provide all the marketing materials and a link to their website. Wait… where’s the step where you secure the new member for future cross sell opportunities? Also, does that partner offer the same products as your credit union such as money market, CDs and credit cards?

Choosing to balance sheet student loans is a longer, possibly more complicated process but when you keep the goal in mind, the process is well worth it. Also, finding a student loan partner who helps you create the perfect product for your members makes the process painless. Another consideration is a partner who can provide liquidity. Find a partner who can provide the financial performance data to get approval, marketing templates to reach your targets, an online portal to give you a window into your applications in process and a team of experts to ensure your members receive the same level of service you expect.

Finding the right partner and the right fit is a choice only you can make for your members but be sure you don’t find yourself doing business with a competitor.