Farmers Insurance Group Federal Credit Union Launches Private Student Loan Program, Partners with Education Loan Source, Inc.
Released on: August 08, 2011, 3:26 pm
Education Loan Source
LOS ANGELES, CA, August 8, 2011 Ė Farmers Insurance Group Federal Credit Union (FIGFCU) is proud to announce the launch of their private student loan program for families and students looking to pay for undergraduate and graduate school. To customize their program specifically to meet the needs of its members, FIGFCU has chosen to partner with Education Loan Source, Inc. (ELS), a leading provider of education financial solutions.
ďWe are happy to add Student Loans to our lending platform, making our portfolio of products and services even more robust. Our members benefit by having educational funding options with competitive rates and terms in difficult economic times.Ē said Brian Leonard, Chief Lending Officer of FIGFCU.
The Custom Loan SourceSM (CLS) program offered by ELS, provides credit unions with the opportunity to develop their own customized student loan products without the need for additional staffing or resources. CLS is a turn-key student loan solution which includes every aspect of the student loan process from program design through portfolio management. Credit unions working with ELS benefit by gaining an in-depth knowledge of the student loan industry, while attracting a more diverse membership base and the ability to design a custom product to specifically meet their goals.
Long-time ELS business partner Cology, Inc. was selected to originate and service loans for the FIGFCU program. With its industry-leading loan platform, Voltaô , Cology offers FIGFCU expert origination, disbursement, and servicing technology.
ďSince FIGFCU has 18 branches, in 12 different states, it's especially gratifying to launch this new program for their members. CLS is a perfect fit for FIGFCU, as it allows the Credit Union to bring their existing corporate lending standards and philosophies to an education loan program. FIGFCU was able to set their own rates and fees, and define their own school list.Ē said Jacklyn Schneider, Director of Client Services for ELS. ďFIGFCU can increase its portfolio and member base with a student loan program that is highly in demand, while families receive the financial assistance they need.Ē
For more information on the Custom Loan Source Program offered by ELS, call Jacklyn Schneider at (858) 720-6809.
FIGFCU has over $580 million in assets and serves over 43,000 members. The Credit Union has served the Farmers Insurance Group family for over 75 years. All Farmers, Bristol West, Foremost and 21 st Century employees, Farmers agents, agents' employees, and their family members are eligible for membership. For more information on FIGFCU or to sign up for membership, visit www.figfcu.com or call 800.877.2345.
About Education Loan Source, Inc.
Credit unions, banks and schools all reap benefits from working with Education Loan Source, Inc. (ELS). As an education finance solution-provider, ELS helps families to budget before they borrow by designing a comprehensive program specifically for each financial institution or school. Programs include monthly payment plans (2-120 months), full-tuition credit lines, customized underwriting with 100% approval, secondary market purchases, school-supported turnkey loans, full Reg Z and TIL compliance, online application with instant credit approval and e-signature, assistance with past-due bill balances, and collections. ELS executive team and staff possess an average of 20+ years in the education finance industry. ELS is based in San Diego , CA and has offices in Ohio , Pennsylvania and Arizona . For more information, visit www.educationloansource.com.
About Cology, Inc.
Cology provides technology and core processing solutions for lenders. Voltaô, the company's universal core processing system, is the technology behind more than 100 of the nation's resource providers in the education finance market today. The platform's highly customized client branding features, expansive loan, tuition payment, donor, peer product suite, and back office loan processing experts make entering the market fast, efficient and easy. For additional information on how to become a lending resource for students, visit www.cology.com.
Education Loan Source, Inc.
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