Of course, you want more young members – members under 40 are on every credit union’s wish list.
Enter Sparrow, which calls itself “the world’s most powerful student loan search.”
Here’s what may be the best part: Put Sparrow to work on your website – it’s a white labeled tool and will blend in seamlessly – and students (as well as their parents) will be able to search for private student loans as well as options for refinancing current student loans.
If a loan gets made, the credit union gets what you might think of as a finder’s fee – but does not own the paper or service it. That’s done by the lender that is found using Sparrow’s search tools.
It gets better still: Pen Fed already is a client. So are more credit unions.
Hundreds of colleges include pointers to Sparrow in their student aid materials.
There’s little – maybe no – downside risk to a credit union to explore Sparrow. The how to implement along with details on the financial relationship are outlined in this podcast with Harrison Hochman, a proud Stanford alum (class of 2021).
