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).
Want to listen to more of the Credit Union 2.0 podcast series? Click here to view the series.
Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email [email protected]