CU 2.0 Podcast Episode 248 Sparrow’s Student Loan Tool for Credit Unions

cu 2.0 podcast

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).

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