#4080: How LendKey and Veridian Partnered to Offer Education Lending Products to Their Members...

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Kara Van Wert, Chief Lending Officer at Veridian Credit Union and Board Chair of Member Student Lending CUSO, and Ryan Giffin, SVP Client Success at LendKey, joined us on the show to share how LendKey and Veridian have partnered to offer education lending products to their members.

In particular, Kara and Ryan discussed their collaboration to provide education lending products, focusing on in-school loans and refinancing options. They also explained how loan consolidation can ease payment burdens for families.

Kara and Ryan highlighted the role of LendKey in supporting credit unions, along with the challenges these institutions face in the student loan market. They underscored the importance of education financing for families and member relationships.

Veridian started working with LendKey in 2016 to offer student loan refinancing to their members. Veridian has helped over 12,000 of their members finance their education and improve their financial health.  They are currently active in LendKey’s student refinance program. 

Q&A summary
What is the main focus of the partnership between LendKey and Veridian Credit Union?
The partnership aims to offer education lending products to members, addressing the growing need for financial support in education.
How does LendKey assist credit unions in managing student loans?
LendKey provides a full-service approach, handling marketing, loan origination, funding, servicing, and relationships with schools, allowing credit unions to focus on their core services.
What are the benefits of combining multiple student loans into one payment for members?
Combining loans simplifies payments for members, making it easier to manage their finances and potentially freeing up funds for other purchases like homes or cars.
What challenges do credit unions face when considering education lending products?
Credit unions often hesitate due to negative media surrounding student loan defaults and a lack of expertise in the education lending space.
What results has Veridian seen from offering student loan refinancing since partnering with LendKey?
Since 2016, Veridian has booked over 15,000 loans totaling over $68 million, benefiting both existing members and new members brought in by LendKey.
What is the average cost of a school loan per year, and how does it impact graduates?
The average cost of a school loan is about $12,000 per year, leading many graduates to face significant debt, which can hinder their financial goals.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.