Student Choice Launches Employer Choice to Boost the Financial Resilience of Working Americans

Scott Patterson

​With financial stress on the rise for many Americans, CU Student Choice Partners, LLC (Student Choice) is branching beyond its student lending roots with Employer Choice—a payroll-integrated platform that enables credit unions to deliver responsible credit and savings solutions to workers at a time they need it most.
 
Workers often face unexpected financial shocks, with roughly 60% experiencing one each year and more than half lacking enough savings to cover a $1,000 emergency expense. To manage, many are forced to rely on predatory lenders and high-cost forms of short-term debt, including payday loans, paycheck advances, and title loans.
 
“Across the country, workers are facing growing financial pressure, and employers are seeing firsthand how that impacts productivity, retention, and overall well-being,” said Scott Patterson, President and CEO of Student Choice. “For nearly two decades, we’ve helped credit unions build and scale specialized lending programs, and with Employer Choice we’re bringing that expertise to financial wellness benefits.”
 
A Lifeline for Employees, a Growth Opportunity for Credit Unions
Employer Choice has been developed over the past 18 months with a steering group of 16 credit unions representing $70 billion in combined assets and more than five million members.
 
The solution connects credit unions to employees through payroll systems, enabling borrowing, repayment, and savings to occur seamlessly within the employer’s benefits channel.
 
“Just as employers offer health insurance and retirement plans to support long-term well-being, there’s an increasing need to support employees’ financial stability,” said Doug Farry, Senior Vice President of Student Choice and Director of the Employer Choice platform. “We are bringing credit unions into that equation, enabling them to deliver transparent financial solutions through the workplace and creating a powerful member growth channel in the process.”
 
A Responsible Alternative to Payday Lending
The Employer Choice platform enables credit unions to offer a small-dollar loan designed as an alternative to payday lending. The loan does not require a traditional credit score check and instead uses employment-based underwriting factors, including job tenure, income stability, and employer characteristics.
 
The one-year term loan provides access to emergency funds while supporting automatic repayment and the opportunity for the borrower to build and improve credit over time.
 
In the coming months, the platform will also support payroll-linked savings, allowing employees to automatically build emergency funds through direct deposits into their participating credit union.
 
Many credit unions were originally founded to serve employees of specific companies or industries. The Employer Choice platform builds on that history by modernizing that connection through payroll integration and digital delivery.
 
“Employer Choice gives credit unions a new way to build relationships with community employers and workers,” said Patterson. “We expect it to become an important channel for membership growth.”
 
Credit Human Federal Credit Union, an early adopter of the Employer Choice platform, said the offering aligns with its mission to serve working families.
 
“Employer Choice is a new way to solve an old problem—connecting credit unions with working people at the moment financial help is most needed,” said Steve Hennigan, President and CEO of Credit Human. “By delivering responsible solutions through employer channels, we can reach employees earlier, reduce reliance on high-cost lenders, and welcome new members in a way that supports long-term financial stability.”
 
Employer Choice expands access to credit union solutions while helping workers better manage financial shocks and build long-term stability. More information is available at www.employerchoice.org.

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