Farmers Insurance Group Federal Credit Union Launches Private Student Loan Program, Partners with Education Loan Source, Inc.

Farmers Insurance Group Federal Credit Union (FIGFCU) is proud to announce the launch of their private student loan program for families and students looking to pay for undergraduate and graduate school. To customize their program specifically to meet the needs of its members, FIGFCU has chosen to partner with Education Loan Source, Inc. (ELS), a leading provider of education financial solutions.

“We are happy to add Student Loans to our lending platform, making our portfolio of products and services even more robust. Our members benefit by having educational funding options with competitive rates and terms in difficult economic times.” said Brian Leonard, Chief Lending Officer of FIGFCU.

The Custom Loan Source℠ (CLS) program offered by ELS, provides credit unions with the opportunity to develop their own customized student loan products without the need for additional staffing or resources. CLS is a turn-key student loan solution which includes every aspect of the student loan process from program design through portfolio management. Credit unions working with ELS benefit by gaining an in-depth knowledge of the student loan industry, while attracting a more diverse membership base and the ability to design a custom product to specifically meet their goals.

Long-time ELS business partner Cology, Inc. was selected to originate and service loans for the FIGFCU program. With its industry-leading loan platform, VoltaTM, Cology offers FIGFCU expert origination, disbursement, and servicing technology.

“Since FIGFCU has 18 branches, in 12 different states, it’s especially gratifying to launch this new program for their members. CLS is a perfect fit for FIGFCU, as it allows the Credit Union to bring their existing corporate lending standards and philosophies to an education loan program. FIGFCU was able to set their own rates and fees, and define their own school list.” said Jacklyn Schneider, Director of Client Services for ELS. “FIGFCU can increase its portfolio and member base with a student loan program that is highly in demand, while families receive the financial assistance they need.”

Click here for more information about the Custom Loan Source Program.