PHOENIX–The $9-billion Desert Financial Credit Union has become and investor and owner in CU Student Choice.
According to the company, the credit union first began offering Student Choice’s flagship education line of credit and refinance solutions earlier this year.
“Desert Financial was founded by teachers in 1939, and launching student lending solutions with Student Choice was an impactful way to invest in our members’ financial well-being while honoring our roots in education,” DFCU Chief Lending Officer Andrea Mosher said in a statement. “We’re excited to now join as an owner of a CUSO that’s been a trailblazer in helping credit unions enter the private student lending space.”
Desert Financial joins existing owners Affinity Plus CU, BCU, Credit Human, DCU, Elements Financial FCU, Lake Trust CU, MIT FCU, NASA FCU, Star One CU, Workers CU, Wright-Patt CU, Velera, and Callahan Credit Union Financial Services Limited Partnership (CUFSLP).
‘Positive Momentum’
“Student Choice was founded by credit unions, for credit unions,” Student Choice President and CEO Scott Patterson said in a statement. “We are thrilled to have the largest local credit union in Arizona as not only a strong lending partner, but now as an owner. Desert Financial’s dedication to their members is clear, and we look forward to the expertise and positive momentum they’ll bring to our CUSO.”
Student Choice said it enables credit unions of all sizes to make private education loans that are held on their own balance sheets. Since launching in 2008, the CUSO said it has helped more than 300 partner credit unions originate nearly $5 billion in private education loans, assisting 135,000 families in the process.
