The CU2.0 Podcast

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

May 10, 2023 Robert McGarvey Season 6 Episode 247
CU 2.0 Podcast Episode 248 Sparrow's Student Loan Tool for Credit Unions
The CU2.0 Podcast
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The CU2.0 Podcast
CU 2.0 Podcast Episode 248 Sparrow's Student Loan Tool for Credit Unions
May 10, 2023 Season 6 Episode 247
Robert McGarvey

Send us a Text Message.

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).

Listen up.

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email rjmcgarvey@gmail.com

 

And like this podcast on whatever service you use to stream it. That matters.

 

Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto

Show Notes

Send us a Text Message.

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).

Listen up.

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email rjmcgarvey@gmail.com

 

And like this podcast on whatever service you use to stream it. That matters.

 

Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto