In the past decade, the demand for private student loans has grown to over $23 billion annually. In response, MICUA seeks to help students and their families navigate college financing. When students need to seek private loans, they should do so with strong knowledge of the marketplace. Credible provides a transparent process to evaluate private loans, encourages students to engage in smart borrowing practices, and provides existing and new lenders with a way to reach qualified borrowers with targeted products.
Credible resources are available to students free of charge. A small fee will be required if the student/family seeks to pull a credit check for a comprehensive loan comparison. MICUA receives no compensation for its part in developing and managing the site.
With traditional lenders and finance companies scaling back their operations in the wake of the credit crisis, regional and community banks and credit unions have a unique opportunity to step in and serve a new generation of customers. Private student lending is a valuable way for regional and community banks and credit unions to serve their local communities.