Illinois CUs share piece of student loan program pie

Big news from the Land of Lincoln... CUNA News Now reports two Illinois state agencies and eight Illinois credit unions will work together in a new state program to provide financial aid to as many as 20,000 college students each year.

An article today confirmed that the Illinois Student Assistance Commission approved the arrangement which was announced earlier in September.

Two points I'd like to make...

1. It's wonderful to see that kind of collaboration. In fact, the News Now piece mentions that the Illinois Student Assistance Commission had approached six foreign banks to invest in student loans. However, due to the subprime lending crisis, lenders have had to pull out of the student loan arena, says the News Now article.
2. Student loans in particular, and catering to the needs/preferences of college students in general, are only the tip of the iceberg when it comes to truly serving the needs of the demographic and attracting more young adults as credit union members. Not all Gen Y'ers, Millenials, Echo Boomers (or whatever you want to call us) are in college. Many of my fellow young adults didn't go to college or to a trade school and will be facing a tough road if the economy continues to sour. The needs between a 21-year-old in their Junior year at college, and a 21-year-old mechanic are vastly different... even if they both have an iPhone.

On a slightly related note, our credit union friends down under at BDCU in Australia seem to be doing a great job letting members know they've avoided direct exposure to the subprime meltdown. Check out this news piece published in their local paper, the Southern Highland News. Know of any CUs doing the same? Post a comment with a link to the article.