o
VErHEard
Consumer Bankers association’s 2009 student Lending Conference
d E C E M B E r 9 - 1 1, 2 0 0 9 W a s H i n G t o n , d . C .
Attendance was 122, quite a reduction from 400 in previous years. This year’s attendees included a core group of resolute people rep-
resenting organizations determined to remain in the student loan business no matter what. Along with them were some prospective
new entrants, some lenders still on the sidelines and a raft of servicers.
This conference used to be Two years ago large numbers of compete with the Ivies who are
about the lending business. And our graduate students switched reducing student loans.
some of this year’s event was to GradPlus loans from private Patricia McWade
just that. loans. They are switching back Director of Financial Aid
this year, because private loan Georgetown University
We do $210 million in student interest rates are low.
loans each year. This year we’ve Jevita Rogers Our Smart Option Loan produces
done $2 million worth of direct Financial Aid Administrator almost 50 percent less revenue
loans to stick our toe in the George Mason University for us than other private loans.
water. That’s because we require inter-
Patricia McWade The consumer is very savvy and sen- est to be paid during enrollment.
Director of Financial Aid sitive to price. Let the market decide. We are glad to take the revenue
Georgetown University Dan Meyers hit, because students and par-
President & CEO ents benefit when interest isn’t
We did $77 million in FFEL First Marblehead Corporation delayed and capitalized.
student loans and $13 million in Jack Hewes
private student loans last year. Our graduating seniors with Senior Executive Vice President
loans are in debt, on average, Sallie Mae
$22,000. We’d like to reduce
that, particularly because we Some credit unions view student
loans as a product that is missing
An 18-year-old with no income
from their mix. Other credit unions
and zero or negative credit his-
see them as a means to acquire
tory is a sub-prime loan by any
new depositors. For all of them
standard.
student loans are a new product,
Jeff Noordhoek
and they’re somewhat leery.
President
Jon Jeffreys
Nelnet
President
Credit Union Student Choice
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