SCOTTSDALE, Ariz., June 9 /PRNewswire/ -- Cology, Inc. today announced that DEXSTA Federal Credit Union will utilize Cology's industry leading loan origination platform, Volta™ combined with Cology's experienced loan processing team, to originate and disburse its new private student loan programs. Cology's comprehensive solution will help DEXSTA provide its members and their families with a much needed resource to help pay for college.
"We are excited to support DEXSTA with our technology and back office solutions for their new private student loan programs," said Paul Rehnberg, Chief Executive Officer of Cology. "With rising education costs and limited resources available, students and families need access to the resources of their community more than ever. It is wonderful to see Credit Unions like DEXSTA adding low cost student loan programs to their member offering."
DEXSTA's new private education loan was developed by Education Loan Source, Inc., a national education finance solution provider and long-time Cology business partner. The relationship brings a complete loan origination solution to DEXSTA that is entirely custom-branded, profiled to the specific criteria of the credit union's membership and compliant with 2010 regulatory changes.
"We are thrilled to offer our turn-key loan program with Cology as the originator," said Doug Feist, Chief Executive Officer of Education Loan Source, Inc. "This winning combination continues to be a solid solution for credit unions, community banks and schools alike."
"DEXSTA is excited to be working with Cology and Education Loan Source to bring new private student loans to the market," said Jerry King, President & Chief Executive Officer of DEXSTA Federal Credit Union. "The choice was simple. Education Loan Source provided the expertise and flexibility to develop a program specific to the needs of our members and Cology's student loan experience with Credit Unions, their flexibility and reputation for quality stood out among the competition."
Cology's technology and back office solutions make it simple for resource providers in any community to enter the private student lending market, where they can customize their loan and resource programs, as well as integrate seamlessly with existing school processes. Volta supports traditional credit-based loans, college payment plans, peer-to-peer lending, as well as member-based programs for foundations, alumni associations, corporate sponsors and individual donors.
About Education Loan Source, Inc.
Credit Unions, banks and schools all reap benefits from working with Education Loan Source, Inc. (ELS). As an education finance solution-provider, ELS helps families to budget before they borrow by designing a comprehensive program specifically for each financial institution or school. Programs include monthly payment plans (2-120 months), full-tuition credit lines, customized underwriting with 100% approval, secondary market purchases, school-supported turnkey loans, full Reg Z and TIL compliance, online application with instant credit approval and e-signature, assistance with past-due bill balances and collections. ELS executive team and staff possess an average of 20+ years in the education finance industry. ELS is based in San Diego, CA and has offices in Ohio, Pennsylvania and Arizona. For more information, visit www.educationloansource.com.
About Cology, Inc.
Cology provides technology and core processing solutions for lenders. Volta™, the company's universal core processing system, is the technology behind more than 100 of the nation's resource providers in the education finance market today. The platform's highly customized client branding features, expansive loan, tuition payment, donor and peer product suite and back office loan processing experts make entering the market fast, efficient and easy. For additional information on how to become a lending resource for students, visit: www.cology.com.
About DEXSTA Federal Credit Union
DEXSTA Federal Credit Union, a full-service financial institution is open to anyone who lives, works, worships or attends school in New Castle County, Delaware. With a membership of 29,502 and assets totaling $181,856,459, DEXSTA's mission is to offer a wide variety of products and services to meet the financial needs of its diverse membership. Please visit www.dexsta.com or contact Michael Reilly at (302) 571-0522, ext. 879 to learn more about DEXSTA Federal Credit Union's private student loan program.
All registered or unregistered trademarks are the sole property of their respective owners.
SOURCE Cology, Inc.