Private Student Loan Program Receives Tremendous Support From State Credit Union Leagues

NEW YORK, May 10 /PRNewswire/ -- Credit union leagues representing 28 states and the District of Columbia have chosen to support the Fynanz, Inc. and CUNA Strategic Services strategic alliance to offer credit unions both custom and turn-key private student loan programs.

The state credit union leagues announcing their support serve the following states: Arizona; Arkansas; California/Nevada; Idaho; Indiana; Kentucky; Louisiana; Massachusetts/New Hampshire/Rhode Island; Maryland (and D.C.); Maine; Minnesota; Mississippi; Montana; New Mexico; North Dakota/South Dakota; New Jersey; Oregon; South Carolina; Tennessee; Texas; Vermont; Washington; Wisconsin; and West Virginia.  The marketing efforts of the participating state credit union leagues will complement the activities CUNA Strategic Services implements at the national level.  More state leagues are expected to voice their support of Fynanz in the coming months.

Fynanz was chosen by CUNA, the national credit union association, as their exclusive provider for private student loans this past February. The tremendous show of support by state credit union leagues is further recognition of the many benefits of the program, including the ability to attract younger members and help borrowers improve their financial literacy.

"The broad support from the state leagues validates our selection of Fynanz as the sole provider of private student loans through CUNA Strategic Services. This additional collaboration at the state level will reinforce our message to credit unions nationwide that private student loans can attract new Gen Y members, and that the Fynanz program offers unique benefits to meet the needs of this important market segment," said Wes Millar, SVP with CUNA Strategic Services.

"The financial education component of the Fynanz program will appeal to many credit unions. The in-school servicing model will also help each participating student as they develop good payment behavior and build a positive payment history," said Sylvia Fath, SVP Business Services, California League Services Corporation.

Also commenting on their support, Paul Rosenberger, Chief Services Officer, Maryland & DC Credit Union Association, said that "the Fynanz private student loan program provides a great channel to attract the younger members that every credit union needs, and the cuStudentLoans.org website helps draw them in."

"It is noteworthy that so many state leagues have joined CUNA Strategic Services in support of not just Fynanz, but the creation of a private student loan program that includes a unique financial literacy component, which can enhance a credit union's loan offering to its members," said Vince Passione, CEO and Founder of Fynanz.

Fynanz offers both custom private student loan programs and end-to-end solutions. All programs come with marketing through cuStudentLoans.org, the leading private student lending marketplace that is powered by Fynanz. The programs also include:

• Proprietary Fynanz Academic Credit Score (FACS) to help mitigate risk
• Students apply for a new loan each year, giving students the chance to obtain a lower rate if their FACS improves
• In-school servicing with a monthly payment made while students are still in school, helping students increase financial literacy and build their credit
• Monthly email billing and notifications to both borrower and co-signer to help reduce default rates and increase awareness of financial obligation
• Electronic loan certification and funds disbursement

Private student loans are used to fill the funding gap that remains for many students after exhausting all other forms of financial aid such as grants, scholarships and federal student loans.

About Fynanz, Inc.

Fynanz Inc. is a leading technology provider of custom private student lending programs and turn-key solutions. Fynanz pioneered innovative technology that easily puts lenders into the private student lending business without the need to purchase or install any software. This end-to-end integrated solution includes complete origination, underwriting, servicing and marketing. Fynanz also powers cuStudentLoans.org, a private lending marketplace, and currently serves more than 40 credit unions across the country. For more information, call (800) 881-8985, or visit www.fynanz.com.

About CUNA Strategic Services

CUNA Strategic Services Inc., owned jointly by Credit Union National Association (CUNA) and the state leagues, saved credit unions $40 million in 2009 through its national pricing programs. It provides credit unions with access to high quality products, services, and technologies delivered with a competitive advantage made possible through volume pricing and strategic program development. For more information, call (800) 356-8010, and press 3, or visit cunastrategicservices.com.

SOURCE Fynanz, Inc.