Tuesday, May 13, 2014

Performance of CU ITT Student Loans

The following tables provide information on the performance of private student loans at seven credit unions that participated in ITT's Student CU Connect program.

The seven credit unions that participated in ITT's Student CU Connect private student loan program were Eli Lilly Federal Credit Union, in Indianapolis, Ind.; Bellco Credit Union, in Greenwood Village, Colo.; CommunityAmerica Credit Union, Lenexa, Kan.; Workers’ Credit Union, Fitchburg, Mass.; Directions Credit Union, Toledo, Ohio; Veridian Credit Union, Waterloo, Iowa; and Credit Union of America, Wichita, Kan.

The first table looks at the dollar amount of outstanding private student loans at the seven credit unions between 2011 and 2013. The National Credit Union Administration only started to collect this information from credit unions beginning in 2011. Not all the student loans are part of the ITT Student CU Connect program; however I suspect the bulk of the delinquencies and net charge-offs are associated with the program.

The next table reports on the net charge-offs of non-federally guaranteed student loans. These seven credit union reported cumulative net charge-offs of over $40.4 million on private student loans between 2011 and the end of 2013.

The last table reports on the dollar volume and number of delinquent private student loans at these seven credit unions. For example, in 2013, these seven credit unions reported 16,672 private student loans worth almost $18.5 million were at least 60 days past due.

No comments:

Post a Comment


The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.