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