Sallie Mae program surges in 3rd quarter
Winter semester brings mid-year student loan activity
The Sallie Mae Smart Option Student Loan™ is gathering momentum. Third quarter results show our members' members were approved for $3.3 million in student loans, with $1.3 million in funds being disbursed during the quarter. There are currently 144 credit unions signed up for the program.
The third quarter of each year is typically the highest volume quarter for student loans as loan disbursements are progressive. Thus, each quarter's activity continues to build upon the previous one, creating more revenue for our members. Most importantly, through the Sallie Mae program we are helping to provide a needed source of student loan funding to students and families in need of financial support for higher education. Best of all, the Sallie Mae program allows our members to provide such services without taking on additional risk or additional expenditures.
While most student lenders ramp up outreach efforts during the spring and summer, when college-bound students and their families are at the height of seeking financing for the next school year, interest increases again during December, as this is when many students and families again focus on trying to fill in funding gaps and/or start the school year during winter semester. Given this annual cycle, credit unions offering the Sallie Mae Smart Option Student Loan™ might want to consider promoting the program throughout the holiday season. Now is a good time to place your student lending materials out for your members to easily see: posters in your lobbies, articles in member newsletters and, of course, placing the advertising Web tile prominently on your credit union’s homepage.
Participating credit unions can easily order any additional co-branded marketing materials from their Sallie Mae-specific marketing portal. If you’ve mis-placed the link to your marketing portal, don’t hesitate to contact your Sallie Mae representative, Cheryl White at 317-595-1478 or Cheryl.firstname.lastname@example.org.