The Community Bankers of Michigan reports success in its first year with the College Ave Private Student Loan Referral Program. Since April 2019, 10 community banks have launched their referral program ensuring their customers have access to pay for higher education through College Ave Student Loans®. Many others are also in process and will be launching soon.
The inaugural year’s strong results have set the program up for continued success as more and more CBM banks join to help meet the student loan needs of their customers.
To ensure that the referral program remains properly positioned for future success, College Ave hired Reid Moehn to lead business development efforts in the state of Michigan. Additionally, there is dedicated staff in place at College Ave to coordinate all marketing-related activities with banks – including the ongoing strategic direction of outreach efforts along with day-to-day tactical execution.
“Private student loans are a great alternative to government loans for many college students, especially those seeking advanced degrees,” said Mike Tierney, President and CEO of CBM. “Our Michigan community banks are providing a helpful financing alternative which allows them to better serve the needs of their younger clients who are the future leaders in their communities.”
“The referral program allows CBM member banks to meet the private student loan needs of their customers while avoiding any loan origination or servicing functions,” Joe DePaulo College Ave’s President shared. “The program is also generating referral fee income for both the CBM and for participating banks.”
For more information about the program or to get started offering student loans to your customers contact Kate Angles at 517-336-4430 or Reid Moehn at 619-865-3395.
