Higher Level Processing is proud to welcome you to our Credit Union Member Services Portal. As your credit union works tirelessly to provide your members the best in financial wellness resources, HLP wants you to know that we are here to serve you.
Your credit union is the first avenue to financial independence for many members. For other members, it is the only friendly path to achieving the American Dream. Sadly, student loan repayment has become a primary obstacle to making this dream a reality for 45 million Americans.
Research indicates that 1 out of 5 of your credit union’s members now has at least 1 outstanding student loan. Here are some basic facts about student loan borrowers (as reported by Forbes Magazine February 3, 2020):
Average Student Loan Debt: $32,731
Average Student Loan Payment: $393
Delinquency or Default Rate: 10.8%
Many of your members qualify for forgiveness of their student loans through one of the US Department of Education’s 70+ Federal forgiveness programs. However, due to the lack of expertise required to successfully navigate these programs and their requirements, 99.4% of applicants fail to obtain the forgiveness they expected to receive (as reported by CNBC December 21, 2018). Not only that, these same applicants are not informed that they were rejected until after their term of payments is completed, meaning that they must submit their paperwork again with all relevant government agencies, including the IRS and Social Security Administration.
(Fast Fact: Did you know that there are over 2.1 Million borrowers over the age of 62 with student loans?)
HLP Credit Union Member Services was launched this reality. By leveraging the expertise gleaned in almost 10 years of service to our over 15,000 current clients, we help credit union members navigate the federal bureaucracy requirements successfully and remove the roadblocks of student loan repayment and regulatory compliance.
In serving your credit union, we help your help your members achieve true financial wellness.
Contact us today to discuss how we can customize a program that seamlessly integrates with your credit union’s current member benefits program that enhances member participation and satisfaction.