First Associates to service Student CU Connect CUSO, LLC (SCUC) loans

First Associates to service Student CU Connect CUSO, LLC (SCUC) loans

- Organization to tap company’s expertise for students with college expenses not covered by federal, state funding sources -

SAN DIEGO – July 2, 2012 – First Associates Loan Servicing, one of the country’s fastest growing consumer loan servicers, was selected by Student CU Connect CUSO, LLC (SCUC) to service the SCUC $100M portfolio of private student loans.

“Like the other programs supporting students, this consortium of seven credit unions serves a specific niche by offering private education loans to help pay tuition and other college expenses not covered by student aid from federal, state and other funding sources,” Tony Ferris of Student CU Connect CUSO, LLC. “To do so effectively, we needed a servicing firm that viewed the students not simply as borrowers, but individuals committed towards enhancing their education and formulating a responsible financial future. First Associates is that partner.”

SCUC is a service organization formed by seven credit unions. Loans under the program are made available to eligible students by Eli Lilly Federal Credit Union. Under the program, an eligible student may borrow from $1,000 up to the cost of their education, less all federal and state grant and loan aid received by the student and his or her parents for the student’s education.

“We’re pleased with this vote of confidence from SCUC and Eli Lilly,” said David Johnson, CEO of First Associates. “The CUSO’s selection of First Associates is the culmination of a one-year due diligence process that demonstrated the superior performance that our model can produce for investors, borrowers and schools. SCUC has an excellent team in place and we look forward to working with them.”

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