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In the hunt for younger customers and higher returns, credit unions are increasingly turning to riskier private student loans, grabbing the attention of regulators and their members.
Credit unions are moving from traditional home mortgages, auto and business loans, to becoming active players in the student loan business, where interest rates are higher and demand much more aggressive as families struggle to pay for the skyrocketing cost of a college degree.
But these loans can also default at a higher rate if students have a hard time finding a job after college, leaving credit unions and their members with a portfolio of bad debt that could eventually cost them money.