As you may know, Randolph-Brooks Federal Credit Union is a not-for-profit financial cooperative. This means that we can concentrate more on service than on pure profits, but it does not mean we can offer products at a financial loss. Until recently, student loans were priced so that students got money at a fair price and the lenders were adequately compensated for their work and use of their funds.
Such is not the case today. Due to recent federal legislative changes affecting guaranteed student loans, Randolph-Brooks and other large student loan lenders, have decided to cease originating guaranteed student loans. We regret having to make this decision and we will monitor future legislative changes to determine the direction of this program. If changes occur that will allow this program to be fair to all concerned, we will again start originating student loans.