LendKey study says student lending can help credit unions win back younger members

LendKey and Cornerstone Advisors released new research arguing that education financing helped SoFi turn student borrowers into long-term banking customers. The report says credit unions could use the same strategy to capture more deposits and primary relationships as federal student loan changes push more borrowers toward private lending. Why it matters: - The report argues credit unions have a chance to regain market share by using student lending as a member-acquisition tool, not just a standalone loan product. - Federal student loan changes taking effect July 1, 2026, could push more borrowers into private student loans to fill funding gaps. - The research says that shift resembles the market opening SoFi used in 2011 to grow from a student loan lender into a 13.6 million-member, $38 billion deposit bank. What happened: - LendKey released How Credit Unions Can Steal SoFi’s Playbook: A Guide to Member Acquisition, Relationship Depth, and Long-Term Value in partnership with Cornerstone Advisors. - The report will be featured at a webinar on July 15, 2026: One Fintech Opened More New Checking Accounts Last Year Than All U.S. Credit Unions Combined — How student lending became SoFi’s secret member acquisition weapon — and how credit unions can take it back. - LendKey and Cornerstone Advisors will host the webinar Wednesday, July 15, from 12-1 PM EST. - Ron Shevlin of Cornerstone Advisors and Ryan Giffin, SVP Partnerships at LendKey, will discuss the findings and answer questions. The details: - The report says SoFi built its banking base by starting with a single student loan product. - Among SoFi members whose first product was a student loan or refinance, 85% went on to open additional products. - The report says 51% of Gen Z and Millennials would likely move their primary banking relationship to a credit union that matches fintech rates and digital experience. - It also says 23% of deposits transferred to SoFi came directly from credit unions. - Cornerstone Advisors is described as a data-driven consultancy focused on banks, credit unions, and fintech companies. - The report points to new federal student-loan rules, including borrowing caps, the elimination of some programs, and changes to repayment options. Between the lines: - The report frames credit unions as already having advantages that often get overlooked: trust, rates, and a member-focused mission. - Ron Shevlin said SoFi succeeded by meeting young borrowers when few solutions were available. - Vince Passione said credit unions can deepen relationships with young borrowers if they use education lending as an acquisition strategy. - The data suggests younger consumers are open to moving primary relationships if credit unions close the gap on fintech rates and digital convenience. What’s next: - Credit unions that want to compete for younger borrowers will need to pair competitive student lending with a stronger digital experience. - The July 15 webinar is set to unpack the report and share additional highlights. - LendKey is positioning the research as a blueprint for credit unions looking to turn education lending into long-term deposit growth. The bottom line: - SoFi’s growth story is being repackaged as a playbook for credit unions: use student lending to win the first relationship, then expand it into deposits and primary banking.