Category: Stories

Red Canoe Credit Union Builds Bridges with Gen Z through Sparrow

LONGVIEW, WA – January 11, 2024 – Red Canoe Credit Union, a forward-thinking financial institution committed to member success, announces a groundbreaking partnership with Sparrow, a leading fintech championing the credit union movement. This collaboration marks a pivotal step in Red Canoe’s mission to empower Gen Z and propel their financial future.

We understand that Gen Z craves financial clarity and personalized solutions. By partnering with Sparrow, we harness cutting-edge technology to deliver precisely that. Through their innovative student loan marketplace platform, we provide Gen Z members with the options to clearly and transparently fund their higher education goals, without the anxiety and stress usually associated with the process.

Amy Davis, Chief Marketing Officer of Red Canoe Credit Union

Revolutionizing Engagement through Targeted Solutions

Red Canoe Credit Union strategically integrates Sparrow’s platform to redefine its approach to Gen Z engagement. By adopting Sparrow’s white-labeled student loan marketplace, the credit union gains a distinct advantage, offering:

• Streamlined access to diverse lenders and competitive rates: Gen Z members can compare and choose from a wide range of student loan options, ensuring they secure the best fit for their needs.
• Personalized financial guidance: Sparrow’s platform leverages data-driven insights to deliver tailored recommendations and resources, empowering Gen Z members to make informed financial decisions.
• Maximized transparency: Members can understand what the cost of borrowing might be without adversely affecting their credit score.

We are thrilled to partner with Red Canoe Credit Union in their dedication to building brighter financial futures for Gen Z. Our platform equips Red Canoe with the tools and expertise to attract, engage, and empower this influential demographic. Together, we pave the way for a more inclusive and accessible financial landscape for all.

Harrison Hochman, Chief Executive Officer of Sparrow

Sparrow is expanding their reach beyond college and universities direct and reaching out to credit unions to establish strategic partnerships. Red Canoe proves to be a good partner in the Pacific Northwest with their current growth in serving a younger demographic and mission to help members financially thrive. 

About Red Canoe Credit Union

Red Canoe Credit Union is a $1.1 billion community financial institution proudly serving over 60,000 members. Red Canoe Credit Union is a vibrant financial institution dedicated to member success and community prosperity. Learn more at https://www.redcanoecu.com/. Deposits insured by the NCUA, an agency of the US government.

Sparrow

Sparrow, one of the fastest growing student lending platforms in the U.S., offers solutions to borrowers and businesses. Borrowers use Sparrow to search and compare real student loan rates through a single form, bringing simplicity, choice, and transparency to an otherwise inefficient and opaque lending process. Businesses use Sparrow to offer their customers a white-labeled student loan marketplace. Founded by students for students, Sparrow’s mission is to make education accessible and affordable for all. Learn more at www.sparrowfi.com and follow us on LinkedIn.

Media Contact

Sparrow Labs Inc.

Sparrow Media Inquiry

support@sparrowfi.com

NEW YORK – August 2, 2023 – Sparrow, a pioneering financial technology startup, and SAGE Scholars, the nation’s oldest and largest private college preparation and funding organization, have announced a
transformative partnership to promote accessible and sustainable ways of financing higher education. Through this collaboration, Sparrow and SAGE Scholars are set to offer innovative solutions to empower
students and families seeking affordable pathways to college.

We are delighted to collaborate with Sparrow, a visionary company that shares our mission of providing affordable education opportunities. Through this partnership, we are better equipped to extend our reach and manifest our mission, enabling students to pursue their dreams without being overwhelmed by student debt.

Michael Hall, Chief Executive Officer at SAGE Scholars

Enhancing Financial Accessibility

By leveraging Sparrow’s white-labeled student financing marketplace, SAGE Scholars gains access to a vast network of reputable lenders, providing students with diverse funding options while maintaining a cohesive user experience.

With the goal of making education accessible to all, our partnership with SAGE Scholars represents a step towards ensuring the next generation has the means to pursue higher education without undue financial burdens. By leveraging the power of data-driven strategies and cutting-edge technology, we are determined to create a lasting impact on students’ lives and help them achieve their academic aspirations.

Harrison Hochman, Chief Executive Officer at Sparrow

Promoting the Next Generation’s Educational Journey

As the upcoming academic year approaches, Sparrow and SAGE Scholars are set to empower students with a host of features and functionalities, including:

• Access to an extensive database of personalized student loan offers with 260+ unique data attributes per user.
• A three minute pre-qualification process to check rates from a vast nationwide network of lenders.
• An ability to check rates with multiple lenders that do not require cosigners.

Sparrow was founded in 2020 by Hochman, Griffin Morris, and Daniel Kahn. Since its inception, Sparrow has emerged as one of the fastest-growing student lending platforms in the U.S., facilitating the search of over $500 million of private student loans.

About Sparrow

Sparrow, one of the fastest growing student student lending platforms in the U.S., offers solutions to borrowers and businesses. Borrowers use Sparrow to search and compare real student loan rates through a single form, bringing simplicity, choice, and transparency to an otherwise inefficient and opaque lending process. Businesses use Sparrow to offer their customers a white-labeled student loan marketplace. Founded by students for students, Sparrow’s mission is to make education accessible and affordable for all. Learn more at www.sparrowfi.com and follow us on LinkedIn.

About SAGE Scholars

SAGE Scholars, headquartered in Philadelphia, is the nation’s oldest and largest private college preparation and funding organization. With a mission to provide access to affordable college opportunities, SAGE Scholars brings together families, colleges and universities, and benefit providers to create college funding solutions. For more information, visit www.tuitionrewards.com.

Media Contact

Sparrow Labs Inc. | Sparrow Media Inquiry | support@sparrowfi.com

SAGE Scholars

SAGE Media Inquiry | media@sagescholars.com

Sikorsky Credit Union embraces innovation with Sparrow partnership to propel Gen Z membership through cutting-edge student loan marketplace.

NEW YORK – July 21, 2023 – Sikorsky Credit Union, a leading financial institution boasting assets totaling $1.1 billion, proudly announces its groundbreaking collaboration with Sparrow, one of the nation’s fastest growing student lending platforms. This strategic alliance marks a pivotal moment for Sikorsky Credit Union as it embarks on a transformative journey to revolutionize its approach to private student loans, captivating the next generation of young members.

Our commitment to driving Gen Z membership and engagement made selecting Sparrow an
unequivocal decision. The remarkable implementation process and the wealth of invaluable data generated by Sparrow’s marketplace have surpassed our expectations. Empowered by Sparrow’s platform, we can effectively cross-sell our members on a range of products, elevating their overall financial journey. We firmly believe this partnership will propel our success in engaging the next generation and fostering their long-term loyalty.

Vincent Ciambriello, Chief Executive Officer of Sikorsky Credit Union

Unlocking Rewards While Mitigating Lending Risk

Sikorsky Credit Union has embraced innovation by harnessing Sparrow’s cutting-edge platform, positioning itself as a trailblazing financial institution that reaps the rewards of student loans without shouldering the lending risk. Unlike conventional approaches, Sikorsky leverages Sparrow’s white-labeled student loan marketplace, gaining access to a vast network of more than 20 reputable lenders. This strategic advantage empowers Sikorsky to offer its members a diverse range of loan options while unwaveringly focusing on delivering exceptional member experiences.

“We are excited to join forces with Sikorsky Credit Union’s visionary team, who wholeheartedly shares our mission of delivering exceptional borrowing experiences to members,” expressed Harrison Hochman, CEO at Sparrow. “Together, we are poised to make a profound impact in engaging Gen Z and driving membership growth. Our goal is to enable credit unions to better serve their members, stay ahead of the curve, and revolutionize their strategies for acquiring Gen Z members.”

Navigating Upstream to Win Gen Z Loyalty

In anticipation of the upcoming academic year, Sikorsky’s new student loan marketplace comes equipped with cutting-edge features and functionality designed to thrive:

• Access to 260+ unique data attributes per non-member using the marketplace.
• Over 30+ turnkey marketing resources to automate cross-selling and member engagement.

Sparrow offers a distinct product that effectively engages Gen Z members and provides invaluable data crucial for acquiring younger members. Their innovative approach perfectly aligns with our strategy to attract and serve the next generation. Leveraging data-driven marketing strategies and tailored solutions, we are confident that our partnership with Sparrow will significantly bolster our efforts in acquiring and engaging younger members, cementing our position with the next generation.

Ken Ferrari, Chief Lending Officer at Sikorsky Credit Union

Sparrow was founded in 2020 by Hochman, Griffin Morris, and Daniel Kahn. Since its inception, Sparrow
has emerged as one of the fastest-growing student lending platforms in the U.S., facilitating the search
of over $400 million of private student loans.

About Sparrow
Sparrow, one of the fastest growing student lending platforms in the U.S., offers solutions to borrowers
and businesses. Borrowers use Sparrow to search and compare real student loan rates through a single
form, bringing simplicity, choice, and transparency to an otherwise inefficient and opaque lending
process. Businesses use Sparrow to offer their customers a white-labeled student loan marketplace.
Founded by students for students, Sparrow’s mission is to make education accessible and affordable for
all. Learn more at www.sparrowfi.com and follow us on LinkedIn.

About Sikorsky Credit Union
Sikorsky Credit Union is one of the largest credit unions in Connecticut with more than 62,000 members.
Membership is open to anyone who lives, works, worships, or volunteers in Fairfield, Hartford, or New
Haven counties. Sikorsky Credit Union believes in banking the way you choose and gives members the
option to bank at one of their convenient branch locations, online or through their mobile app. For more
information, please visit www.sikorskycu.org. Deposits insured by the NCUA, an agency of the US
government.

Brooke Van Vleet – Pearson, the former President/CEO of InRoads Credit Union, joins Sparrow’s Advisory Board to help accelerate credit unions’ ability to attract and retain Gen Z.

NEW YORK – July 19, 2023 – Sparrow, a prominent financial technology startup revolutionizing
credit unions’ engagement with Gen Z, is excited to welcome Brooke Van Vleet – Pearson,
former CEO of InRoads Credit Union, to its esteemed Advisory Board. With a proven track
record of doubling InRoads assets during her tenure, and leading innovative initiatives in her
prior role as a long-time executive at First Tech Federal Credit Union, Van Vleet – Pearson
brings over three decades experience to shape credit unions’ strategies for capturing the Gen Z
market.

“Credit unions need to consistently leverage those pivotal moments with consumers that can
lead to resilient, engaged member relationships. Sparrow’s groundbreaking approach has unlocked that moment for Gen Z, and I am looking forward to lending my support of their remarkable mission. Credit unions can partner with Sparrow to access their unique student loan marketplace, driving Gen Z adoption and awareness of credit unions, increasing non-interest income without any additional risk to their balance sheet.”

Brooke Van Vleet – Pearson, former President & CEO of InRoads Credit Union

Winning Gen Z effectively

Of all products tailored toward young adults, student loans reign supreme. As of March 2022,
the average Gen Zer carried $15,000 of student debt. Of these borrowers, 7.4 million were
aged 24 years old or younger. It shouldn’t come as a surprise that the demand for private
student loans has exploded by over 200% since 2016, making it the most in-demand product for
Gen Z. However, many credit unions choose not to offer student loans to members and
prospective members.

Although originating student loans may not be a primary strategy, credit unions can still reap
the benefit of gaining exposure and access to this important market segment and build
relationships with younger consumers. We exist to ensure credit unions can leverage student loans to win the battle for Gen Z without becoming a student lender. With Brooke’s leadership, we’re expanding our platform to be completely self-serve, launchable within minutes, and highly configurable to meet the compliance requirements for credit unions of all sizes.

Harrison Hochman, CEO & co-founder of Sparrow

Capturing Gen Z early and often

For every 100 borrowers who use their primary credit union to find a student loan, 65 open a checking
account, 57 take out a credit card, and 20 apply for a mortgage. Partnering with Sparrow will
deepen relationships with this younger demographic.

Sparrow’s turnkey platform allows credit unions to serve existing members as well as acquire
new members. Existing Sparrow partners have experienced immediate impact, including:

• increased the average percentage of members who find funding for their student loan by
  5.53x compared to the industry average.
• increased non interest income on student loans by 144%
• Accelerated millenial and Gen Z membership growth, with the average age of new
  members 29 years old.

Sparrow was founded in 2020 by Hochman, Griffin Morris and Daniel Kahn. Since its founding, Sparrow has become one of the fastest growing educational financing platforms in the U.S., facilitating the search of over $400 million of private student loans. 

About Sparrow

Sparrow, one of the fastest growing student student lending platforms in the U.S., offers solutions to borrowers and businesses. Borrowers use Sparrow to search and compare real student loan rates through a single form, bringing simplicity, choice, and transparency to an otherwise inefficient and opaque lending process. Businesses use Sparrow to offer their customers a white-labeled student loan marketplace. Founded by students for students, Sparrow’s mission is to make education accessible and affordable for all. Learn more at www.sparrowfi.com and follow us on LinkedIn.

About Brooke Van Vleet – Pearson

Brooke Van Vleet – Pearson recently retired as President and CEO of InRoads Credit
Union located in Saint Helens, Oregon. Van Vleet – Pearson joined the credit union in 2012
after many successful years as an executive at First Tech Credit Union.

Under Van Vleet – Pearson’s leadership, InRoads more than doubled in size to $350 million in assets and provided valuable services to its members throughout the pandemic, including PPP loans and expanded video banking offerings. She also oversaw the successful rebranding and name change for the organization, creating greater opportunity for future growth.

She has over 30 years’ experience in financial services, and a long history of regional and national industry involvement. She recently concluded a two-year term on the Oregon Governor’s Council of Economic Advisors, providing valuable input to state economists as they develop the state’s annual budget.

Van Vleet – Pearson holds a Master of Business Administration from Portland State University and a Bachelor of Arts in Economics from San Diego State University. Van Vleet – Pearson and her husband reside in Colleyville, Texas, and enjoy gardening, golf, traveling and scuba diving.

Sparrow and CULCT unite to empower credit unions and drive explosive Gen Z and Millennial membership growth

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New York, NY June 22, 2023 – Sparrow, a leading financial technology startup that powers student loan marketplaces, is pleased to announce a strategic partnership with the Credit Union League of Connecticut (CULCT) to drive membership growth among Gen Z and Millennials for Connecticut credit unions. Through this collaboration, credit unions will be able to use Sparrow’s groundbreaking solution to offer student loans without having to be the lender of record, providing a new medium to engage with young adults.

Younger financial consumers have proven themselves to be an elusive population for credit unions. While fintechs and banks pay huge amounts to recruit customers, credit unions must compete differently for Gen Z hearts and minds. Sparrow helps solve this problem with its online Gen Z memberization engine. We are thrilled to partner with Sparrow to provide credit unions the platform they deserve. This is an ingenious solution that takes no time to launch or maintain, comes with no balance sheet risk, and yields non-interest income.

Bruce Adams, President and CEO at CULCT

Explosive private student loan growth

Since 2016, annual private student loan volume has grown by over 200%. Despite the steep rise, most credit unions stay on the out of the game. Only about 5% of credit unions offer student loans. However, the credit unions that do offer student loans experience tremendous cross-selling. Of the members who use their credit union for a student loan, 65% open a checking account, 55% take out a credit card, and 44% open a savings account. Using Sparrow, credit unions experience the same cross-selling efficacy without having to balance sheet the risk.

“Credit unions that have a referral relationship with an affiliate student lender or don’t offer a student loan resource are actively forfeiting membership opportunities,” said Harrison Hochman, CEO at Sparrow. “We exist to ensure every CU can surge Gen Z membership by offering student loans without becoming a student lender. The success has surpassed the disbelief of our highest expectations.”

The Sparrow effect

Sparrow enables credit unions to launch their own white-labeled, turnkey student loan marketplace within three minutes. From launch, each marketplace connects to Sparrow’s extensive network of 20+ non-competitive student lenders. Effectively, Sparrow turns the credit union into an Expedia for student loans, without having to be a student lender. Sparrow pays the credit union non-interest income on disbursed loans. Credit unions use the Sparrow platform to configure automated marketing campaigns and cross selling members on existing products.

With over 2.8 million members, PenFed uses Sparrow to power its student loan refi at scale. Sparrow’s industry leading technology gives us an edge to succeed.

Jaren Snyder, Product Manager at Pentagon Federal Credit Union

Credit unions who have switched from traditional affiliate relationships to launching a marketplace on Sparrow have experienced:

• 144% higher payout per funded loan
• 4.5x higher funding rates per hundred pre-qualifications
• Access to 260+ unique data attributes per non-member

Sparrow was founded in 2020 by Hochman, Griffin Morris and Daniel Kahn. Since its founding, Sparrow has become one of the fastest growing educational financing platforms in the U.S., facilitating the search of over $400 million of private student loans. 

About Sparrow

Sparrow, one of the fastest growing student student lending platforms in the U.S., offers solutions to borrowers and businesses. Borrowers use Sparrow to search and compare real student loan rates through a single form, bringing simplicity, choice, and transparency to an otherwise inefficient and opaque lending process. Businesses use Sparrow to offer their customers a white-labeled student loan marketplace. Founded by students for students, Sparrow’s mission is to make education accessible and affordable for all. Learn more at www.sparrowfi.com and follow us on LinkedIn.

About CULCT

The Credit Union League of Connecticut serves, advocates for, and advances the interests of Connecticut credit unions in order to support their growth and maximize the positive impact credit unions have on their members, communities, employees, and on all their relationships. For more than 88 years, the Credit Union League of Connecticut has helped its members position for sustainable success and growth through a variety of offerings including government relations, regulatory compliance, executive education, vendor partnerships, and marketing services. To learn more visit www.culct.coop.

Media Contact

Sparrow Labs Inc.

Sparrow Media Inquiry

support@sparrowfi.com

Collaboration provides credit unions with the ability to reap the benefits of student loans without becoming a student lender.

New York, NY June 16, 2023 – Sparrow, an award-winning financial technology startup redefining how credit unions attract and engage the next generation, is thrilled to unveil a strategic partnership with GoWest Credit Union Association, a prominent six-state organization dedicated to serving over 300 credit unions and 16.5 million members. Recognizing the need for a solution that bridges the generational divide between credit unions and Gen Z, GoWest has turned to Sparrow’s cutting-edge platform, which offers a revolutionary approach to new member engagement.

The partnership with Sparrow represents a transformative opportunity for credit unions seeking to engage with Gen Z effectively. Our industry continues to seek connection with younger members, and Sparrow has a fresh new approach to reaching them. Their innovative model enables credit unions to launch within minutes, eliminating the need for continuous IT maintenance and mitigating any balance sheet risks. Sparrow’s solution empowers credit unions to thrive in the evolving financial landscape.

Cameron Smith, Chief Growth Officer of GoWest

Winning Gen Z Early & Often

Despite a 200% rise in private student loan volume across the last five years, only about 5% of credit unions offer student loans. However, of the borrowers who used their credit union for a student loan, 65% opened a checking account, 55% obtained a credit card, and 44% opened a savings account. Through the Sparrow platform, credit unions can achieve the same cross-selling efficacy without becoming student lenders themselves.

“We’ve removed the barrier for credit unions to swim ten years upstream of the competition and win Gen Z before they’re banked,” explained Harrison Hochman, CEO at Sparrow. “It’s a magical moment when a young adult realizes they have found a trusted financial institution in a credit union. We’re excited to join forces with GoWest to bring this magic moment to credit unions up and down the West Coast.”

How Sparrow works

Using Sparrow, credit unions launch white-labeled student loan marketplaces within minutes of signing up. Each marketplace comes with integration into 20+ non-competitive student lenders. Credit unions can activate / deactivate whichever student lenders they’d like to offer on their marketplace. The marketplace generates non-interest income on disbursed loans and provides first-party data and marketing automations to drive new membership growth.

There are key moments in the life of a consumer where credit unions have the opportunity to build resilient member relationships. Sparrow’s cracked the student lending code and I am excited to support their mission. They’ve introduced ‘memberization’ into the student loan process where credit unions can quickly offer a robust student lending program without impacting current operations, projects, or having to offer the student loan off their books.

Gene Pelham, Former CEO of Rogue Credit Union

Credit unions who have switched from traditional affiliate relationships to launching a marketplace on Sparrow have experienced:

• 144% higher payout per funded loan
• 4.5x higher funding rates per hundred requests
• Access to 260+ unique data points per non-member

Sparrow, founded in 2020 by Harrison Hochman, Griffin Morris, and Daniel Kahn, has emerged as one of the fastest-growing educational financing platforms in the United States, facilitating the search for over $400 million in private student loans.

About Sparrow

Sparrow, one of the nation’s fastest growing student financing platforms, offers solutions to borrowers and businesses. Borrowers use Sparrow to compare personalized student loans through a single form. Sparrow introduces simplicity, choice, and transparency to an otherwise inefficient and opaque lending process. Businesses use Sparrow to offer their customers a white-labeled student loan marketplace. Founded by students for students, Sparrow’s mission is to make education accessible and affordable for all. Learn more at www.sparrowfi.com and follow us on LinkedIn.

Media Contact

Sparrow Labs Inc.

Sparrow Media Inquiry

support@sparrowfi.com

SUMA Federal Credit Union selects Sparrow to power its newly launched private student loan marketplace.

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NEW YORK – May 25, 2023 – Sparrow, an award-winning financial technology startup redefining how credit unions attract and engage the next generation, unveils a strategic partnership with SUMA Federal Credit Union, a $420 million credit union serving over 7,000 members. The new partnership provides SUMA with the ability to offer its members pre-qualified student loans from 20+ lenders, without having to balance sheet any of the risk.

We’d had a relationship with a single student lender for decades. Switching to Sparrow was a no-brainer. It’s a 10x better experience for our members and the credit union. We’re excited to have found a trusted partner.

The launch couldn’t have gone smoother. We had our partnership signed within three weeks of our first conversation. This platform is a game-changer for credit unions looking to effectively engage Gen Z.

Roman G Kozicky, CEO and President of SUMA FCU

Historically, most credit unions have chosen to stay out of student lending. Sparrow’s platform offers credit unions the ability to reap the benefits of student loans (most notably engaging and cross-selling Gen Z) without having to become a student lender. In less than three minutes, a credit union can launch a white-labeled student loan marketplace connected to 20+ non-competitive student lenders. Using Sparrow’s platform, credit unions can automate digital marketing to all members and non-members who pass through their marketplace.

“Credit unions that work with a single student lender on an affiliate basis are leaving tremendous opportunity on the table for themselves and their members,” said Harrison Hochman, co-founder and CEO of Sparrow. “We’re honored to have found a forward-thinking partner in SUMA FCU. We cannot wait to work closely towards this mission.”

As students begin thinking about the upcoming summer and following school year, SUMA FCU’s new marketplace has experienced an immediate impact since it went live, including:

• Three minutes to launch a fully customized, white-labeled marketplace.
• Access to 260+ unique data points per non-member using the marketplace.
• Full control over which of the 20+ lenders is offered on the marketplace.

We conducted an exhaustive search for the best provider to replace our existing student loan relationship. Sparrow was a clear decision for our management team and Board. No other solution offers as high quality of control over the member experience, as much access to the data for marketing, and as high a payout as Sparrow does.

Yuriy Fizer, VP of Technology & Innovation of SUMA of SUMA FCU

Sparrow was founded in 2020 by Hochman, Griffin Morris and Daniel Kahn. Sparrow has become one of the fastest growing student financing platforms in the U.S., facilitating the search of over $400 million of private student loans.

About Sparrow

Sparrow, one of the country’s fastest growing student financing platforms, offers solutions to borrowers and businesses. Borrowers use Sparrow to search and compare personalized student loan offers through a single application, bringing simplicity, choice, and transparency to an otherwise inefficient and opaque lending process. Businesses use Sparrow to offer their customers a white-labeled student loan marketplace. Founded by students for students, Sparrow’s mission is to make education accessible and affordable for all. Learn more at www.sparrowfi.com/crest and follow us on LinkedIn.

Media Contact

Sparrow Labs Inc.

Sparrow Media Inquiry

support@sparrowfi.com

The College of Wooster selects Sparrow to help their students find the most affordable financing for school.

Approximately 9% of graduating students from The College of Wooster borrow private student loans. This may seem relatively small, but with an average loan size of $16,000 – the demand for private student loans is significant. As a result, Wooster’s financial aid officers are intimately aware of how daunting securing a private student loan can be.

Complex financial jargon introduces uncertainty for students as they question whether they’ll be able to attend school and what borrowing means for the future of their financial security. As a result, questions of loan eligibility, repayment terms, and cosigners inundate the inboxes of Wooster’s financial aid officers.

“Summer is our peak borrowing season. During that three month period, it feels like every conversation is about loans,” said Scott Friedhoff, Retired Vice President of Enrollment at The College of Wooster. “How much will the loans cost? Which should I choose? How can I minimize my debt? We’re overwhelmed with requests and questions.”

Starting the search for a student loan is intimidating from the get-go.

The arduous and time consuming process of figuring out which lenders a student may be eligible for compounds the anxiety. Most private lenders have complex credit criteria that aren’t easily understood in a FAQ. To find out if one qualifies, students often submit a lengthy application. If eligible, the majority of students make the cardinal mistake: they stop searching. Why waste time completing additional applications?

“In our research, students stop searching for a private student loan after their third pre-qualified offer,” said Harrison Hochman, CEO at Sparrow. “While this may seem innocuous, the consequences can be dire. The range of APRs from different can vary heavily by many percentage points. Stated differently, finding one additional lender may result in thousands of dollars of savings.”

This challenge is not unique to Wooster. However, it’s what Wooster proactively did to address the issue that sets them apart.

Enter Sparrow.

In the Spring of 2021, Sparrow and Wooster collaborated on ways to leverage Sparrow’s platform to serve Wooster students, administrators, and parents.

Sparrow’s platform was designed as a pragmatic solution to the challenges faced by Wooster students. By completing a simple three minute form, Sparrow exhaustively searches its network of lenders to automatically pre-qualifies students for the most affordable private student loans. Sparrow is like an Expedia for private student loans.

Having spent nearly three decades as an executive in higher education, I’ve seen many attempts at trying to affect systematic change. We signed our partnership with Sparrow and had their program launched to students within three weeks. With Sparrow, we can now guide students and parents better and with great confidence that they will manage four years of college expenses wisely. Sparrow made that possible.

Scott Friedhoff, Retired Vice President of Enrollment

Sparrow boils down the complex financial lexicon into language digestible by first-time borrowers. But perhaps most importantly, by exhaustively searching the private student loan market, Sparrow empowers borrowers to pick a rate with confidence. Rather than stopping with a single lender, Sparrow pre-qualifies students with over 17 different lenders to ensure that there isn’t money being left on the table.

Prior to working with Sparrow, Wooster students took three to four weeks, on average, to apply with 17 unique lenders. After working with Sparrow, Wooster can do the same breadth of search in as little as three minutes.