First Dakota National Bank Launches Connext: Private Student Loan Program Powered by YourLoanAdviser(R)

First Dakota National Bank Launches Connext: Private Student Loan Program Powered by YourLoanAdviser(R)


Bank aims to tap Millennial and GenZ student loan market with turnkey lending solution


Sioux Falls, SD – January 31, 2017 – YourLoanAdviser(R), a leading private student loan platform-as-a-service solutions provider, today announced that First Dakota National Bank has implemented Connext: Private Student Loans Powered by YourLoanAdviser.

Through the YourLoanAdviser Solution, banks and alternative lenders can adopt Connext to more easily reach and engage Millennials and GenZ students looking to fund their education, both in-school undergraduate and graduate studies, as well as refinance their loans after graduation. Financing their education is the first of three significant financial decisions an individual will make in their lifetime and often represents the first step in establishing a relationship with a bank.

“The rising cost of education and inability of the federal student loan program to meet all the financing needs for students makes the private student loan market very attractive. Until now, the challenges of borrower acquisition and the high cost of underwriting and loan servicing has precluded us from entering this market,” said Rob Stephenson, President and Chief Operating Officer with First Dakota National Bank. “With Connext, YourLoanAdviser provides the expertise needed to manage those issues while supplying us with a channel to confidently lend to a new generation of customers both in South Dakota and beyond. We see this as a good opportunity to offer a much needed product and grow our loan portfolio.”

Connext, specifically designed for banks, is an easy and quick way to enter, grow and increase the liquidity of private student loan portfolios with a comprehensive, turnkey branded private student lending platform. First Dakota National Bank will provide the loan with YourLoanAdviser processing in-school and post-graduation refinance loans including origination, servicing, as well as insure the private student loans through YourLoanAdviser Surety Company*.

“We are very excited to work with First Dakota National Bank to bring the benefits Connext provides not only to Millennial and Gen Z customers, but also GenXers in need of favorable refinancing,” said Michael VanErdewyk, chairman and CEO, YourLoanAdviser. “We look forward to helping First Dakota National Bank build its business and help young borrowers successfully navigate this financial challenge.”

As part of the First Dakota National Bank relationship, YourLoanAdviser has also established national borrower acquisition channel partnerships with LendingTree, Upstart and Student Loan Hero. Through these channels, qualified students looking for private loans can quickly find, access and apply for a Connext Private Student Loan with First Dakota National Bank.

About Connext
Powered by YourLoanAdviser, the Connext Private Student Loan program is a comprehensive end-to-end solution designed specifically for community and regional banks and alternative lenders to offer competitive fixed and variable interest rate in-school and consolidation/refinance private student loans to borrowers at attractive returns. Only the Connext solution provides multiple borrower acquisition channels, loan origination, loan servicing, capital market liquidity, and up to 100 percent loan loss protection insurance through YourLoanAdviser Surety Company*. Visit Connextloans.com.

About YourLoanAdviser
Founded in 2005, YourLoanAdviser has redefined profitable private student lending for over 500 banks, credit unions, alternative lenders and investors. Through its complete Private Student Loan Platform-as-a-Service solution which includes originating, servicing, borrower acquisition, portfolio liquidity and insurance provided by YourLoanAdviser Surety Company*, YourLoanAdviser enables lenders to quickly, easily and safely help student borrowers realize their education goals. For more information, visit YourLoanAdviser.com. *Not available in California.

About First Dakota National Bank
First Dakota was founded in 1872 and holds the Dakota Territory's first bank charter. In addition to the home office in Yankton, First Dakota has locations in Vermillion, Sioux Falls, Salem, Mitchell, Parkston, Pierre, Wagner, Kimball, Chamberlain, Oacoma, Blunt, Beresford and Elk Point. Learn more at First Dakota National Bank.

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