Collegiate Funding Services, Inc. Launches Student Loan Origination Platform
23 Agosto 2005 - 3:30PM
PR Newswire (US)
Platform, Available Through CFS-SunTech Servicing, Benefits
Students, Financial Aid Officers and CFS-SunTech Clients
FREDERICKSBURG, Va., Aug. 23 /PRNewswire-FirstCall/ -- Collegiate
Funding Services, Inc. (NASDAQ:CFSI) today announced the launch of
an in-school student loan origination platform through its wholly
owned subsidiary, CFS- SunTech Servicing LLC. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050714/DCTH039LOGO ) With
this new platform, CFS can offer its college partners a seamless,
paperless transaction for originating and disbursing in-school
loans made under the Federal Family Education Lending Program.
Adaptability of the new system allows CFS-SunTech Servicing to also
provide this service for other FFELP lenders and their customers.
CFS-SunTech services approximately $12 billion in student loans for
more than 460,000 borrowers. CFS-SunTech is one of only two student
loan servicers that have been publicly rated in Moody's Investor
Service's SQ1 category for servicing of FFELP loans. CFS-SunTech
has originated federally guaranteed consolidation loans since 1990,
but had previously completed all in-school FFELP loan originations
through a third party. "By maintaining our own origination
platform, we gain greater control over the service we offer our
student, parent, college and third-party customers," said John R.
Elam, executive vice president of Collegiate Funding Services and
president of CFS-SunTech. "Using the new platform, we can rapidly
originate and disburse a loan and disburse funds in accordance with
each partner's specific requirements." "We believe the capabilities
of the new CFS-SunTech origination platform will enable our company
to further penetrate the in-school channel for education financing,
further leveraging our investment in SunTech," said J. Barry
Morrow, president and chief executive officer of Collegiate Funding
Services, Inc. "We continue to identify strategic solutions that
provide students and their families with access to higher education
funding through channels that are convenient for them." The new
CFS-SunTech origination platform uses the AppWorks origination
system developed by V-Tek Systems Corporation. AppWorks is used by
many of the nation's largest student loan lenders and servicers.
About Collegiate Funding Services Collegiate Funding Services is a
leading education finance company dedicated to providing students
and their families with the practical advice and loan solutions
they need to help manage and pay for the cost of higher education.
Collegiate Funding Services also offers a comprehensive portfolio
of education loan products and services -- including loan
origination, loan servicing and campus-based scholarship and
affinity marketing tools -- to the higher education community. As
of June 30, 2005, Collegiate Funding Services had facilitated the
origination of more than $20 billion in education loans; the
company currently manages almost $12 billion in student loans for
more than 460,000 borrowers. For additional information, visit
http://www.cfsloans.com/ or call 1-888-423-7562. Forward-Looking
Statements This news release includes "forward-looking statements"
about Collegiate Funding Services, Inc. within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. When used
in this release, the words "looking forward," "expects," "plans,"
"intends," "believes," "forecasts," or future or conditional verbs,
such as "will," "should," "could" or "may," and variations of such
words or similar expressions are intended to identify
forward-looking statements. Among the key factors that may have a
direct bearing on the company's operating results, performance or
financial condition are (1) changes in terms, regulations and laws
affecting student loans and the educational credit marketplace; (2)
changes in the demand for educational financing or in financing
preferences of educational institutions, students and their
families; (3) changes in the credit quality or performance of the
loans that the company purchases, retains, services and
securitizes; or (4) changes in interest rates and in the
securitization or secondary markets for education loans. Important
factors that could cause the company's actual results to differ
materially from the forward-looking statements the company makes in
this release are set forth in the company's filings with the
Securities and Exchange Commission, including in the section
entitled "Risk Factors" in the company's Quarterly Report on Form
10-Q for the Quarter Ended June 30, 2005. The company undertakes no
obligation to update or revise forward-looking statements which may
be made to reflect events or circumstances that arise after the
date made or to reflect the occurrence of unanticipated events
unless the company has an obligation to do so under the federal
securities laws.
http://www.newscom.com/cgi-bin/prnh/20050714/DCTH039LOGO
http://photoarchive.ap.org/ DATASOURCE: Collegiate Funding
Services, Inc. CONTACT: Investors: Edward Nebb of Euro RSCG Magnet,
+1-212-367-6848, , for Collegiate Funding Services, Inc.; or Ann
Collier, Senior Vice President of Collegiate Funding Services,
Inc., Phone: +1-540-368-5970, Fax: +1-540-368-5963, Web site:
http://www.cfsloans.com/
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