CFS-SunTech Awarded Servicing Contract by GCO Education Loan Funding
09 August 2005 - 4:56PM
PR Newswire (US)
FREDERICKSBURG, Va., Aug. 9 /PRNewswire-FirstCall/ -- Collegiate
Funding Services, Inc. (NASDAQ:CFSI) today announced that its
wholly owned subsidiary CFS-SunTech Servicing LLC has entered into
an agreement to provide consolidation loan origination and loan
servicing for GCO Education Loan Funding Corp. and GCO-ELF
Depositor, LLC. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050714/DCTH039LOGO ) The new
relationship will add to CFS-SunTech's servicing portfolio as the
subsidiary begins to service federal consolidation loans originated
under the new agreement, which was effective August 5, 2005. With a
servicing portfolio totaling $11.9 billion, CFS-SunTech is already
one of the nation's largest servicers of consolidation loans made
under the Federal Family Loan Education Program. The subsidiary
provides life-of-loan servicing and is committed to implementing
advanced technologies to achieve high levels of efficiency while
also providing unparalleled customer service to both lenders and
student loan customers. GCO provides liquidity to the student loan
market by purchasing federally guaranteed student loans and from
time to time securitizing some of its assets in the asset-backed
securities market. "After a careful search, we selected CFS-SunTech
as one of our servicing providers because of the company's
progressive technology approach," said Ronald W. Page, senior
managing director of GCO ELF. "As a result of this approach, they
are rated among the top servicers in the nation, and we are
confident they will extend the benefits of their technology and
customer service to GCO ELF and our clients." "We are pleased that
GCO ELF recognized the commitment we've made to customer service in
a complex industry," said John R. Elam, executive vice president of
Collegiate Funding Services and president of CFS-SunTech. "We look
forward to working with them as a partner and with their
customers." About GCO ELF GCO ELF is an affiliated company of
Greystone & Co., Inc., headquartered in New York, New York.
Formed in the third quarter of 2004, GCO ELF supports higher
education by providing liquidity for federally insured student loan
assets through spot and forward purchase activities. 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: Investor Contact: Edward Nebb of Euro RSCG
Magnet +1-212-367-6848, , for Collegiate Funding Services, Inc.;
Media Contact: Ann Collier, Senior Vice President, Corporate
Communications, of Collegiate Funding Services, Inc.,
+1-540-368-5970, Web site: http://www.cfsloans.com/
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