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.
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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
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.
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.
SOURCE Collegiate Funding Services, Inc.