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.
SOURCE Collegiate Funding Services, Inc.