CFS-SunTech Awarded Servicing Contract by GCO Education Loan Funding

    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.

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