Goal Financial Launches New Business Strategy to Acquire FFELP Student Loans

The new program complements Auction Rate Securities retirement approach with the goal of maximizing trust returns

Oct 01, 2010, 20:47 ET from Goal Financial

ALEXANDRIA, Va., Oct. 1 /PRNewswire/ -- Goal Financial ("Goal") announced today that three of its existing securitization trusts have successfully completed the purchase of $612,585 in federal government guaranteed student loans to mark the beginning of a new strategy focused on the acquisition of FFELP student loans. The student loans were purchased by Student Loan Consolidation Center Student Loan Trust I ("SLCC"), Education Loan Asset-Backed Trust I ("ELAB"), and Higher Education Funding I ("HEF") in the amounts of $347,026, $134,969, and $130,590, respectively.  

Seamus Garland, Goal Financial's CFO, said, "Our existing SLCC, ELAB, and HEF structures give us a unique funding capacity that will allow us to price the acquisition of FFELP loans aggressively relative to more traditional FFELP loan buyers."  

Ken Ruggiero, Goal Financial's President, said, "With this initial purchase completed, we are actively seeking larger portfolios of FFELP loans to acquire. The trusts have been retiring Auction Rate Securities at discounts to par for the past two years. This new program will offer an additional approach to maximizing returns in the trusts."  Goal's loan acquisition program leverages its management team and its existing financial infrastructure – the same infrastructure that enabled the company since 2001 to successfully execute loan purchase and sale transactions totaling over $9 billion. Sellers of FFELP loans should contact Goal at (619) 684-7218.

About Goal Financial

Headquartered in Alexandria, VA, with offices in San Diego, Route 66 Ventures, LLC (dba Goal Financial), has originated over $9 billion in government guaranteed student loans and helped over 200,000 graduate and undergraduate students and families manage their debt through federal and private loan programs. For more information about Goal Financial, contact Ken Ruggiero at (619) 684-7218 or visit www.goalfinancial.net.

Media Contact:

Ken Ruggiero, President

Goal Financial

Phone: (619) 684-7218


Forward-Looking Statements

These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements about future events and expectations and not statements of historical fact. The words "believe," "may," "will," "should," "anticipate," "estimate," "expect," "intend," "objective," "seek," "plan," "strive," or similar words, or negatives of these words, identify forward-looking statements. We qualify any forward-looking statements entirely by these cautionary factors. Forward-looking statements are based on management's beliefs, assumptions, and expectations of our future economic performance, taking into account the information currently available to management. Forward-looking statements involve risks and uncertainties that may cause actual results, performance, or financial conditions to differ materially from the expectations of future results, performance, or financial conditions we express or imply in any forward-looking statements. Such risks include, among others, changes in the terms of student loans and the educational credit marketplace arising from the implementation of applicable laws and regulations, and from changes in such laws and regulations, adverse results in legal disputes, changes in the demand for educational financing or in financing preferences of educational institutions, students and their families, limited liquidity, increased financing costs, and changes in the general interest rate environment. Goal assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information, or otherwise.

SOURCE Goal Financial