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For Immediate Release: 07/03/2003
Phoenix, AZ - Southwest Student Services Corporation (Southwest), a nationally recognized nonprofit higher education lender headquartered in metropolitan Phoenix, Arizona, today announced that it executed an education loan financing and purchase commitment of approximately $40 million over three years with Claremont Graduate University.
Southwest's Educational Advantage™ program enables Claremont Graduate University to utilize a single process to originate Federal Family Education Loan Program (FFELP) loans for its students. The proceeds from the Educational Advantage program will be utilized by the University to benefit students through the establishment of deep-discount loan programs, and to enhance the services provided by the University's Office of Student Financing.
In seeking a lending partner, the University specified its loan program and service requirements and accepted proposals and competitive bids from educational lenders and secondary markets across the country.
"Portfolio purchase price, while critical to the University, was not the only factor used in determining who our lending partner would be," said Bill Everhart, Senior Vice President for Finance and Administration of Claremont Graduate University. "We also had to consider the borrower benefits and the quality of service that this relationship would provide to our graduate students."
"Southwest presented us with a bid package of aggressive benefits for our students and services that represented the best overall value to the University. Southwest took the time to walk us through the process of becoming a lender and explained all of our options. We see them as a true 'partner' in this program. Our agreement adds significant financial improvements to the University's student loan portfolio and enables Claremont Graduate University to provide access to education financing for many more deserving students at a lower cost, with greatly enhanced benefits. Southwest is unique in that they offer all of the service we require from providing the upfront capital, to origination, and life-of-the-loan-servicing."
Southwest Student Services Corporation Chairman and CEO, Vince Roig added, "We are extremely excited about the opportunity afforded Southwest, to work with Claremont Graduate University in providing education financing for its graduate students. This agreement further confirms Southwest's position as a national player in the origination of graduate student loans and adds to a growing list of colleges and universities participating in our Educational AdvantageTM program. Students will be the real winners in this equation, receiving better borrower benefits and exemplary service over the life of their loans."
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