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(p) 415.217.6003
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Press
Entrepreneur Profile: Tamera Briones - March 28, 2008
Education Finance Partners Hires Chief Operating Officer to Support 2008/2009 Growth - March 20, 2008
Education Finance Partners Announces Agreement With New York Attorney General's Office- April 16, 2007
Education Finance Partners Enhances Revenue Reinvestment Program - March 26, 2007
Education Finance Partners Responds To New York Attorney General's Intent To Sue - March 22, 2007
Education Finance Partners Brings Operations to Austin - January 29, 2007
A Middle-Class College Squeeze - December 1, 2006
Education Finance Partners Completes $346.2 Million Private Loan Securitization - November 15, 2006
Know Your Students; Know Your Lenders - November 1, 2006
The Top 4 Things You Should Know About FICO - September 1, 2006
Education Finance Partners Teams-Up with TG - May 9, 2006
Education Finance Partners Launches Private Consolidation Loan - May 2, 2006
Education Finance Partners Hires Chief Operating Officer to Support 2008/2009 Growth - March 20, 2008
Steve Allocca, Former Head of Personal Credit at Wells Fargo, Joins Fourth Largest
Private Student Loan Company
SAN FRANCISCO, CA - March 20, 2008 - Education Finance Partners, the fourth largest originator of private student loans, announced today that Steve Allocca has joined the company's executive management team. As chief operating officer, Allocca reports directly to Tamera Briones, chief executive officer, and is responsible for running the day-to-day elements of the business. His primary responsibilities are to lead loan originations, loan servicing, sales, marketing, technology, and administration.
"The recent market dislocation provides us with a significant opportunity to seize market share," stated chief executive officer, Tamera Briones. "Steve's leadership skills and track record for bottom line results are exactly what we need to enhance our position as a market leader in private student loans."
Prior to joining Education Finance Partners, Mr. Allocca was head of non-mortgage consumer lending for Wells Fargo Bank where he led all aspects of the $8 billion business including six operating centers throughout the United States.
"I have watched Education Finance Partners for the past three years and have been impressed with its strategy and remarkable success," commented Mr. Allocca. "I look forward to helping the company achieve its business goals and continue to gain market share."
About Education Finance Partners
Headquartered in San Francisco with operations in Austin, Texas, Education Finance Partners is a full service consumer loan company focused exclusively on providing private student loan solutions that enable students and their families to bridge the gap between the cost of traditional financial aid (federal loans, scholarships, grants, work study) and the total cost of a higher education. The company is the fourth largest originator of private student loans, serving a nationwide customer base through some of the most prestigious colleges and universities in the country.
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Education Finance Partners Announces Agreement With New York Attorney General's Office
SAN FRANCISCO, CA - April 16, 2007 - Education Finance Partners today announced an agreement with New York State Attorney General Andrew Cuomo that addresses questions related to the company's revenue reinvestment program and supports the company's overall mission of helping students reach their higher education goals.
As part of the agreement, Education Finance Partners will not enter new revenue reinvestment agreements with colleges and universities. The company also will donate $2.5 million to a new fund created by the New York Attorney General's office that will educate college-bound students and their parents about the student loan industry. The company cooperated fully with the New York Attorney General's office to bring about an equitable resolution to this issue.
"We are proud of our legacy of helping students obtain the resources they need to continue their education," said Tamera Briones, founder and chief executive. "This agreement removes the appearance of any impropriety and supports our company's goal of raising the level of education and transparency around private loan programs."
Education Finance Partners' revenue reinvestment program provided a way for the company to give back to students primarily through scholarships, grants and financial aid programs. The funds were provided directly to the schools because these institutions are in the best position to know which students have the greatest financial need. The program did not impact the terms or costs of the loan and Education Finance Partners disclosed to all borrowers that their school may have received the funds.
"As a private industry supporting the not-for-profit education community, it is our obligation to give back to the community we serve," said Briones. "The principle behind the revenue reinvestment program is core to the mission of our company and we remain committed to supporting students."
Education Finance Partners will work with schools that participate in the revenue reinvestment program to determine an appropriate course of action regarding existing agreements. Funds returned to Education Finance Partners will be held in reserve until the company determines the best way to use them to help students.
About Education Finance Partners
Founded on the belief that every person who desires a college education should have the financial resources to achieve their goal, Education Finance Partners provides innovative private loan programs through some of the most prestigious not-for-profit schools in the United States and directly to students and their families.
The Education Finance Partners mission is to enable education by providing industry-leading private loan programs that allow more students to pay for, and efficiently manage, their education debt.
For a downloadable PDF, click here.
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Education Finance Partners Announces Enhancement of its Revenue Reinvestment Program for Greater
Transparency and Impact
SAN FRANCISCO, CA - March 26, 2007 - Education Finance Partners announced today that the company will enhance its
revenue reinvestment program to provide even greater transparency to students and their families.
Education Finance Partners provides a small percentage of its proceeds back to universities to reinvest in aid programs
and student services. These funds are directly provided to schools because the company believes schools are in the best
position to know how best to serve their students.
"To avoid any further misunderstanding of our program, we will immediately enhance our disclosure protocol to provide
even greater transparency," said Tamera Briones, Education Finance Partners Founder and Chief Executive Officer.
"While nearly all of the universities use the proceeds to help students today, we will now explicitly require that all schools
use these proceeds for the benefit of students. As an industry leader, we are committed to being at the forefront of best
practices in our industry and will continue to conduct ourselves with the highest business and ethical standards.
"We share the New York Attorney General's commitment to protecting the interests of borrowers and students. These
new enhancements reinforce our unwavering commitment to continual improvement in our products and programs to
deliver the best value to universities and students," added Ms. Briones.
Today, Education Finance Partners discloses to its borrowers that their school may receive a referral fee in its Truth in
Lending Statement. Moving forward, the company will add clear disclosures to its marketing materials and customer
communications. In addition, Education Finance Partners will require schools to disclose that they may consider the
company's funding of student aid programs in deciding whether to place Education Finance Partners on a preferred lender
list.
With respect to the New York Attorney General's investigation into student loan practices, Ms. Briones stated that
"Education Finance Partners has attempted to work with Mr. Cuomo's office to resolve any questions he might have about
our revenue reinvestment program. While we hope that the changes we are announcing today will address any concerns
the Attorney General might have, we are fully prepared to defend our program and our school customers in court, if
necessary."
About Education Finance Partners
Founded on the belief that every person who desires a college education should have the financial resources to achieve
their goal, Education Finance Partners provides innovative private loan programs through some of the most prestigious
not-for-profit schools in the United States and directly to students and their families.
The Education Finance Partners Mission is to enable education by providing industry-leading private loan programs that
allow more students to pay for and efficiently manage their education debt.
For a downloadable PDF, click here.
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Education Finance Partners Responds To New York Attorney General's Intent To Sue
SAN FRANCISCO, CA - March 22, 2007 - In response to the New York Attorney General's statement that his office intends to sue Education Finance Partners, an industry leading private education loan provider, the Company announced today that it is fully prepared to defend its business practices.
"We were surprised and dismayed by the Attorney General's announcement that his office intends to file a lawsuit against Education Finance Partners," Tamera Briones, Education Finance Partners Founder and Chief Executive stated. "We understood that Mr. Cuomo's investigation was in its early stages, and we were cooperating fully with his office. While we appreciate that the Attorney General has given us five business days to explain why a lawsuit should not be filed, we question whether the Attorney General's office is seriously interested in learning all of the facts and whether there has been an actual violation of law.
"Significantly, the Attorney General fails to mention in his press release that many colleges and universities use revenue share to fund student aid programs. Education Finance Partners provides these funds directly to the schools because we believe schools are in the best position to know which students have the greatest unmet financial need. What's more, our revenue share arrangements never impact the cost to the borrower. Rather, the price to the borrower is based on the borrower's risk profile -- not whether the student attends a school that participates in the program.
"We at Education Finance Partners are firm believers in transparency and we disclose to all of our borrowers that their school may have a revenue share arrangement with Education Finance Partners. We are committed to being at the forefront of best practices in our industry, and we will continue to conduct ourselves with the highest business and ethical standards as we serve students and the not-for-profit education community."
About Education Finance Partners
Founded on the belief that every person who desires a college education should have the financial resources to achieve their goal; Education Finance Partners provides innovative private loan programs through some of the most prestigious not-for-profit schools in the United States and directly to students and their families.
The Education Finance Partners Mission is to enable education by providing industry leading private loan programs that allow more students to pay for and efficiently manage their education debt.
For a downloadable PDF, click here.
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Education Finance Partners Brings Operations to Austin
Successful San Francisco-Based Consumer Loan Company
Chooses
Austin for Talent Pool
AUSTIN, TX - January 29, 2007 - Education Finance Partners, a pioneering private education loan provider,
announced today the opening of a state-of-the-art customer operations center in north Austin. The Austin
campus will be the base for the company's loan operations, customer service, technology, development
and human resource functions. The company is aggressively staffing the center to be fully operational by
May 1, 2007.
Chief Executive Officer, Tamera Briones commented, "Austin made perfect sense for Education Finance
Partners. It is rich with educated and tech-savvy individuals and that is what we need." She went on to
say, "When looking for where to expand our operations, we wanted a location where we could draw from
the best and brightest minds - we have accomplished that."
The Company is planning rapid expansion to accommodate its growth and momentum in the education
loan market and will be recruiting for some 200 plus positions in Austin during the coming months. To
bolster their staffing efforts the company will hold job fairs so the community at large can become more
familiar with Education Finance Partners. The first job fair is being held at the Renaissance Hotel at the
Arboretum on February 1. Individuals interested in learning more can visit EFP.com/Austin.
About Education Finance Partners
Headquartered in San Francisco with operations in Austin, Texas, Education Finance Partners is a full
service consumer loan company focused exclusively on providing private education loan solutions that
enable students and their families to bridge the gap between the cost of traditional student financial aid
(federal loans, scholarships, grants, work study) and the total cost of a higher education.
The Company serves a nationwide customer base and works with some of the most prestigious colleges
and universities in the country. More information is available by calling 866.308.1070 or by visiting
EducationFinancePartners.com.
For a downloadable PDF, click here.
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Education Finance Partners Completes $346.2 Million Private
Loan Securitization
- SAN FRANCISCO, CA - November 15, 2006 - Education Finance Partners, Inc., a consumer
loan company specializing in private student loans, announced the close of its first
securitization. In a private placement transaction, Education Funding 2006-1 LLC, a
Delaware limited liability company, issued $346,220,000 aggregate principal amount of
private student loan asset-backed floating rate notes in five classes.
Tamera S. Briones, Chief Executive Officer of Education Finance Partners stated, "The
market response to this deal exceeded our expectations." Ms. Briones added, "Our
origination pipeline is rapidly expanding and with the momentum the company has
generated, we anticipate further securitization transactions in 2007."
About Education Finance Partners
Education Finance Partners is a full service specialty finance company providing private student
loan solutions that enable students and their families to bridge the gap between the cost of
education and federal aid.
Education Finance Partners is headquartered in San Francisco, California, with operations in
Austin, Texas. The company has a nationwide footprint and provides its products and services
through multiple distribution channels.
For a downloadable PDF, click here.
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Education Finance Partners Teams-Up with TG
Providing Greater Access for More Schools
- SAN FRANCISCO, CA - May 9, 2006 - Education Finance Partners, an innovative private
education loan provider, announced that they are working with TG, one of the nation's
leading student loan guarantors, to give schools the ability to certify and disburse their
private student loans using TG's state-of-the-art technology. Schools working with
Education Finance Partners can now certify their private loans through AdvanTG Web™,
an open, Web-based loan management solution. Schools can also disburse Education
Finance Partners Private Loans through TG's EFT, a single CommonLine-compliant,
electronic loan disbursement process.
In addition to TG, Education Finance Partners works with a variety of other industry
partners to certify and disburse their loans to colleges and universities across the nation.
"Our goal is to provide schools with the choice of processing their private loans in the way
that is easiest for them," said Tamera Briones, Education Finance Partners Chief Executive
Officer. "Working with TG opens the door to many new school relationships and allows us
to significantly expand our footprint," Briones added.
"I look forward to providing The University of Texas at Austin students a new choice for
their educational loan options. Education Finance Partners is responding to needs not only
of UT Austin students, but by others across the nation: alternatives to federal loans," said
Dr. Larry Burt, Associate Vice President for Student Affairs and Director of the Office of
Student Financial Services at UT Austin.
Along with the University of Texas at Austin, TG and Education Finance Partners are
already working together to support schools with seamless certification and disbursement
transactions.
"We're always excited to work with innovative private loan providers," said Sue McMillin,
TG's president and CEO. "TG strives to help families and students realize their educational
and career dreams by making the educational experience simpler, more productive, and less
threatening - a goal we're happy to have in common with Education Finance Partners."
About Education Finance Partners
Based in San Francisco, California, Education Finance Partners, Inc. develops innovative
consumer education loan products that bridge the gap between what traditional financial
aid provides and the total cost of a higher education. The company's sole focus is providing
private student loans, also known as alternative loans, which offer students and families
flexible and affordable education financing solutions. More information is available by
calling 866.308.1070.
About TG
TG is a public, nonprofit corporation that helps create access to higher education for
millions of families and students through its role as an administrator of the Federal Family
Education Loan Program (FFELP). Its vision is to be the premier source of information,
financing, and assistance to help all families and students realize their educational and
career dreams. Additional information about TG can be found online at www.tgslc.org.
For a downloadable PDF, click here.
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Education Finance Partners Launches Private Consolidation Loan
Offering Borrowers the Choice of a Fixed or Variable Interest Rate
- SAN FRANCISCO, CA - May 2, 2006 - Education Finance Partners, a private education loan company
providing consumer lending expertise, announces the launch of a groundbreaking private consolidation
loan offering borrowers the option of a fixed or variable interest rate. This product gives borrowers the
ability to refinance their existing private student loans (also called alternative loans) into one new loan
offering lower monthly payments, potentially lower interest rates, and the convenience of a single
monthly payment.
"As people leave school and take on greater financial responsibility, our private consolidation loan allows
borrowers to manage their monthly expenses more sensibly," stated Tamera Briones, Chief Executive
Officer of Education Finance Partners. "We recognize that recent graduates have different needs than
students, so we created a loan that offers repayment options that reflect their current circumstances."
Greater Choice Allows for Needed Flexibility
The Education Finance Partners Private Consolidation Loan provides unparalleled options in repaying
private loans. In addition to interest rate options, borrowers receive a standard 30-year loan term and can
choose from a variety of repayment plans. Borrowers returning to school have the option to defer
payments. As a result, borrowers can match their loan payments to their personal situation, rather than
matching their life to their loan payments.
Walter Cathie, Dean of University Financial Aid at Widener University in Pennsylvania, observes, "Many
of our graduating students need a private consolidation loan to help them transition from school to the
next phase of their life. Finally, there's a cost-effective consolidation loan solution that offers a fixed-rate
option."
Helping Students and Families Realize Their Dreams
The Education Finance Partners Private Consolidation Loan is the newest product offering from the
company, building on the success of its private education loan product.
"This is just the beginning," said Briones. "You will see us continually bring new products to the
marketplace in order to better serve borrowers' needs. I believe there are endless opportunities to provide
meaningful financing options to help students and families achieve their education goals."
About Education Finance Partners
Based in San Francisco, Education Finance Partners, Inc. provides innovative consumer
education loan products that bridge the financing gap between traditional financial aid and the
total cost of a higher education. The company's sole focus is private student loans which offer
students and their families flexible and affordable education financing solutions.
For a downloadable PDF, click here.
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