CFS-SunTech Servicing LLC Receives 'Exceptional Performer' Designation from U.S. Department of Education
21 Décembre 2005 - 9:51PM
PR Newswire (US)
Allows CFS-SunTech Lenders to Receive 100 Percent Reimbursement in
Claims FREDERICKSBURG, Va., Dec. 21 /PRNewswire-FirstCall/ --
Collegiate Funding Services, Inc. (NASDAQ:CFSI) announced today
that its wholly owned subsidiary, CFS-SunTech Servicing LLC has
been designated by the U.S. Department of Education as an
exceptional performer. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050714/DCTH039LOGO ) This
designation allows the lenders for which CFS-SunTech provides
services to receive 100 percent reimbursement on all claims
submitted for insurance, rather than the standard 98 percent
reimbursement. To qualify as an exceptional performer, a servicer
must meet and maintain an overall compliance performance rating of
97 percent or higher for servicing requirements set by the
Department on federally guaranteed loans under the Federal Family
Education Loan Program. The exceptional performer designation will
go into effect January 1, 2006, and remain in effect for a 12-month
period, subject to quarterly compliance audits. 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 September 30, 2005, Collegiate
Funding Services had facilitated the origination of more than $21
billion in education loans. For additional information, visit
http://www.cfsloans.com/ or call 1-888-423-7562. Forward-Looking
Statements This news release includes "forward-looking statements"
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, 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 changes in terms, regulations and laws
affecting student loans and the educational credit marketplace.
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 September 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.
http://www.newscom.com/cgi-bin/prnh/20050714/DCTH039LOGO
http://photoarchive.ap.org/ DATASOURCE: Collegiate Funding
Services, Inc. CONTACT: Ann Collier, Senior Vice President,
Corporate Communications, +1-540-368-5970, Fax: +1-540-368-5963, ;
or Investor Contact: Gary Tiedemann, Vice President, Investor
Relations, +1-540-735-1235, Fax: +1-540-735-1239, , both of
Collegiate Funding Services, Inc. Web site:
http://www.cfsloans.com/
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