AddThis Social Bookmark Button

Sallie Mae News

Key Consolidates Federal Student Loan Servicing

CLEVELAND, March 25 PRNewswire-FirstCall — Key Education Resources, the education financing arm of KeyBank, today announced that it will consolidate its Federal student loan servicing with Great Lakes Education Loan Services and American Education Services beginning April 1, 2008. Key's previous loan origination and servicing agreement with Sallie Mae expires at the end of March. In addition, Key Education Resources will provide an alternative Federal loan origination channel to those schools that previously had their KeyBank loans originated by Sallie Mae.

"Financial aid administrators, students and families can expect continued excellent loan originations and loan servicing," said Key Education Resources President Rick Vonk. "We will continue to support schools where we have an ongoing relationship while providing families the opportunity to finance a college education with KeyBank's innovative BorrowSmart(sm) loan origination program."

With more than 50 years as a college lender, Key Education Resources serves as a trusted advisor to more than 1,000 client schools and two million- plus students and their families. At a time when student lending is less available and college graduates are saddled with higher debt as they begin their careers, BorrowSmart(sm) offers an innovative way to finance a college education without mortgaging a student's future.

BorrowSmart(sm) combines Key's education loan product with the innovative monthly payment offerings of Tuition Management Systems, which was recently acquired by KeyBank. This unique program helps minimize student debt by first looking at available scholarships, grants and gifts, and then at the lowest cost combination of monthly payments and loans to develop a full financial aid package. Students and families interested in learning more about BorrowSmart(sm) and Key's other college lending options should consult with their college financial aid office or visit https://www.key.com/borrowsmart .

About KeyCorp

Cleveland-based KeyCorp (NYSE: KEY) is one of the nation's largest bank- based financial services companies, with assets of approximately $100 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit https://www.key.com/ .

SOURCE KeyCorp

Send this news item to a friend.

Print This Page

Search Our News Using Google Search

Can't find what you want? Try using Google:

Google