SOURCE: Education Finance Partners

April 16, 2007 12:36 ET

Education Finance Partners Announces Agreement With New York Attorney General's Office

SAN FRANCISCO, CA -- (MARKET WIRE) -- 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 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 more information, please visit www.EducationFinancePartners.com.

Contact Information



  • Media Contact:
    Maude Wilson
    Edelman
    415.486.3217
    Email Contact

    Corporate Contact:
    Kirk Copeland
    Education Finance Partners
    415.217.6003
    Email Contact