SOURCE: Education Finance Partners

March 22, 2007 16:06 ET

Education Finance Partners Responds to New York Attorney General's Intent to Sue

SAN FRANCISCO, CA -- (MARKET WIRE) -- 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.

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Contact Information

  • Media Contact:
    Jeff Dillow
    PAN Communications
    Email Contact

    Corporate Contact:
    Kirk Copeland
    Education Finance Partners
    Email Contact