First Associates
Loan Servicing selected to service
Affiliated Loan
Program for Students (ALPS)
- Trustee Deutsche Bank sought company
to support $51 million portfolio, improve customer interaction, lower
delinquency rates -
SAN DIEGO
– April 10, 2012 – First Associates Loan Servicing, one of
the country’s fastest growing consumer loan servicers, announced today that
trustee Deutsche Bank selected the firm for the $51 million Affiliated Loan
Program for Students (ALPS).
First
Associates was chosen for its track record of improving customer service and
performance of such portfolios while lowering the delinquency rates of
borrowers.
“ALPS
and First Associates will prevent many students from having to stall or
completely forgo their educational and career aspirations,” said Ron Gemkow,
Executive Director of Finance for the University of Chicago Booth School of
Business. “Not only are they providing the necessary funds, but they are
committed to developing relationships that ensure students remain in good
financial standing. We know they are in good hands!”
ALPS
delivers low-cost student loans without requiring established credit or
co-signers. The program takes into account a participating school’s credit
rating – instead of its cash – to meet a level of student financing that the
school determines. Eligible schools incur no up-front expenses and do not need
to commit to any minimum or maximum loan volume level. In addition to the
University of Chicago, other prominent schools involved with the ALPS program
include Columbia University, Cornell University, UCLA, Babson College,
University of California at Berkeley and Vanderbilt University.
“The
program is designed to help international and domestic students fund their
education; something that many individuals struggle to do under any economic
condition, but especially difficult during this current one,” said David
Johnson, CEO of First Associates Loan Servicing. “We can be the catalyst
in keeping these individuals in school by recognizing these borrowers as people
first and focus on helping them realize their education and career goals while
building a solid financial future. It’s not only how we differentiate
ourselves, but also how we ensure lower delinquency default rates of loan
portfolios than competing servicing firms.”
