Tag Archives: Education Loan Source

Colleges, Education, Education Services, Education Software, Education Solutions, Educational Products, K 12, Schools, Student, Universities

Farmers Insurance Group Federal Credit Union Launches Private Student Loan Program, Partners with Education Loan Source, Inc.

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Farmers Insurance Group Federal Credit Union (FIGFCU) is proud to announce the launch of their private student loan program for families and students looking to pay for undergraduate and graduate school. To customize their program specifically to meet the needs of its members, FIGFCU has chosen to partner with Education Loan Source, Inc. (ELS), a leading provider of education financial solutions.

“We are happy to add Student Loans to our lending platform, making our portfolio of products and services even more robust. Our members benefit by having educational funding options with competitive rates and terms in difficult economic times.” said Brian Leonard, Chief Lending Officer of FIGFCU.

The Custom Loan SourceSM (CLS) program offered by ELS, provides credit unions with the opportunity to develop their own customized student loan products without the need for additional staffing or resources. CLS is a turn-key student loan solution which includes every aspect of the student loan process from program design through portfolio management. Credit unions working with ELS benefit by gaining an in-depth knowledge of the student loan industry, while attracting a more diverse membership base and the ability to design a custom product to specifically meet their goals.

Long-time ELS business partner Cology, Inc. was selected to originate and service loans for the FIGFCU program. With its industry-leading loan platform, Volta™ , Cology offers FIGFCU expert origination, disbursement, and servicing technology.

“Since FIGFCU has 18 branches, in 12 different states, it’s especially gratifying to launch this new program for their members. CLS is a perfect fit for FIGFCU, as it allows the Credit Union to bring their existing corporate lending standards and philosophies to an education loan program. FIGFCU was able to set their own rates and fees, and define their own school list.” said Jacklyn Schneider, Director of Client Services for ELS. “FIGFCU can increase its portfolio and member base with a student loan program that is highly in demand, while families receive the financial assistance they need.”

For more information on the Custom Loan Source Program offered by ELS, call Jacklyn Schneider at (858) 720-6809.

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Education Loan Source Expands TuitionFlex Financing Program for San Francisco School of Massage

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Education Loan Source, Inc. (ELS), the nation’s leader in education financing administration and services, is proud to announce the expansion of their partnership with San Francisco School of Massage (SFSM). SFSM originally launched the TuitionFlexSM program in March, 2010 and the school is now expanding the program to include a choice of longer payment plan terms.

TuitionFlexSM provides students with the option to extend tuition payments over a specified period of time instead of paying cash up-front for an academic program. “With new state regulations slated to take effect at the end of this year, increasing the number of required course hours in the fields of massage and bodywork, SFSM wants to be in position to assist students with affordability,” said Gary Witt, Chief Executive Officer of SFSM. “Expanding the TuitionFlex program furthers SFSM’s commitment to make education accessible to students who are already managing a variety of personal and professional responsibilities.”

As program administrator, ELS offers comprehensive support for the program and, as a result, the program requires very little involvement from school officials. From the point of online application all the way through servicing, ELS provides a seamless flow for both students and school. ELS programs are in compliance with federal and state Truth-in-Lending disclosures and are of particular assistance to schools looking to meet 90/10 regulations.

“We are excited about expanding our partnership with ELS,” said Rocky Hall, Director of Operations. “We appreciate the expertise that ELS has earned in the educational finance arena and have benefited by their commitment to enhance TuitionFlex and bring innovation to the space.”

“Given the dynamic nature of the higher education industry, it is a pleasure to deliver financing solutions that can be easily tailored as requirements change,” said Jacklyn Garcia-Schneider, Director, Client Services for ELS. “Knowing that the expanded program will enable more students to get their education at SFSM – one of the most respected massage and bodywork schools in the nation – is especially rewarding .”

For more information about the TuitionFlexSM program, call ELS at (888) 335-6261.

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Education Loan Source Launches TuitionFlexPLUS Financing Program for International Education Corporation

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Education Loan Source, Inc. (ELS), the nation’s leader in education financing administration and services, is proud to announce the launch of the TuitionFlexPLUSSM financing program at International Education Corporation (IEC) campuses nationwide.

“TuitionFlex PLUS is a win-win for both students and school,” explains Ena Hull, Vice President of Financial Planning. “Students have the ability to make affordable monthly paymen ts, while the school yields the benefits of an innovative note selling program that generates a more immediate cash flow. Through TuitionFlexPLUS, we now strike the perfect balance between offering an affordable plan to students while realizing improved cash flow for the school.”

“IEC is excited to launch a finance program that offers an online application process, high touch servicing and ultimately, a high collectability track record. These were all key factors in our decision to select ELS,” Ena continued. “As an additional benefit, the program will help with our 90/10 compliance.” As program administrator, ELS ensures that participating schools remain in compliance with federal and state Truth-in-Lending disclosure requirements. In addition, each program is customized to follow a school’s preferred internal process.

Payment plans allow a student the option to make payments over a specified term rather than paying cash up front for an academic program. Traditional payment plans require the school to hold the note on their books, while receiving funds as the student makes payments. The challenge with these plans is balancing the need to keep costs low for student enrollment with the need to infuse operating capital into the school. With TuitionFlexPLUS, schools establish unique rates and terms and can elect to implement a credit check to mitigate risk. As an additional option, they can sell a portion of their portfolio.

According to Dennis Christich, VP Sales for ELS, “ TuitionFlexPLUS allows IEC to focus on helping students become successful within the allied health, business, technology and automotive industries, while ELS supports both students and school staff with financing. The drive to excel is evident in all that IEC does and launching this financing option for students is yet another sign of that commitment being put into action.”

For more information on the TuitionFlexPLUS program, call ELS at (888) 335-6261.

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Education Loan Source Launches TuitionFlex Financing Program for Bellus Academy

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Education Loan Source, Inc. (ELS), the nation’s leader in education financing administration and services, is proud to announce the launch of the TuitionFlex SM financing program at four (4) Bellus Academy campuses located in the states of California and Kansas.

TuitionFlex SM provides students with the option to extend tuition payments over a specified period of time instead of paying cash up-front for an academic program. “We are pleased to offer flexible payment options as it allows students to get started on the education they need to enter a new career sooner,” said Lynelle Lynch, President of Bellus Academy. “With funding options being extremely limited in today’s environment, the opportunity to stretch payments over time makes a big difference for our students.”

With all aspects of TuitionFlex SM handled by ELS, the program requires very little time from school officials. Victoria Russ, Director of Financial Aid of Bellus Academy, commented, “After administering an in-house payment plan for many years, we appreciate the fact that all program administration is handled by ELS. This frees us up to spend more time working directly with students. We also appreciate the fact that TuitionFlex SM keeps us in compliance with federal and state Truth-in-Lending disclosures.”

While other companies provide partial support for payment plans, as program administrator, ELS offers total support from the point of application through servicing. TuitionFlex SM offers a branded online application process, electronic signature, customizable reporting, automated payment processing, and flexible servicing repayment terms. ELS’ program is of particular assistance to schools concerned with 90/10 compliance.

“Bellus Academy is one of the only academies in the nation that provides premium financing programs to launch a successful career in the beauty and wellness industry,” said Jacklyn Garcia-Schneider, Director, Client Services for ELS. “Now that they’ve partnered with ELS to offer more financing options, it is gratifying to know that more students will be able to consider enrollment.”

For more information about the TuitionFlex SM program, call ELS at (888) 335-6261.

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Education Loan Source Launches TuitionFlexPLUS

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Education Loan Source (ELS), the nation’s leader in education financing administration and services, is proud to announce the launch of the TuitionFlex PLUS SM financing program at Connecticut School of Broadcasting (CSB) campuses nationwide.

“We are pleased to be able to offer our students a new and viable loan program that meets their needs in the current environment,” said Jim Robinson, President of CSB. “After months of research, we finally met ELS who provided us with the opportunity to customize a ‘one stop’ solution for all of our twelve campuses. Through TuitionFlex PLUSSM , we now strike a perfect balance between offering an affordable and accessible payment plan to students while realizing improved cash flow to the school . We have used other loan programs in the past and have found that the ELS program fulfills our needs.”

Jim continued, “Another high priority for CSB was maintaining compliance with federal and state Truth-in-Lending disclosure requirements. As program administrator, ELS facilitates this as they customized the program to follow our school’s preferred internal process. In addition to delivering a great program, the customer service provided by ELS has been exceptional. I wholeheartedly recommend ELS to any school looking for an affordable financing solution. ”

Payment plans allow a student the option to make payments over a specified term rather than paying cash up front for an academic program. Traditional payment plans require the school to hold the note as a debt on their books, while receiving funds as the student makes payments. The challenge with these plans is balancing the need to keep costs low for student enrollment with the need to infuse operating capital into the school.

With TuitionFlex PLUS , schools establish unique rates and terms and can elect to implement a credit check to mitigate risk. As an additional option, they can sell a portion of their portfolio.

While other companies might provide partial support, ELS offers total support as program administrator from application through servicing. The program offers a branded online application process, electronic signature, customizable reporting, automated payment processing and flexible servicing repayment terms. ELS’ program is of particular assistance to schools concerned with 90/10 compliance.

According to Jennifer Wallace, VP Sales for ELS, “ CSB is a well known entity in the world of broadcast media.  Partnering with ELS gives them the opportunity to keep their focus on the very important business of educating students while leaving the financing to ELS. It’s been a pleasure to work alongside CSB to customize a program that meets the needs of their students and staff.”

For more information on the TuitionFlex PLUS program, call ELS at (888) 335-6261.

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Education Loan Source, Inc. Launches Private Student Loan Program For Louviers Federal Credit Union

Education Loan Source, Inc. (ELS), a leading provider of education financial solutions, is proud to announce the launch of a private student loan program customized specifically for members of Louviers Federal Credit Union (LFCU).

Education Loan Source, Inc. Launches Private Student Loan Program For Louviers Federal Credit Union

“Our credit union conducted a thorough review of three student loan programs and decided that ELS was the best solution for us. We chose ELS based upon their ability to fully customize our program to meet the unique needs of our membership and existing school relationships as well as their extensive knowledge of the student loan industry. ELS is great to work with – they have maintained excellent lines of communication to keep us informed and educated from start to finish and have quickly responded to meet our needs,” says Bob Walls, Director of Human Resources and Special Projects for LFCU.

The Custom Loan Source SM (CLS) Program offered by ELS provides credit unions with the opportunity to develop their own customized student loan without the need for additional staffing or resources. CLS is a turn-key student loan solution which includes every aspect of the student loan process including set-up, administration, marketing, branded online application, loan processing, underwriting, certification and disbursement with colleges and universities, loan servicing, and portfolio management.

According to Tracy Sniscak, SVP – Business Development for ELS, “CLS is a perfect fit for LFCU as it allows the credit union to bring their own corporate lending standards and philosophies to an education loan program. LFCU was able to set their own rates and fees, and define their own school list. The credit union has an existing relationship with the University of Delaware and this new program will allow them to continue to offer financial assistance to the students there as well as at other regional schools. It’s been a pleasure to help them create and develop a program that meets the needs of their members.”

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TuitionFlex Payment Program Implemented at Northwest Technical Institute

Education Loan Source, Inc., (ELS) in partnership with Sterling Education Finance, LLC announced today that Northwest Technical Institution implemented the TuitionFlexSM payment program. TuitionFlex offers two types of payment plans, TuitionEase(tm) which is a short-term 4 to 12 month program and TuitionExtendTM which is a long-term 13 to 120 month extended repayment plan. “In today’s market, schools have to become creative with their financing options and the TuitionFlex program met the needs of our institution,” stated Keith Fossen, President/CEO at Northwest Technical Institute. “At Northwest Technical Institute, we are helping students and families finance a higher education, without a higher price tag.”

Both TuitionFlex payment options offer a 100% online application process, e-signature capabilities, and a school portal for a school administrator to manage certifications and real-time application status managed by ELS. “ELS’s dynamic system allows schools to manage their tuition payment plans completely online while meeting all of the regulatory requirements,” stated Douglas Feist, Chief Executive Officer at ELS. “We are excited that Northwest Technical Institute is now providing the TuitionFlex program to their student and families.”

Tricia Oberg, Regional Vice President at Sterling Education Finance, and the relationship manager for Northwest Technical Institute stated, “This program is the perfect solution to fill educational funding gaps that can remain when other sources of aid are not available for the student and their families.”

For more information on the TuitionFlex Program go to (www.sterlingeducationfinance.org) or call Tricia Oberg, Regional Vice President, at (651) 707-7291 or Pat Cook, President and Chief Sales Officer, at (828) 335-1092.

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Delaware Credit Union League & Education Loan Source, Inc. Team Up

Education Loan Source, Inc. (ELS) a leading provider of education financial solutions is proud to announce its partnership with the Delaware Credit Union League to provide education loan programs to their member credit unions.

“The Delaware Credit Union League is excited to recommend Education Loan Source programs to our member credit unions for student loan services,” says Jane Bailey, Executive Vice President of the Delaware Credit Union League. “Credit Unions are taking a larger role in helping students and their families obtain the financing they need to attend college. The Delaware Credit Union League is looking forward to offering our member credit unions student loan solutions that can be customized while meeting each individual credit union’s goals.”

Education Loan Source® is committed to offering private education loan options and other financing alternatives uniquely designed for its clients. The Custom Loan SourceSM Program allows credit unions to develop their own customized student loan offering without the need for additional staff or resources and is completely supported by ELS and its affiliates. “This program offers credit unions a great way to provide a student loan product to their existing members, while attracting new members at the same time,” said Tracy Sniscak, Senior Vice President of Business Development. “Credit unions are stepping in to help finance education at a time when traditional lenders are backing away due to the current financial markets. I’m excited for the opportunity to work with the Delaware Credit Union League and their member credit unions to help them better understand the student loan industry and provide student loan solutions to their members.”

“We are extremely pleased that Delaware Credit Union League has recognized ELS as a business partner and recommends our services to their credit union members,” stated Douglas Feist, Chief Executive Officer of Education Loan Source, Inc. “ELS currently serves many clients in multiple states providing education financial solutions and is looking forward to working with the Delaware Credit Union League.”

For more information on the Custom Loan SourceSM Program, go to (www.educationloansource.com) or call Tracy Sniscak at (717) 385-3483.

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Health Profession Loan from Custom Loan Source Now Offered at Rocky Vista University

Education Loan Source, Inc. (ELS), in partnership with Sterling Education Finance, LLC (Sterling) has announced its launch of the Health Profession Loan (HPL) through ELS’ Custom Loan Source(sm) Program for Rocky Vista University, located in Parker, Colorado.

Rocky Vista University, with students trained in osteopathic medicine, has disbursed approximately $7MM in loan volume since its August launch with pending disbursements of an additional $7MM. “Our students are facing significant challenges in paying for college since traditional financing options are becoming more difficult to access,” said Kathy Leary, Director of Financial Aid at Rocky Vista University. “The HPL Custom Loan Source Program provides our institution with the opportunity to offer an alternative private loan program which specifically meets some of the unique needs of our students.”

The Custom Loan Source Program is highly flexible and customizable private education loan that can be implemented quickly and easily. “Our Program provides the ability for the school to choose the best private loan product features for its students and their families while meeting the school’s needs and financial objectives,” said Douglas Feist, Chief Executive Officer of ELS. “At ELS, it is our mission to help schools find additional low-cost funding options for their students and the Rocky Vista University program is another example of that goal.”

ELS manages the entire HPL Program for Rocky Vista University from product development and vendor relationships to loan portfolio administration services. Servicing is performed by AES/PHEAA.

Nancy Chalker, Regional Vice President at Sterling Education Finance, is the relationship manager for Rocky Vista and identified the HPL Program as a product that could meet the school’s short timeline without sacrificing a competitive product for students. “Offering the HPL Custom Loan Source Program creates a win/win situation for Rocky Vista University and their students.”

For more information on the Custom Loan Source Program go to (www.sterlingeducationfinance.org) or call Pat Cook at (828) 335-1092.

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