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San Diego, CA – December 21, 2007 – College Loan Corporation today announced the purchase of $200 million in FFEL from FinanSure. CLC has acquired all of Chicago-based FinanSure's non-securitized loans, making a firm commitment to the Company's customers to honor all subsequent disbursements.
"I'm proud to announce the acquisition of FinanSure's loan portfolio," said John Falb, Chief Financial Officer of College Loan Corporation. "This deal will allow us to bring our award-winning customer service to FinanSure's customers, helping more students and parents achieve their higher education goals."
College Loan Corporation also announced that Fitch Ratings has upgraded one and affirmed three classes of student loan asset-backed notes issued by the Company. The following asset-backed notes were affirmed and upgraded:
College Loan Corp. 2005-2
Fitch Ratings noted: "Overall, collateral performance for all of the trusts has been consistent with or better than expectations from a net default and delinquency perspective. As a result, trust asset to liability or parity ratios have increased due to positive levels of excess spread generated."
College Loan Corporation (CLC), headquartered in San Diego, is a top 10 student loan provider, managing more than $10 billion in student loan assets. By offering innovative loan products and industry-leading customer service, the Company has helped make higher education possible for more than 800,000 students and families. CLC is the proud winner of the 2006 Torch Award for Marketplace Ethics, awarded by the Better Business Bureau of San Diego County. More than 900 colleges and universities have designated College Loan Corporation as a suggested lender. CLC's student loan hotline offers expert loan consultants 24 hours a day, 7 days a week at 1.800.2COLLEGESM. For more information, visit collegeloan.com.