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Student Loan Q2 Profit Rises - Update
(RTTNews) - Monday, a subsidiary of Citibank, N.A., Student Loan Corp. (STU | charts | news | PowerRating), a company engaged in management and servicing of student loans, announced second quarter results, reporting a 26% increase in net income from the prior year, on 27% revenue growth. The higher revenue was mainly due to the gains on securitization and other loan sales and higher fee and other income, which were partially offset by a reduction in year-over-year floor income.
The company's second-quarter net income increased $20.9 million to $101.81 million, or $5.09 per share, from $80.91 million, or $4.05 per share, in the year-ago quarter. The growth in net income was attributed to $42.3 million after-tax gain on sales associated with $2.2 billion student loan securitization.
Returns on average equity for the second quarter climbed to 31.2% from 26.8% in the previous year's similar quarter also reflected higher net income.
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Career loans mean lack of funds need no longer be a bar to MBA ...
With MBA programmes now costing as much as $ 75,000, one question seems to occupy applicants more than any other: how can I find the money to pay for it? Every year recruitment agency TopMBA surveys nearly 4000 aspiring MBAs around the world to establish whether finance is likely to prove a barrier to study.
The most common source of finance is the education or career loan. Here we look at some of the sources of such loans. Citizens from the UK can borrow up to two-thirds of their pre-study salary in any 12-month period from NatWest to fund an MBA. Applicants need to contribute at least 20 per cent of the course fees from their own resources. HSBC offers loans to students of a number of British-based schools. This facility is open to students from around the world. In the US, Citibank's student loan division provides standard loans and also partners with schools to provide tailored packages.