student loan services
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First Marblehead to Provide Direct-to-Consumer Private Student ...
--The First Marblehead Corporation (NYSE: FMD) todayannounced it has entered into a three-year agreement with GE ConsumerFinance, a top provider of innovative financial solutions, to market afull suite of Direct-to-Consumer (DTC) private student loan servicesunder its consumer brand, GE Money. GE Consumer Finance will offerfinancing programs to a variety of education levels, including K-12,undergraduate, graduate, and continuing education.
"Our partnership with GE Consumer Finance validates the benefitsof our DTC marketing strategy and expands on the momentum we arecreating in this area," said Jack L. Kopnisky, president and chiefexecutive officer of First Marblehead. "GE Consumer Finance's programprovides creative and essential education finance opportunities,tapping into various markets that have specialized needs we canfulfill."
"As a leading provider of credit services to consumers around theworld, we are constantly looking for ways to enhance our productofferings," said Scott Young, senior vice president of GE ConsumerFinance's Personal Finance unit.
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The Bank of North Dakota will process more than 7,000 applications for federal student loan consolidations after being inundated last week with requests to lock in an interest rate.A mad rush of applications came in June because interest rates increased on July 1.Julie Kubisiak, senior vice president and director of student loan services, said the bank has finished processing about 4,200 applications and has about 3,000 to go. Those applications started coming in steadily at the the end of May through June.The bank received about 11,145 phone calls regarding student loans in June, which is more than double the normal amount of between 4,000 and 5,000 per month.Kubisiak said students were able to lock in an interest rate of as low as 4.71 percent.Federal loan consolidations are now expected to slow because now the rate people can lock into will be 6.8 percent.