CENTURY FEDERAL CREDIT UNION PARTNERS WITH CAMPUSDOOR’S CU STUDENT HELP PROGRAM TO OFFER PRIVATE STUDENT LOANS AND HELP MEMBER PAY FOR COLLEGE!
Century Federal Credit Union announced today that it has partnered with CampusDoor to offer the CU Student HELP Smart Option Student Loan made by Sallie Mae to help their members meet the rising cost of college while helping them graduate with less debt and pay it off faster after graduation.
"At Century Federal Credit Union we are well aware of the increased cost and financial burden of attending college today, therefore we are pleased to be able to help students and their families within our membership access this much needed private educational loan resource." stated Tony Coniglio, President/CEO of Century Federal Credit Union.
With the Smart Option Student Loan offered by Century Federal Credit Union, students are encouraged to make at least minimal $25 per month payments while in school and graduate with less debt, compared to other longer-term private loan alternatives in which no payments are made until after graduation. A typical freshman can save 30 to 50 percent on finance charges over the life of the loan. With the loan’s shorter repayment period, a customer can pay off the loan five to eight years faster after graduation, compared to a standard 15-year interest deferred private student loan. The borrower may select from several repayment options including a fixed $25 monthly in-school payment plan, interest-only payments while in school, or defer repayment until after leaving school.
Designed to supplement a student's federal student loans and other financial aid, the Century Federal Credit Union Smart Option Student Loan can help students cover up to 100 percent of their education expenses. The Smart Option Student Loan features market-leading interest rates that reward responsible borrowers as they pursue their graduate or undergraduate degrees. Also available are benefits such as an on-time payment reward and interest rate discounts for enrolling to make automatic payments. Century Federal Credit Union recommends private student loans to help bridge the college financing gap after exploring scholarships, grants and federal student loans. By offering the Smart Option Student Loan, Century Federal Credit Union can help its members pay for necessary college expenses including tuition, room and board, books, and even a computer while building a credit history.
As part of the CU Student HELP program, CampusDoor will assist with the development and implementation of the loan program and provide specialized customer support to Century Federal Credit Union members. To offer the Smart Option Student Loan to credit unions nationwide, CampusDoor created the CU Student HELP program and partnered with Sallie Mae, the nation's leading college funding company. Since its founding nearly 40 years ago, Sallie Mae has helped more than 31 million people make the investment in a higher education.
"Sallie Mae is delighted to partner with Century Federal Credit Union and CampusDoor to assist families seeking responsible solutions to make the investment in a college education," commented Jerry Maher, senior vice president, Sallie Mae.
About Century Federal Credit Union
Century Federal Credit Union has been serving federal agencies, businesses and associations throughout Northeast Ohio since 1948. Over the years Century FCU has grown into a premier financial institution serving more than 25,000 members with over $313 million in total assets. Century FCU is dedicated to providing our members with quality financial products and services delivered in a professional, personal, and timely manner. For additional information about Century FCU, please visit www.cenfedcu.org.
About CampusDoor
CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. CampusDoor created CU Student Higher Education Loan Program (CU Student HELP) so that credit unions can offer private student loans to their members and help them to achieve their higher education dreams. More information is available online at www.campusdoor.com and www.custudenthelp.com.
Jonathan Wiersma
CampusDoor
1415 Ritner Hwy
Carlisle, PA 17013
(717) 249-8800
Thursday, January 19, 2012
Wednesday, August 3, 2011
VIST Financial partners with CampusDoor’s CB Student Help Program to offer private student loans and help customers pay for college
VIST Financial announced today that it has partnered with CampusDoor to offer the CB Student HELP Smart Option Student Loan made by Sallie Mae to help their customers meet the rising cost of college while helping them graduate with less debt and pay it off faster after graduation. By simply applying through a secure web site, students can find options available to them to help pay for college expenses not covered by scholarships or federal loans.
“As the cost of attending college continues to rise, we are pleased to partner with Sallie Mae and the CB Student HELP Program to be able to help students and their families within our communities tap into millions of dollars of private educational loans”, stated Tina McDonald, Executive Vice President, Chief Retail Banking Officer.“
Unlike other longer-term private loan alternatives in which no payments are made until after graduation, with the VIST Financial Smart Option Student Loan, students make payments while in school and graduate with less debt, compared to other longer-term private loan alternatives in which no payments are made until after graduation. With the loan’s shorter repayment period, a customer can pay off the loan five to eight years faster after graduation, compared to a standard 15-year interest deferred private student loan. The customer may select either a fixed monthly in-school payment plan or opt to pay interest-only payments while in school. A typical freshman can save 30 to 50 percent on finance charges over the life of the loan.
Designed to supplement a student’s federal student loans and other financial aid, the VIST Financial Smart Option Student Loan can help students cover up to 100 percent of their education expenses. The Smart Option Student Loan features market-leading interest rates that reward responsible borrowers as they pursue their graduate or undergraduate degrees. Also available are benefits such as an on-time payment reward and interest rate discounts for enrolling to make automatic payments.
VIST Financial recommends private student loans to help bridge the college financing gap after exploring scholarships, grants and federal student loans. By offering the Smart Option Student Loan, VIST Financial can help its customers pay for necessary college expenses including tuition, room and board, books, and even a computer while building a credit history.
Students may access a secure web site directly through VIST Financial website, www.vistfc.com, apply online and receive a credit result in less than 15 minutes. Applicants may also apply with a creditworthy cosigner in order to help qualify and receive a lower interest rate. Students gain the option to borrow up to 100% of school-certified education costs and can also receive rewards for paying on-time, in addition to 24/7 online account management.
As part of the CB Student HELP program, CampusDoor will assist with the development and implementation of the loan program, in addition to providing specialized call center support to VIST Financial customers where representatives may be reached at 1-877-458-8285 if assistance or additional information is needed. To offer the Smart Option Student Loan to community banks nationwide, CampusDoor created the CB Student HELP program and partnered with Sallie Mae, the nation’s leading saving, planning, and paying for college company. Since its founding nearly 40 years ago, Sallie Mae has helped more than 31 million people make the investment in a higher education. “Sallie Mae is delighted to partner with VIST Financial and CampusDoor to assist families seeking responsible solutions to make the investment in a college education,” commented Jerry Maher, senior vice president, Sallie Mae.
About VIST Financial
VIST Financial is a 101-year-old, diversified financial services company with $1.4 billion in assets and is headquartered in Wyomissing, Berks County, PA. VIST provides trusted advisors in banking, insurance and wealth management to businesses and individuals throughout Berks, Southern Schuylkill, Montgomery, Delaware and Philadelphia Counties. At VIST Financial, our name tells you exactly what you can expect when you do business with us. We built our values – Vision, Integrity, Solutions and Trust – right into the name of our company. Learn more at www.vistfc.com.
About CampusDoor
CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. CampusDoor created CB Student Higher Education Loan Program (CB Student HELP) so that community banks can offer private student loans to their customers and help them to achieve their higher education dreams. More information is available online at www.campusdoor.com and www.cbstudenthelp.com.
This release may contain forward-looking statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company's control. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
“As the cost of attending college continues to rise, we are pleased to partner with Sallie Mae and the CB Student HELP Program to be able to help students and their families within our communities tap into millions of dollars of private educational loans”, stated Tina McDonald, Executive Vice President, Chief Retail Banking Officer.“
Unlike other longer-term private loan alternatives in which no payments are made until after graduation, with the VIST Financial Smart Option Student Loan, students make payments while in school and graduate with less debt, compared to other longer-term private loan alternatives in which no payments are made until after graduation. With the loan’s shorter repayment period, a customer can pay off the loan five to eight years faster after graduation, compared to a standard 15-year interest deferred private student loan. The customer may select either a fixed monthly in-school payment plan or opt to pay interest-only payments while in school. A typical freshman can save 30 to 50 percent on finance charges over the life of the loan.
Designed to supplement a student’s federal student loans and other financial aid, the VIST Financial Smart Option Student Loan can help students cover up to 100 percent of their education expenses. The Smart Option Student Loan features market-leading interest rates that reward responsible borrowers as they pursue their graduate or undergraduate degrees. Also available are benefits such as an on-time payment reward and interest rate discounts for enrolling to make automatic payments.
VIST Financial recommends private student loans to help bridge the college financing gap after exploring scholarships, grants and federal student loans. By offering the Smart Option Student Loan, VIST Financial can help its customers pay for necessary college expenses including tuition, room and board, books, and even a computer while building a credit history.
Students may access a secure web site directly through VIST Financial website, www.vistfc.com, apply online and receive a credit result in less than 15 minutes. Applicants may also apply with a creditworthy cosigner in order to help qualify and receive a lower interest rate. Students gain the option to borrow up to 100% of school-certified education costs and can also receive rewards for paying on-time, in addition to 24/7 online account management.
As part of the CB Student HELP program, CampusDoor will assist with the development and implementation of the loan program, in addition to providing specialized call center support to VIST Financial customers where representatives may be reached at 1-877-458-8285 if assistance or additional information is needed. To offer the Smart Option Student Loan to community banks nationwide, CampusDoor created the CB Student HELP program and partnered with Sallie Mae, the nation’s leading saving, planning, and paying for college company. Since its founding nearly 40 years ago, Sallie Mae has helped more than 31 million people make the investment in a higher education. “Sallie Mae is delighted to partner with VIST Financial and CampusDoor to assist families seeking responsible solutions to make the investment in a college education,” commented Jerry Maher, senior vice president, Sallie Mae.
About VIST Financial
VIST Financial is a 101-year-old, diversified financial services company with $1.4 billion in assets and is headquartered in Wyomissing, Berks County, PA. VIST provides trusted advisors in banking, insurance and wealth management to businesses and individuals throughout Berks, Southern Schuylkill, Montgomery, Delaware and Philadelphia Counties. At VIST Financial, our name tells you exactly what you can expect when you do business with us. We built our values – Vision, Integrity, Solutions and Trust – right into the name of our company. Learn more at www.vistfc.com.
About CampusDoor
CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. CampusDoor created CB Student Higher Education Loan Program (CB Student HELP) so that community banks can offer private student loans to their customers and help them to achieve their higher education dreams. More information is available online at www.campusdoor.com and www.cbstudenthelp.com.
This release may contain forward-looking statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company's control. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
Thursday, March 17, 2011
CampusDoor to Showcase New Private Label Education Loan Program, Community Banks’ Premier Solution for Private Student Lending, on the Interactive 2011 ICBA Mobile App
CampusDoor, one of the leading providers in education funding solutions announced today that they will showcase the Private Label Education Loan Program at the 2011 Independent Community Bankers Association (ICBA) National Convention in San Diego, California. Leveraging CampusDoor’s state-of-the-art technology, infrastructure and experience in private student lending, the Private Label solution provides community banks with the opportunity to offer branded, highly competitive private higher education loans.
Details on the Private Label Education Loan Program will be provided to ICBA National Convention attendees electronically via the ICBA 2011 Mobile App. Powered by Follow Me and created by Core-Apps LLC, the mobile app is available for iPhone, iPod Touch or iPad users in the app store by searching “ICBA 2011”. A version for Blackberry, Android and all web-enabled mobile phones is downloadable by directing the phone’s browser to m.core-apps.com/icba2011. CampusDoor’s information is located under Exhibitors on the mobile app.
By offering The Private Label Education Loan Program powered by CampusDoor, community banks can attract and retain Gen-Y customers and their families by helping them meet the rising cost of college. Designed to supplement a student’s grants, scholarships, federal student loans and other financial aid, undergraduate and graduate private student loans can help students pay for college expenses including tuition, room and board and books while initiating a positive credit history.
According to Damien Q. Elias, Chairman and CEO of CampusDoor, “The Private Label Education Loan Program provides community banks with the premier solution to help their customers pursue their dreams of a college education.”
CampusDoor’s Private Label Education Loan Program provides community banks with loan program design, strategic marketing and branding, program management, a fully automated and compliant origination process and knowledgeable customer service. Drawing upon 15 years of private student lending success, CampusDoor has developed the most robust application processing platform in the industry allowing borrowers and their cosigners to apply online 24/7 and get a decision in less than 60 seconds. The in-house Customer Contact Center guides applicants through the process and leverages CampusDoor’s proprietary pull-through methodology to assure every qualified applicant converts to a funded loan. CampusDoor’s programs are fully compliant with all applicable student lending regulations.
Interested Community Bankers can visit CampusDoor’s at booth #742 in the Techworld area during the 2011 ICBA National Convention to learn more. Representatives can also be reached at 877.392.8562, Option 3 or by email at experts@campusdoor.com. Attendees and the public can follow CampusDoor, username “@campusdoorpsl”, and the 2011 ICBA National Convention by searching for “#ICBASD11” on Twitter.
About CampusDoorCampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. We understand the education finance marketplace, and leverage our knowledge and technology to help our clients achieve their goals.
CampusDoor was founded in 1995 to deliver student loans to borrowers and their families via web-based application systems. The Company pioneered the first on-line private student loan application with a live underwriting and response system. CampusDoor has processed over $10 billion in completed loan applications representing over 1.2 million unique borrowers. More information is available at www.campusdoor.com.
CampusDoor, one of the leading providers in education funding solutions announced today that they will showcase the Private Label Education Loan Program at the 2011 Independent Community Bankers Association (ICBA) National Convention in San Diego, California. Leveraging CampusDoor’s state-of-the-art technology, infrastructure and experience in private student lending, the Private Label solution provides community banks with the opportunity to offer branded, highly competitive private higher education loans.
Details on the Private Label Education Loan Program will be provided to ICBA National Convention attendees electronically via the ICBA 2011 Mobile App. Powered by Follow Me and created by Core-Apps LLC, the mobile app is available for iPhone, iPod Touch or iPad users in the app store by searching “ICBA 2011”. A version for Blackberry, Android and all web-enabled mobile phones is downloadable by directing the phone’s browser to m.core-apps.com/icba2011. CampusDoor’s information is located under Exhibitors on the mobile app.
By offering The Private Label Education Loan Program powered by CampusDoor, community banks can attract and retain Gen-Y customers and their families by helping them meet the rising cost of college. Designed to supplement a student’s grants, scholarships, federal student loans and other financial aid, undergraduate and graduate private student loans can help students pay for college expenses including tuition, room and board and books while initiating a positive credit history.
According to Damien Q. Elias, Chairman and CEO of CampusDoor, “The Private Label Education Loan Program provides community banks with the premier solution to help their customers pursue their dreams of a college education.”
CampusDoor’s Private Label Education Loan Program provides community banks with loan program design, strategic marketing and branding, program management, a fully automated and compliant origination process and knowledgeable customer service. Drawing upon 15 years of private student lending success, CampusDoor has developed the most robust application processing platform in the industry allowing borrowers and their cosigners to apply online 24/7 and get a decision in less than 60 seconds. The in-house Customer Contact Center guides applicants through the process and leverages CampusDoor’s proprietary pull-through methodology to assure every qualified applicant converts to a funded loan. CampusDoor’s programs are fully compliant with all applicable student lending regulations.
Interested Community Bankers can visit CampusDoor’s at booth #742 in the Techworld area during the 2011 ICBA National Convention to learn more. Representatives can also be reached at 877.392.8562, Option 3 or by email at experts@campusdoor.com. Attendees and the public can follow CampusDoor, username “@campusdoorpsl”, and the 2011 ICBA National Convention by searching for “#ICBASD11” on Twitter.
About CampusDoorCampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. We understand the education finance marketplace, and leverage our knowledge and technology to help our clients achieve their goals.
CampusDoor was founded in 1995 to deliver student loans to borrowers and their families via web-based application systems. The Company pioneered the first on-line private student loan application with a live underwriting and response system. CampusDoor has processed over $10 billion in completed loan applications representing over 1.2 million unique borrowers. More information is available at www.campusdoor.com.
Wednesday, March 2, 2011
CampusDoor to Showcase the Private Label Education Loan Program:
Community Banks’ Premier Solution for Private Student Lending
CampusDoor, one of the leading providers in education funding solutions will showcase its Private Label Education Loan Program at the 2011 Independent Community Bankers Association (ICBA) National Convention in San Diego, California. Leveraging CampusDoor’s state-of-the-art technology, infrastructure and experience in private student lending, the Private Label solution provides community banks with the opportunity to offer branded, highly competitive private higher education loans.
By offering The Private Label Education Loan Program powered by CampusDoor, community banks can attract and retain Gen-Y customers and their families by helping them meet the rising cost of college. Designed to supplement a student’s grants, scholarships, federal student loans and other financial aid, undergraduate and graduate private student loans can help students pay for college expenses including tuition, room and board and books while initiating a positive credit history.
According to Damien Q. Elias, Chairman and CEO of CampusDoor, “The Private Label Education Loan Program provides community banks with the premier solution to help their customers pursue their dreams of a college education.”
CampusDoor’s Private Label Education Loan Program provides community banks with loan program design, strategic marketing and branding, program management, a fully automated and compliant origination process and knowledgeable customer service. Drawing upon 15 years of private student lending success, CampusDoor has developed the most robust application processing platform in the industry allowing borrowers and their cosigners to apply online 24/7 and get a decision in less than 60 seconds. The in-house Customer Contact Center guides applicants through the process and leverages CampusDoor’s proprietary pull-through methodology to assure every qualified applicant converts to a funded loan. CampusDoor’s programs are fully compliant with all applicable student lending regulations.
Visit CampusDoor’s at booth #742 in the Techworld area during the 2011 ICBA National Convention to learn more. Representatives can also be reached at 877.392.8562, Option 3 or by email at experts@campusdoor.com to schedule a brief demonstration prior to the event.
About CampusDoor
CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. We understand the education finance marketplace, and leverage our knowledge and technology to help our clients achieve their goals.
CampusDoor was founded in 1995 to deliver student loans to borrowers and their families via web-based application systems. The Company pioneered the first on-line private student loan application with a live underwriting and response system. CampusDoor has processed over $10 billion in completed loan applications representing over 1.2 million unique borrowers.
www.campusdoor.com
Tuesday, March 1, 2011
CampusDoor Launches the New CU Student HELP College Planning Service
CampusDoor Launches the New CU Student HELP College Planning Service with a Free Webinar for Credit Unions Nationwide
CampusDoor, the leading provider of education funding solutions is pleased to announce a new product designed to help families pay for education. CampusDoor has partnered with Collegiate Funding Services, an integrated college planning solutions provider to offer the CU Student HELP College Planning Service. This service provides a web-based college planning solution for credit unions as the perfect complement for a credit union’s private student loan product from CampusDoor. By delivering a comprehensive college planning and funding solutions credit unions are able to support their communities and attract new Gen Y customers and their families. Credit unions that offer the college planning service can help members avoid using their credit union deposits and investments, providing customized suggestions to the credit union’s products to achieve the goals of the member!
Credit union members use the college planning service free-of-charge to help them make informed college planning and funding decisions and save on their out-of-pocket college costs. Customized college planning and funding reports are dynamically generated through a branded online interface from the credit union's website. The customized reports contain actionable information, strategies and tips to help the family make informed college planning and funding decisions.
A highlight of the CFS generated reports is that it provides much needed context and rationale for college savings and funding options available through the credit union. This helps the families choose the option that meets their needs and circumstances. The customized report content also highlights the lending products available through the institution, including the credit unions CU Student HELP private student loan with links directly into online loan applications.
On Tuesday, March 8th at 2:00pm EST, CampusDoor will be hosting an informational webinar to provide further details about the program for credit unions nationwide. Those wishing to participate in the webinar or looking for further information are encouraged to call 877.392.8562 Option 3, or email info@custudenthelp.com.
About CampusDoor
CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. We understand the education finance marketplace, and leverage our knowledge and technology to help our clients achieve their goals.
CampusDoor created CU Student HELP so that credit unions can offer private student loans and college planning service to their members and help them to achieve their higher education dreams. More information is available at www.campusdoor.com and www.custudenthelp.com.
About Collegiate Funding Solutions
Collegiate Funding Solutions Collegiate Funding Solutions (CFS) is a leading provider of innovative and integrated web-based college funding solutions and college planning software for financial institutions and financial services professionals. For additional information on Collegiate Funding Solutions, visit the company's Website at www.collegiatefundingsolutions.com.
CampusDoor, the leading provider of education funding solutions is pleased to announce a new product designed to help families pay for education. CampusDoor has partnered with Collegiate Funding Services, an integrated college planning solutions provider to offer the CU Student HELP College Planning Service. This service provides a web-based college planning solution for credit unions as the perfect complement for a credit union’s private student loan product from CampusDoor. By delivering a comprehensive college planning and funding solutions credit unions are able to support their communities and attract new Gen Y customers and their families. Credit unions that offer the college planning service can help members avoid using their credit union deposits and investments, providing customized suggestions to the credit union’s products to achieve the goals of the member!
Credit union members use the college planning service free-of-charge to help them make informed college planning and funding decisions and save on their out-of-pocket college costs. Customized college planning and funding reports are dynamically generated through a branded online interface from the credit union's website. The customized reports contain actionable information, strategies and tips to help the family make informed college planning and funding decisions.
A highlight of the CFS generated reports is that it provides much needed context and rationale for college savings and funding options available through the credit union. This helps the families choose the option that meets their needs and circumstances. The customized report content also highlights the lending products available through the institution, including the credit unions CU Student HELP private student loan with links directly into online loan applications.
On Tuesday, March 8th at 2:00pm EST, CampusDoor will be hosting an informational webinar to provide further details about the program for credit unions nationwide. Those wishing to participate in the webinar or looking for further information are encouraged to call 877.392.8562 Option 3, or email info@custudenthelp.com.
About CampusDoor
CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. We understand the education finance marketplace, and leverage our knowledge and technology to help our clients achieve their goals.
CampusDoor created CU Student HELP so that credit unions can offer private student loans and college planning service to their members and help them to achieve their higher education dreams. More information is available at www.campusdoor.com and www.custudenthelp.com.
About Collegiate Funding Solutions
Collegiate Funding Solutions Collegiate Funding Solutions (CFS) is a leading provider of innovative and integrated web-based college funding solutions and college planning software for financial institutions and financial services professionals. For additional information on Collegiate Funding Solutions, visit the company's Website at www.collegiatefundingsolutions.com.
Monday, January 10, 2011
CampusDoor partners with Benchmark Community Bank
BENCHMARK COMMUNTIY BANK PARTNERS WITH CAMPUSDOOR’S CB STUDENT HELP PROGRAM TO OFFER PRIVATE STUDENT LOANS AND HELP CUSTOMERS PAY FOR COLLEGE!
Benchmark Community Bank announced today that it has partnered with CampusDoor to offer the CB Student HELP Smart Option Student Loan made by Sallie Mae to help their customers meet the rising cost of college while helping them graduate with less debt and pay it off faster after graduation.
“With the recent regulatory changes restricting the ability of banks to make traditional student loans, this product will fill the void for many of the college bound students and their families in Southside Virginia. Benchmark is very pleased to offer this new product,” remarked Benchmark’s Senior Vice President of Retail Operations, Jay Stafford.
Unlike other longer-term private loan alternatives in which no payments are made until after graduation, with the Benchmark Community Bank Smart Option Student Loan, students make payments while in school and graduate with less debt, compared to other longer-term private loan alternatives in which no payments are made until after graduation. With the loan’s shorter repayment period, a customer can pay off the loan five to eight years faster after graduation, compared to a standard 15-year interest deferred private student loan. The customer may select either a fixed monthly in-school payment plan or opt to pay interest-only payments while in school. A typical freshman can save 30 to 50 percent on finance charges over the life of the loan. Designed to supplement a student’s federal student loans and other financial aid, the Benchmark Community Bank Smart Option Student Loan can help students cover up to 100 percent of their education expenses. The Smart Option Student Loan features market-leading interest rates that reward responsible borrowers as they pursue their graduate or undergraduate degrees. Also available are benefits such as an on-time payment reward and interest rate discounts for enrolling to make automatic payments. Benchmark Community Bank recommends private student loans to help bridge the college financing gap after exploring scholarships, grants and federal student loans. By offering the Smart Option Student Loan, Benchmark Community Bank can help its customers pay for necessary college expenses including tuition, room and board, books, and even a computer while building a credit history.
As part of the CB Student HELP program, CampusDoor will assist with the development and implementation of the loan program and provide specialized call center support to Benchmark Community Bank customers. To offer the Smart Option Student Loan to banks nationwide, CampusDoor created the CB Student HELP program and partnered with Sallie Mae, the nation’s leading saving, planning, and paying for college company. Since its founding nearly 40 years ago, Sallie Mae has helped more than 31 million people make the investment in a higher education. “Sallie Mae is delighted to partner with Benchmark Community Bank and CampusDoor to assist families seeking responsible solutions to make the investment in a college education,” commented Jerry Maher, senior vice president, Sallie Mae.
About Benchmark Community Bank
Founded in 1971 and headquartered in Kenbridge, Benchmark Community Bank is a $417 million locally owned and operated full service bank serving Southside Virginia. Branch offices are located in Kenbridge, Victoria, Farmville, South Hill, Crewe, Lawrenceville, Clarksville, Chase City, Blackstone, South Boston, and Halifax. It has been named one of the top 200 community banks in the nation by U.S. Banker magazine for 3 years running. Additional information about Benchmark, including how to access the Smart Option Student Loan application, can be found at www.BCBonline.com.
About CampusDoor
CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. CampusDoor created CB Student Higher Education Loan Program (CB Student HELP) so that banks can offer private student loans to their customers and help them to achieve their higher education dreams. More information is available online at www.campusdoor.com and www.cbstudenthelp.com.
Benchmark Community Bank announced today that it has partnered with CampusDoor to offer the CB Student HELP Smart Option Student Loan made by Sallie Mae to help their customers meet the rising cost of college while helping them graduate with less debt and pay it off faster after graduation.
“With the recent regulatory changes restricting the ability of banks to make traditional student loans, this product will fill the void for many of the college bound students and their families in Southside Virginia. Benchmark is very pleased to offer this new product,” remarked Benchmark’s Senior Vice President of Retail Operations, Jay Stafford.
Unlike other longer-term private loan alternatives in which no payments are made until after graduation, with the Benchmark Community Bank Smart Option Student Loan, students make payments while in school and graduate with less debt, compared to other longer-term private loan alternatives in which no payments are made until after graduation. With the loan’s shorter repayment period, a customer can pay off the loan five to eight years faster after graduation, compared to a standard 15-year interest deferred private student loan. The customer may select either a fixed monthly in-school payment plan or opt to pay interest-only payments while in school. A typical freshman can save 30 to 50 percent on finance charges over the life of the loan. Designed to supplement a student’s federal student loans and other financial aid, the Benchmark Community Bank Smart Option Student Loan can help students cover up to 100 percent of their education expenses. The Smart Option Student Loan features market-leading interest rates that reward responsible borrowers as they pursue their graduate or undergraduate degrees. Also available are benefits such as an on-time payment reward and interest rate discounts for enrolling to make automatic payments. Benchmark Community Bank recommends private student loans to help bridge the college financing gap after exploring scholarships, grants and federal student loans. By offering the Smart Option Student Loan, Benchmark Community Bank can help its customers pay for necessary college expenses including tuition, room and board, books, and even a computer while building a credit history.
As part of the CB Student HELP program, CampusDoor will assist with the development and implementation of the loan program and provide specialized call center support to Benchmark Community Bank customers. To offer the Smart Option Student Loan to banks nationwide, CampusDoor created the CB Student HELP program and partnered with Sallie Mae, the nation’s leading saving, planning, and paying for college company. Since its founding nearly 40 years ago, Sallie Mae has helped more than 31 million people make the investment in a higher education. “Sallie Mae is delighted to partner with Benchmark Community Bank and CampusDoor to assist families seeking responsible solutions to make the investment in a college education,” commented Jerry Maher, senior vice president, Sallie Mae.
About Benchmark Community Bank
Founded in 1971 and headquartered in Kenbridge, Benchmark Community Bank is a $417 million locally owned and operated full service bank serving Southside Virginia. Branch offices are located in Kenbridge, Victoria, Farmville, South Hill, Crewe, Lawrenceville, Clarksville, Chase City, Blackstone, South Boston, and Halifax. It has been named one of the top 200 community banks in the nation by U.S. Banker magazine for 3 years running. Additional information about Benchmark, including how to access the Smart Option Student Loan application, can be found at www.BCBonline.com.
About CampusDoor
CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. CampusDoor created CB Student Higher Education Loan Program (CB Student HELP) so that banks can offer private student loans to their customers and help them to achieve their higher education dreams. More information is available online at www.campusdoor.com and www.cbstudenthelp.com.
CampusDoor partners with Heartland Federal Credit Union
HEARTLAND FEDERAL CREDIT UNION PARTNERS WITH CAMPUSDOOR’S CU STUDENT HELP PROGRAM TO OFFER PRIVATE STUDENT LOANS AND HELP MEMBERS PAY FOR COLLEGE!
Heartland Federal Credit Union announced today that it has partnered with CampusDoor to offer the CU Student HELP Smart Option Student Loan made by Sallie Mae to help their members meet the rising cost of college while helping them graduate with less debt and pay it off faster after graduation.
Unlike other longer-term private loan alternatives in which no payments are made until after graduation, with the Heartland Federal Credit Union Smart Option Student Loan, students make payments while in school and graduate with less debt, compared to other longer-term private loan alternatives in which no payments are made until after graduation. With the loan’s shorter repayment period, a customer can pay off the loan five to eight years faster after graduation, compared to a standard 15-year interest deferred private student loan. The customer may select either a fixed monthly in-school payment plan or opt to pay interest-only payments while in school. A typical freshman can save 30 to 50 percent on finance charges over the life of the loan.
Designed to supplement a student’s federal student loans and other financial aid, the Heartland Federal Credit Union Smart Option Student Loan can help students cover up to 100 percent of their education expenses. The Smart Option Student Loan features market-leading interest rates that reward responsible borrowers as they pursue their graduate or undergraduate degrees. Also available are benefits such as an on-time payment reward and interest rate discounts for enrolling to make automatic payments.
Heartland Federal Credit Union recommends private student loans to help bridge the college financing gap after exploring scholarships, grants and federal student loans. By offering the Smart Option Student Loan, Heartland Federal Credit Union can help its members pay for necessary college expenses including tuition, room and board, books, and even a computer while building a credit history.
As part of the CU Student HELP program, CampusDoor will assist with the development and implementation of the loan program and provide specialized call center support to Heartland Federal Credit Union members. To offer the Smart Option Student Loan to credit unions nationwide, CampusDoor created the CU Student HELP program and partnered with Sallie Mae, the nation’s leading saving, planning, and paying for college company. Since its founding nearly 40 years ago, Sallie Mae has helped more than 31 million people make the investment in a higher education. “Sallie Mae is delighted to partner with Heartland Federal Credit Union and CampusDoor to assist families seeking responsible solutions to make the investment in a college education,” commented Jerry Maher, senior vice president, Sallie Mae.
About Heartland Federal Credit Union
Heartland Federal Credit Union, a full-service financial institute open since 1935, offers the best in banking services and is open to everyone in Clark, Greene, Miami, and Montgomery Counties. Visit thinkheartland.com to experience financial success...today and tomorrow.
About CampusDoor
CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. CampusDoor created CU Student Higher Education Loan Program (CU Student HELP) so that credit unions can offer private student loans to their members and help them to achieve their higher education dreams. More information is available online at www.campusdoor.com and www.custudenthelp.com.
Heartland Federal Credit Union announced today that it has partnered with CampusDoor to offer the CU Student HELP Smart Option Student Loan made by Sallie Mae to help their members meet the rising cost of college while helping them graduate with less debt and pay it off faster after graduation.
Unlike other longer-term private loan alternatives in which no payments are made until after graduation, with the Heartland Federal Credit Union Smart Option Student Loan, students make payments while in school and graduate with less debt, compared to other longer-term private loan alternatives in which no payments are made until after graduation. With the loan’s shorter repayment period, a customer can pay off the loan five to eight years faster after graduation, compared to a standard 15-year interest deferred private student loan. The customer may select either a fixed monthly in-school payment plan or opt to pay interest-only payments while in school. A typical freshman can save 30 to 50 percent on finance charges over the life of the loan.
Designed to supplement a student’s federal student loans and other financial aid, the Heartland Federal Credit Union Smart Option Student Loan can help students cover up to 100 percent of their education expenses. The Smart Option Student Loan features market-leading interest rates that reward responsible borrowers as they pursue their graduate or undergraduate degrees. Also available are benefits such as an on-time payment reward and interest rate discounts for enrolling to make automatic payments.
Heartland Federal Credit Union recommends private student loans to help bridge the college financing gap after exploring scholarships, grants and federal student loans. By offering the Smart Option Student Loan, Heartland Federal Credit Union can help its members pay for necessary college expenses including tuition, room and board, books, and even a computer while building a credit history.
As part of the CU Student HELP program, CampusDoor will assist with the development and implementation of the loan program and provide specialized call center support to Heartland Federal Credit Union members. To offer the Smart Option Student Loan to credit unions nationwide, CampusDoor created the CU Student HELP program and partnered with Sallie Mae, the nation’s leading saving, planning, and paying for college company. Since its founding nearly 40 years ago, Sallie Mae has helped more than 31 million people make the investment in a higher education. “Sallie Mae is delighted to partner with Heartland Federal Credit Union and CampusDoor to assist families seeking responsible solutions to make the investment in a college education,” commented Jerry Maher, senior vice president, Sallie Mae.
About Heartland Federal Credit Union
Heartland Federal Credit Union, a full-service financial institute open since 1935, offers the best in banking services and is open to everyone in Clark, Greene, Miami, and Montgomery Counties. Visit thinkheartland.com to experience financial success...today and tomorrow.
About CampusDoor
CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. CampusDoor created CU Student Higher Education Loan Program (CU Student HELP) so that credit unions can offer private student loans to their members and help them to achieve their higher education dreams. More information is available online at www.campusdoor.com and www.custudenthelp.com.
Friday, October 1, 2010
CampusDoor Informational Webinars
Now offering free informational webinars to credit unions educating them on the private student loan industry!
Thursday, August 12, 2010
CampusDoor and Collegiate Funding Solutions Announce Business Partnership- 8/12/2010
Carlisle, PA (August 12, 2010) - Education finance technology provider CampusDoor has partnered with Collegiate Funding Solutions (CFS), a leading provider of web-based college funding solutions for professionals and financial services institutions.
CampusDoor helps lenders offer education finance products to their customers. Damien Elias, Chairman and CEO of CampusDoor said of his company, "CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. We understand the education finance marketplace, and leverage our knowledge and technology to help our clients achieve their goals."
CFS helps credit union members and bank customers reduce out-of-pocket college costs. Customized college planning and funding reports are dynamically generated through a branded online interface from the financial institution's website. The customized reports contain actionable information, strategies and tips to help the family make informed college planning and funding decisions.
CampusDoor and CFS will offer an integrated package to credit unions and banks interested in offering both programs.
"The CFS program is an excellent complement to our current suite of products and services and will help us better serve our financial institution clients and their customers," said Elias.
"Financial institutions tell us that in order to grow they need to boost loan volume and members. The CFS/CampusDoor integrated solution helps them achieve both goals," said Roger Lorelle, president of Collegiate Funding Solutions. "CFS and CampusDoor offer very complementary services. CFS helps families reduce the cost of college and CampusDoor helps them fund college."
Financial institutions looking to offer one of CampusDoor's education finance products and the Collegiate Funding Solutions product can integrate both into their Web sites.
A highlight of the CFS generated reports is that it provides much needed context and rationale for college savings and funding options available through the institution. This helps the families choose the option that meets their needs and circumstances. The customized report content also highlights the lending products available through the institution, including the CampusDoor originated private student loan with links directly into online loan applications.
Elias believes that the CFS/CampusDoor relationship can create additional opportunities for financial institution clients to provide a broader range of financial services and counseling to their clients with college bound children.
"We provide complete loan origination solutions for our clients, but we also draw on our 15 years of experience in education finance to counsel them on the development of their product strategies and how to bring their products to the marketplace." Elias said. "The CFS product will allow us to help our clients offer additional services to their customers and ensure that their customers properly plan for their education and the costs associated with it."
About Campus Door
CampusDoor broadcasts their new mantra proudly: Understand, Innovate, Achieve. The company, with 15 years of private student loan experience understands the student loan financial marketplace by creating an individualized experience via an innovative online loan process, and finally, working hand in hand with students and lenders, CampusDoor helps students achieve their dreams. www.campusdoor.com or call 717-249-8800
About Collegiate Funding Solutions
Collegiate Funding Solutions (CFS) is a leading provider of innovative and integrated web-based college funding solutions and college planning software for financial institutions and financial services professionals. For additional information on Collegiate Funding Solutions, visit the company's Website at www.collegiatefundingsolutions.com or call 919-469-1996
CampusDoor helps lenders offer education finance products to their customers. Damien Elias, Chairman and CEO of CampusDoor said of his company, "CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. We understand the education finance marketplace, and leverage our knowledge and technology to help our clients achieve their goals."
CFS helps credit union members and bank customers reduce out-of-pocket college costs. Customized college planning and funding reports are dynamically generated through a branded online interface from the financial institution's website. The customized reports contain actionable information, strategies and tips to help the family make informed college planning and funding decisions.
CampusDoor and CFS will offer an integrated package to credit unions and banks interested in offering both programs.
"The CFS program is an excellent complement to our current suite of products and services and will help us better serve our financial institution clients and their customers," said Elias.
"Financial institutions tell us that in order to grow they need to boost loan volume and members. The CFS/CampusDoor integrated solution helps them achieve both goals," said Roger Lorelle, president of Collegiate Funding Solutions. "CFS and CampusDoor offer very complementary services. CFS helps families reduce the cost of college and CampusDoor helps them fund college."
Financial institutions looking to offer one of CampusDoor's education finance products and the Collegiate Funding Solutions product can integrate both into their Web sites.
A highlight of the CFS generated reports is that it provides much needed context and rationale for college savings and funding options available through the institution. This helps the families choose the option that meets their needs and circumstances. The customized report content also highlights the lending products available through the institution, including the CampusDoor originated private student loan with links directly into online loan applications.
Elias believes that the CFS/CampusDoor relationship can create additional opportunities for financial institution clients to provide a broader range of financial services and counseling to their clients with college bound children.
"We provide complete loan origination solutions for our clients, but we also draw on our 15 years of experience in education finance to counsel them on the development of their product strategies and how to bring their products to the marketplace." Elias said. "The CFS product will allow us to help our clients offer additional services to their customers and ensure that their customers properly plan for their education and the costs associated with it."
About Campus Door
CampusDoor broadcasts their new mantra proudly: Understand, Innovate, Achieve. The company, with 15 years of private student loan experience understands the student loan financial marketplace by creating an individualized experience via an innovative online loan process, and finally, working hand in hand with students and lenders, CampusDoor helps students achieve their dreams. www.campusdoor.com or call 717-249-8800
About Collegiate Funding Solutions
Collegiate Funding Solutions (CFS) is a leading provider of innovative and integrated web-based college funding solutions and college planning software for financial institutions and financial services professionals. For additional information on Collegiate Funding Solutions, visit the company's Website at www.collegiatefundingsolutions.com or call 919-469-1996
Friday, July 30, 2010
CampusDoor Smart Options News Release 7/23
Campus Door Draft News Release 7-23-10
CAMPUS DOOR ANNOUNCES NEW PRIVATE STUDENT LOAN
TO HELP COLLEGE STUDENTS SAVE MONEY
Borrow Smart with Market-Leading Rates, Faster Pay Off-Time
and On-time Payment Reward
Campus Door announced today that it has partnered with Sallie Mae to offer a student loan program to credit unions to help their members meet the rising cost of college while helping them graduate with less debt and pay off faster after graduation. The CU Student HELP (Higher Education Loan Program) Smart Option Student Loan by Sallie Mae will be administered by Campus Door and offered to credit unions nationwide.
According to Damien Q. Elias, President and CEO of Campus Door, “the Smart Option Loan provides families with the ability to pursue their dreams of a college education without graduating with excessive debt.”
With the CU Student HELP Smart Option Student Loan by Sallie Mae, students pay interest while in school and graduate with less debt, compared to other longer-term private loan alternatives in which no payments are made until after graduation. With the loan’s shorter repayment period, a customer can pay off the loan five to eight years faster after graduation, compared to a standard 15-year interest deferred private student loan. The customer may select either a $25 monthly in-school payment plan or opt to pay interest only payments while in school. A typical freshman can save 30 to 50 percent on finance charges over the life of the loan.
Designed to supplement a student’s federal student loans and other financial aid, the CU Student HELP Smart Option Student Loan by Sallie Mae can help students cover up to 100 percent of their education expenses. The Sallie Mae Smart Option Student Loan features market-leading interest rates that reward responsible borrowers as they pursue their graduate or undergraduate degrees. Also available are benefits such as an on-time payment reward and interest-rate discounts for enrolling to make automatic payments.
To offer the Smart Option Student Loan, CU Student HELP partnered with Sallie Mae, the nation’s leading saving, planning, and paying for college company. Since its founding nearly 40 years ago, the company has helped more than 31 million people make the investment in a higher education.
CU Student HELP recommends private student loans to help bridge the college financing gap after exploring scholarships, grants and federal student loans. For more information, visit www.custudenthelp.com.
“CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. We understand the education finance marketplace, and leverage our knowledge and technology to help our clients achieve their goals,” Elias added
CampusDoor created CU Student HELP to provide credit unions with the ability to offer private student loans to their members. The CU Student HELP program allows each credit union to choose from one of two available options-- the balance sheet program or the Smart Option Student Loan referral program. Both of the programs increase revenue, minimize risk and fill a gap in the institution’s existing suite of products.
Thursday, July 29, 2010
Cumberland County Business Development-- 7/6
CCED helps Local Tech Company Stay in Carlisle
Campus Door re-opens in Carlisle and creates 100 Hi-Tech jobs
Carlisle, PA (July 6, 2010) - Campus Door is once again setting the stage to grow in Carlisle. After a remarkable start in 1995 through 2006, Damien Elias has breathed new life into Campus Door with assistance from Cumberland County Economic Development (CCED) and the Governor's Action Team (GAT).
Damien first approached CCED in November of 2009 looking for assistance to keep the company in Carlisle. "They were looking for options that would allow them to stay in the area and we were able to provide a comprehensive list from which to choose." stated Anthony Amadure, Business Development Specialist from CCED. CCED reviewed a number of programs with Damien, including options on energy savings, financing, and workforce needs to showcase area resources and the benefits of staying in Carlisle.
"Campus Door was considering locations in at least 2 other states", stated Omar Shute, Executive Director of CCED. "We decided to work with the GAT right away for business incentives and assistance. Getting GAT involved proved to be a key factor in moving their project forward as they constructed a competitive package which included almost a half-million dollars total in Opportunity Grant, Job Training, and Job Creation Tax Credit funding". The GAT package will allow Campus Door to purchase equipment, train their employees, and hold down their overall project costs. "GAT has always been a strong and reliable partner when working on projects of this size and importance", noted Anthony Amadure "and we thank them for their assistance."
"The state package was essential in our company being able to stay and re-open in Carlisle", Damien noted. "In the end we were all very happy to keep Campus Door in Carlisle." "The proposed 100 full-time, high-paying, high-tech positions are a much needed boost to the local economy. This continues to add to the almost 400 jobs that will be created through two previous, high profile CCED projects announced earlier this year - the Office Depot and Alacer expansions. We are delighted to help a local success story come back and contribute once again to our local economy," stated Omar Shute.
Originally a lender of private student loans, Damien had to change the company's focus due to new federal regulations. In March, President Barack Obama signed a law that ends the practice of private banks lending federally subsidized Stafford Loans, which could potentially save the government more than $60 billion over ten years. The law took effect on July 1st. This new focus will allow Damien to hopefully corner a new market by selling web-based software to banks and other lending institutions that make private student loans. He hopes to be a lender again, but will be happy simply being a loan facilitator for now.
Campus Door's upgraded and enhanced software platform will allow banks to offer private education finance solutions to their college-bound customers and to develop custom branded student loan programs to meet each lender's education finance product needs. The first lender to use the system in Virginia will go live the week of July 15th. "We had to adopt a very different perspective this time, Damien said, as we now have to make loans for others instead of always being the lender ourselves."
After operating in Carlisle for over 10 years, the company was sold to Lehman Brothers in 2006 after handling loan requests in excess of $2 billion and employing around 300 people. Lehman went bankrupt in 2008 during the financial collapse of mortgage backed securities and Damien was able purchase the company back in 2009 for an undisclosed amount. Now, with the help of ten new private investors, assistance from CCED and GAT, and an additional equity infusion of about $800,000, the company is poised to grow once again.
The mission of CCED is to be a catalyst for job creation; entrepreneurship; business attraction, retention, and expansion on behalf of the citizens of Cumberland County and South Central Pennsylvania.
Campus Door re-opens in Carlisle and creates 100 Hi-Tech jobs
Carlisle, PA (July 6, 2010) - Campus Door is once again setting the stage to grow in Carlisle. After a remarkable start in 1995 through 2006, Damien Elias has breathed new life into Campus Door with assistance from Cumberland County Economic Development (CCED) and the Governor's Action Team (GAT).
Damien first approached CCED in November of 2009 looking for assistance to keep the company in Carlisle. "They were looking for options that would allow them to stay in the area and we were able to provide a comprehensive list from which to choose." stated Anthony Amadure, Business Development Specialist from CCED. CCED reviewed a number of programs with Damien, including options on energy savings, financing, and workforce needs to showcase area resources and the benefits of staying in Carlisle.
"Campus Door was considering locations in at least 2 other states", stated Omar Shute, Executive Director of CCED. "We decided to work with the GAT right away for business incentives and assistance. Getting GAT involved proved to be a key factor in moving their project forward as they constructed a competitive package which included almost a half-million dollars total in Opportunity Grant, Job Training, and Job Creation Tax Credit funding". The GAT package will allow Campus Door to purchase equipment, train their employees, and hold down their overall project costs. "GAT has always been a strong and reliable partner when working on projects of this size and importance", noted Anthony Amadure "and we thank them for their assistance."
"The state package was essential in our company being able to stay and re-open in Carlisle", Damien noted. "In the end we were all very happy to keep Campus Door in Carlisle." "The proposed 100 full-time, high-paying, high-tech positions are a much needed boost to the local economy. This continues to add to the almost 400 jobs that will be created through two previous, high profile CCED projects announced earlier this year - the Office Depot and Alacer expansions. We are delighted to help a local success story come back and contribute once again to our local economy," stated Omar Shute.
Originally a lender of private student loans, Damien had to change the company's focus due to new federal regulations. In March, President Barack Obama signed a law that ends the practice of private banks lending federally subsidized Stafford Loans, which could potentially save the government more than $60 billion over ten years. The law took effect on July 1st. This new focus will allow Damien to hopefully corner a new market by selling web-based software to banks and other lending institutions that make private student loans. He hopes to be a lender again, but will be happy simply being a loan facilitator for now.
Campus Door's upgraded and enhanced software platform will allow banks to offer private education finance solutions to their college-bound customers and to develop custom branded student loan programs to meet each lender's education finance product needs. The first lender to use the system in Virginia will go live the week of July 15th. "We had to adopt a very different perspective this time, Damien said, as we now have to make loans for others instead of always being the lender ourselves."
After operating in Carlisle for over 10 years, the company was sold to Lehman Brothers in 2006 after handling loan requests in excess of $2 billion and employing around 300 people. Lehman went bankrupt in 2008 during the financial collapse of mortgage backed securities and Damien was able purchase the company back in 2009 for an undisclosed amount. Now, with the help of ten new private investors, assistance from CCED and GAT, and an additional equity infusion of about $800,000, the company is poised to grow once again.
The mission of CCED is to be a catalyst for job creation; entrepreneurship; business attraction, retention, and expansion on behalf of the citizens of Cumberland County and South Central Pennsylvania.
Tuesday, July 27, 2010
Central Penn Business Journal Article 6/25-- CampusDoor revived as student-loan technology company
CampusDoor revived as student-loan technology company
By: Jim T. Ryan jimr@journalpub.com
Analyst: Private loan market will be highly competitive
Carlisle-based CampusDoor, a lender of private student loans that closed in 2009, is making a revival under the company’s founder, who sold the business in 2007 to financial giant Lehman Bros., which failed in 2008.
Still, CampusDoor will never the same after the financial collapse of 2008, said Damien Elias, the company’s chairman and CEO.
“Now, because of illiquidity in the financial markets, we’re actually unable to make loans ourselves,” he said.
Instead, CampusDoor is selling its Web-based software to banks and other lending institutions making private student loans. The company has become a facilitator for loans, even if the goal is someday to be the lender again, Elias said. CampusDoor’s technology will go live this week for First National Bank based in Altavista, VA., he said.
“It was a different perception that we had to adopt in the company – that we had to do for others,” he said.
Lehman Bros. Bank bought CampusDoor three years ago. In 2008, CampusDoor became a casualty of the financial collapse when Lehman Bros. filed for bankruptcy protection under the weight of its dealings in mortgage-backed securities. The incident sent shockwaves through the world economy and set up the conditions for the Great Recession.
CampusDoor stopped lending in the wake of the crisis but continued to service existing loans. The company laid off 300 people following Lehman’s announcement that it was closing the business.
The company’s abrupt end in 2008 was in stark contrast to its successes since Elias started the company in 1995. By 2006, CampusDoor had loan requests worth more than $2 billion, was building a $1.5 million addition to its headquarters and hired more than 70 employees.
Elias repurchased the company in late 2009 after a year of negotiations with the Lehman Bros. estate. He declined to release the purchase price.
Campus Door Holdings Inc., the company’s parent entity, received a $3 million mortgage in May from M & T Bank on its office property at 1415 Ritner Highway, according to Cumberland County records. The money was used for operational capital, Elias said.
The company also racked up 10 private investors, he said. CampusDoor sold $750,000 worth of equity to the investors, closing the sale June 11, Elias said.
Financial aid offices at area colleges said CampusDoor contacted them about lending to students for the upcoming school year.
The company called Dickinson College in Carlisle to ask about the school’s loan period dates, said Carolyn Thompson, the college’s loan coordinator. Several months ago, CampusDoor also contacted Messiah College in Upper Allen Township, Cumberland County, said Greg Gearhart, the director of financial aid.
CampusDoor’s re-emergence is following a trend around the country, said Mark Kantrowitz, the publisher of FinAid.org, a resource for students who need college financing.
Some lending companies are coming back, ad banks are broadening their private loan offerings because of new federal regulations, he said.
In March, President Barack Obama signed a law that ends the practice of private banks lending federally subsidized Stafford Loans, which could save the government more than 60 billion over 10 years. The law takes effect July 1.
“A lot of the private lenders that were making federal student loans are looking to replace those with private loan programs,” Kantrowitz said.
The increasing number of lenders and products will make the student loans market much more competitive, eventually bringing down interest rates, he said. Increased lending ahead of fall enrollments should accelerate the trend, he said.
The changes will be good for business, Elias said.
“It is going to be a good move in the long run,” he said. “Banks now need a new product to attract customers. And let’s be honest, there’s still a huge need for private student loans to fill the gaps.”
Although banks continued lending to students, 2008’s scale-back of loan securitization nearly killed non-bank lenders, Kantrowitz said.
Securitization is grouping loans together in a security similar to stocks and selling them to investors. When companies did that with subprime mortgages, recurring defaults made most of the securities worthless. Some firms, including Lehman Bros., were heavily invested in that market.
Lending companies used a similar mechanism in the student loan market, Kantrowitz said. Companies borrowed money to make the loans, securitized them, and sold the securities, he said.
“Education loans are less risky than mortgages, but the market just got gun-shy of anything that involved securitization,” Kantrowitz said.
Lending companies moved to credit to continue student loans, but that only lasted until the credit was maxed out, he said.
“Around the time CampusDoor went out of business, there were a lot of private lenders that went out of business,” Messiah’s Gearhart said.
Sales representatives from lending companies stopped visiting colleges when the financial crisis hit, he said. Some companies closed, while others cut staff and stopped lending.
Many of those companies won’t return to the student-loan arena, and if they do, the companies could be a lot smaller, Elias said.
Even the market for new loans is smaller. It was worth $20 billion in 2008, and today its worth about $8 billion, Elias said. That could grow to $14 billion in two years.
“I think there’s a substantial growth potential over the next two or three years,” Elias said. “I wouldn’t have decided to buy the company back if there wasn’t an opportunity.”
Friday, July 23, 2010
UNDERSTAND
un-der-stand [uhn-der-stand]
To be thoroughly familiar with; apprehend clearly the character, nature or subtleties of.
To be thoroughly familiar with; apprehend clearly the character, nature or subtleties of.
Thursday, July 22, 2010
Who We Are
CampusDoor was founded in 1995 to deliver student loans to borrowers and their families via web-based application systems. Today, that sounds too basic for any company’s vision statement. But in the mid-nineties, the Company pioneered dozens of firsts: the first online private, credit based student loan application with a live underwriting and response system, the first truly branded student loan, the first venture capital funded, privately owned private education lender. CampusDoor first launched at NASFAA in 2000 and made its first loan in the spring of 2001, with 46 loans processed. CampusDoor also shifted into a strategic alliance with KeyBank in early 2001. Just two years later, the company crafted the auto-certification process which allowed consumers to apply for and be approved in just seconds for a private student loan.
Nearly 15 years later, the company, its original founders, and employees have experienced the ups and downs of the financial world. Sold to Lehman Brothers in 2006, the company grew to become one of the largest private loan providers in the US. The company was on track to originate $1 billion in loans in 2008 with over 300 employees in four locations. Later that year, Lehman Bros.’ bankruptcy forced the closing of CampusDoor. In late 2009, the founders reacquired the company from Lehman Bros. In the first half of 2010, the founders and employees worked to enhance and redeploy the CampusDoor loan origination systems and the company made its first loan on the new platform in July.
CampusDoor broadcasts their new mantra proudly: Understand, Innovate, Achieve. Our mission is: “CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. We understand the education finance marketplace, and leverage our knowledge and technology to help our clients achieve their goals.”
We will be posting frequent updates noting our accomplishments and chronicling our journey towards developing even more innovative products and services to better serve you.
Nearly 15 years later, the company, its original founders, and employees have experienced the ups and downs of the financial world. Sold to Lehman Brothers in 2006, the company grew to become one of the largest private loan providers in the US. The company was on track to originate $1 billion in loans in 2008 with over 300 employees in four locations. Later that year, Lehman Bros.’ bankruptcy forced the closing of CampusDoor. In late 2009, the founders reacquired the company from Lehman Bros. In the first half of 2010, the founders and employees worked to enhance and redeploy the CampusDoor loan origination systems and the company made its first loan on the new platform in July.
CampusDoor broadcasts their new mantra proudly: Understand, Innovate, Achieve. Our mission is: “CampusDoor provides innovative student loan solutions, systems and processing to lenders enabling them to help their customers pay for college. We understand the education finance marketplace, and leverage our knowledge and technology to help our clients achieve their goals.”
We will be posting frequent updates noting our accomplishments and chronicling our journey towards developing even more innovative products and services to better serve you.
Tuesday, July 20, 2010
Welcome to CampusDoor!
Coming soon: The story of CampusDoor, our latest press releases, and information on our innovative products and services!
Can't wait?
Join us on Twitter @campusdoorpsl or Facebook: CampusDoor
View our website to learn more about us!
CampusDoor.com
Can't wait?
Join us on Twitter @campusdoorpsl or Facebook: CampusDoor
View our website to learn more about us!
CampusDoor.com
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