National Lending Associates, Inc. (NLA) and Sterling Education Finance, LLC (SEF) announces their strategic partnership with the Pennsylvania Association of Community Bankers. Through this partnership, a new education financing solution called the Community Education Loan (CEL) will be provided to their member banks. “Pennsylvania Association of Community Bankers is pleased to have the opportunity to recommend to our member banks a turnkey private education product which can be customized to meet the needs of our constituents” said Richard K. Arnold, Senior Vice President/Chief Operating Officer. “Today, students and their families are finding it more difficult to obtain financing for a college education due to the continued financial pressures on traditional lenders because of the instability of the financial markets. This is a great opportunity for the financial institution to offer an alternative loan program, as well as better serve their customer base.”
The Community Education Loan program allows community banks to develop their own student loan offering without additional staffing or resources. This program is completely managed by NLA and SEF including product development, application origination, credit decisioning, disbursement processing, and loan portfolio administration services, with loan servicing being performed by PHEAA/AES. PHEAA/AES is one of the largest and most respected student loan servicers in the country.
“We are delighted that Pennsylvania Association of Community Bankers has chosen to promote the CEL program to their member banks,” said Nancy Chalker, Regional Vice President at Sterling Financial and the relationship manager for this program. “By combining the in-depth knowledge and strength of the Pennsylvania Association of Community Bankers and the private loan expertise of both NLA and SEF, we are able to bring a quality private education loan solution to this marketplace.“
For more information on the Community Education Loan go to (www.sterlingeducationfinance.org), contact Pat Cook at (828) 335-1092 or Nancy Chalker at (570) 899-1595.
About National Lending Associates, Inc.
Based in San Diego, California, with offices in Ohio, Arizona, Georgia, Pennsylvania and New York, National Lending Associates, Inc., is a nationwide specialty service company focused on providing financing solutions, loan and portfolio administration services, and technology options for the education financing marketplace (www.nationallendingassociates.com).
About Sterling Education Finance, LLC
Sterling Education Finance, LLC is an innovative education financing company dedicated to the larger mission of ensuring access to education. Our product suite is designed to offer financing solutions for every private K-12, career and trade institution, college or university based on the institution’s unique needs as well as the needs of the student and families they serve. We have a select group of origination, funding and servicing partners and all of our products are fully supported by our team of industry veterans.
About Pennsylvania Higher Education Assistance Agency/American Education Services
Created in 1963 by the Pennsylvania General Assembly, the Pennsylvania Higher Education Assistance Agency (PHEAA/AES) has evolved into one of the nation’s leading nonprofit student aid organizations. Today, PHEAA/AES is a national provider of student financial aid services, serving millions of students and thousands of schools through its loan guaranty, loan servicing, financial aid processing systems and outreach programs. As a nonprofit organization belonging to the Commonwealth of Pennsylvania, PHEAA/AES devotes its energy, resources and imagination to developing innovative ways to ease the financial burden of higher education for Pennsylvania’s students, families, schools and taxpayers.
Via EPR Network
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