 KeyBank In a letter to college officials dated September 25, 2008 KeyBank announced that they made the decision to, “…exit the private education loan marketplace,” due to prevailing “marketplace conditions”. KeyBank asserts that they will continue to process 2008/2009 applications received prior to October 31, 2008 “…on a business as usual basis” and “…complete all disbursements for approved loans as expected, including those scheduled for disbursement in early 2009.” Campus Door Campus Door, Inc., a subsidiary of Lehman Brothers Bank, has announced that, “….due to the current credit market environment we have implemented a newly revised and more stringent set of credit requirements.” As a result of these changes Campus Door has, “substantially narrowed the number of applications whose credit we will approve.” It has been reported that Lehman Brothers Bank has filed for bankruptcy. College Loan Corporation (CLC) CLC Premier Loan borrowers were notified by e-mail and letter on September 5, 2008 that the College Loan Corporation has ceased making private student loan disbursements, “due to an abrupt cancellation of…third-party funding facilities.” BU Financial Assistance will work with affected students seeking to secure alternative financing. Education Finance Partners (EFP) On Friday August 15, 2008 Education Finance Partners, Inc. notified Boston University that it had ceased all private student loan operations, “due to the unavailability of funds.” Boston University, having previously identified EFP on our website as a loan for graduate students, has removed EFP from that section of the website. Since EFP has discontinued all operations, they will not accept or originate any new undergraduate, graduate or non-degree loans. Further, they will not fund loans for borrowers with conditionally approved loans or partially disbursed loans with future pending disbursements. BU Financial Assistance will work with affected students seeking to secure alternative financing. |
Office of Financial Assistance | 881 Commonwealth Ave. | Boston, MA 02215 | Phone:617-353-2965 | Fax:617-358-2792