Released on: November 2, 2009, 5:00 am
Author: National Lending Associates, Inc.
Industry: Education, Financial

San Diego, California – November 2, 2009 – 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 neweducation 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.

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