FOR IMMEDIATE RELEASE
ICBA Launches iHELP: Low-Cost Private Student Lending Community Bank Program
Washington, D.C. (November 19, 2009)—The Independent Community Bankers of America (ICBA) and Student Loan Finance Corporation (SLFC) today announced the launch of a low-cost private lending program, iHELP, that will help community bank customers achieve their higher education goals. Independent of any federal support, the program is intended to meet the funding gap between the cost of education and other available forms of financial aid.
“ICBA is pleased to collaborate with SLFC to assist members in helping community bank customers achieve the American dream of higher education,” said Dan Clancy, ICBA senior vice president of services. “Due to the ongoing turbulence in the credit markets, many of the nation’s largest lenders are making fewer private education loans to families across the country. The iHELP program allows our nation’s more than 8,000 community banks to ensure that deserving students and their families within their community are able to obtain student loan funding.”
iHELP will funnel low-cost student loan funds through participating ICBA community bank members. As the program is currently structured, an ICBA member bank could choose to participate as an originating lender by making and holding loans; as a participating bank by funding the loans; or as a referral lender by referring customers to iHELP.
iHELP is being rolled out in South Dakota, home of SLFC, and insurance company, ReliaMax Surety Corp. Moehn and Associates, which is based in northern Virginia, will manage the program. SLFC plans to expand the program nationwide in 2010.
For more information about iHELP, please contact Dan Clancy at (202) 821-4361.