RALEIGH, N.C., Feb. 4, 2013 /PRNewswire-USNewswire/ -- Since being approved by the U.S. Department of Education as an eligible not-for-profit servicer of federal assets, College Foundation, Inc. (CFI) has established a new division, EDGEucation Loans. This division will soon service the William D. Ford Federal Direct Loan (Direct Loan) Program loans of 100,000 borrowers. These loans will be transferred to EDGEucation Loans over three months, beginning in February.
For more than 40 years, CFI originated and serviced hundreds of thousands of student loans for North Carolina students through the Federal Family Education Loan (FFEL) Program. Now, EDGEucation Loans will build on CFI's servicing model, experience, and reputation for high-quality customer service.
"We have successfully completed a rigorous process to prepare for our contract with the Department of Education by enhancing security, increasing staff, training, and expanding hours of operation to meet the needs of borrowers from across the nation. We are ready to begin an exciting new chapter in our organization's history," said Wendy H. McAlister, CFI's president and CEO.
About College Foundation, Inc.College Foundation, Inc. (CFI), administers a large portfolio of education loans, several major grant scholarship programs for students attending N.C. college and universities, and the tax-free "529" college savings program on behalf of the N.C. Education Assistance Authority. CFI also delivers information to North Carolina students and families about paying for college and provides technology services to the College Foundation of North Carolina (CFNC) education partnership. SOURCE College Foundation, Inc.