[Cobo] Fw: Signature Student Loan underwriting

[SKreidler at uco.edu]

COBO Officers:

You probably have all received this, but this is the concern I had at our 
last meeting regarding student loan tightening up.

Kind regards,

(Please note a change in my email address to:
skreidler at uco.edu)

Steve Kreidler
Executive Vice President
University of Central Oklahoma
100 N. University
Edmond, OK  73034

405.974.2251
----- Forwarded by Steve Kreidler/VPAdmin/UCO on 10/10/2008 08:46 AM -----

mpope5 at ucok.edu 
10/10/2008 08:30 AM
Please respond to
mpope5 at ucok.edu


To
"Sheila Fugett-McGill" <smcgill at ucok.edu>, "Jay Corwin" 
<jcorwin at ucok.edu>, "Jerry Legere" <jlegere at ucok.edu>, "Susan Wortham" 
<swortham1 at ucok.edu>, "Drew Duke" <dduke at ucok.edu>, "Charlene Gant" 
<cgant at ucok.edu>, "Steve Kreidler" <skreidler at ucok.edu>, "Kathryn Gage" 
<kgage at ucok.edu>, "Cynthia Rolfe" <crolfe at ucok.edu>, "Anne Holzberlein" 
<aholzberlein at ucok.edu>, "Dr Cheryl Steele" <csteele at ucok.edu>, "Bill 
Radke" <wradke at ucok.edu>
cc

Subject
Fw: Signature Student Loan underwriting






And so it begins...
Sent via BlackBerry by AT&T
From: "Barry Feierstein" <SallieMae at mail.salliemae.com>
Date: Thu, 9 Oct 2008 18:01:07 -0500
To: <mpope5 at ucok.edu>
Subject: Signature Student Loan underwriting


 



Dear Sallie Mae Customer: 
Because of the continuing turmoil and uncertainty in the credit markets, 
Sallie Mae has made the difficult decision to tighten the underwriting on 
all our private student loan products (Signature Student Loan(R), MBA 
LOANS(R), LAWLOANS(R), Sallie Mae DENTALoans(R), Global Health Education 
Loan), which will require applicants to meet higher credit standards. We 
believe that this action will mean lower approval rates for these loans.
We will continue to provide all FFELP loans to every eligible student at 
every eligible school. In fact, there are no changes to the availability 
and pricing of our Federal Stafford and PLUS Loans.
As a result, we continue to recommend that your students
Take full advantage of Federal Stafford and PLUS loans before applying for 
a private credit loan.
Always apply with a creditworthy cosigner who has excellent credit, when 
seeking a private student loan.
In addition, the unprecedented credit markets require us to adjust our 
private loan pricing. Your Sallie Mae Account Executive will contact you 
directly with pricing change information later this month.
These decisions were not easy to make, but the current financial markets 
provide no other choice. When conditions improve, we hope to relax our 
underwriting criteria and serve more students. We will inform you of any 
changes as they occur.
Until then, thank you for your business with Sallie Mae and we apologize 
for any disruption that these changes may cause.
Sincerely,
Barry Feierstein
Executive Vice President

 

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