Industry News

29
Nov
Laurel Road Announces Final Member of Executive Leadership Team

Last week, Laurel Road announced the addition of Scott Skorobohaty to their team of executives. Skorobohaty will complete the leadership team by serving as Executive Vice President of Community Banking.Skorobohaty brings over twenty years of commercial banking experience to the table, having previously served as Executive Vice President at People’s United Bank. Skoroboha

Posted in: Industry News, Student Loan News,
21
Nov
Bank of North Dakota to Sell Its Federal Student Loans

Last week, the Bank of North Dakota announced it is selling its remaining federal student loan portfolio. The bank chose to transfer and sell the portfolio to the non-profit North Texas Higher Education Authority (NTHEA). The sale is expected to be finalized in early 2018.The bank had steadily built its federally-insured student loan portfolio until […]

Posted in: Industry News, Student Loan News,
09
Nov
ReliaMax to Service $73 Million of Private Student Loans for MetaBank

ReliaMax recently announced that it will service and insure $73 million in private loans for MetaBank. This does not come as a big surprise to many in the student loan industry as the two companies have previously worked together. In 2016, MetaBank selected ReliaMax to service and insure their $151 million student loan portfolio.When commenting […]

Posted in: Industry News, Student Loan News,
27
Oct
Big Companies Took a Look at Acquiring SoFi

Earlier this year, the online personal finance and lending platform Social Finance (SoFi) reportedly had talks with the brokerage firm Charles Schwab about a possible acquisition. According to Techcrunch, this was first reported by the Financial Times, and it took place after SoFi raised $500 million in a funding round led by Silver Lake Partners. […]

Posted in: Industry News, Student Loan News,
26
Oct
Senator Warren Calls for SEC Probe on Navient, Suspecting Insider Trading

Pictured above is Sen. Elizabeth Warren at the IBEW.On Monday, Senator Elizabeth Warren sent a letter to the SEC requesting an investigation into possible insider trading of shares of the student loan servicer Navient.About 90,000 shares of Navient’s stock were purchased across three different trades. This occurred just before the Department of Education announced that [

Posted in: Industry News, Student Loan News,
24
Oct
SoFi Announces Refinancing Product for Medical Residents

The San Francisco-based Social Finance, or broadly known as SoFi, has recently announced a new product focused on U.S. medical residents and fellows, allowing them to refinance their educational loans while pursuing their career.The innovative Medical Resident Student Loan Refinancing product allows medical residents to make monthly payments of $100 during their residency,

Posted in: Industry News, Student Loan News,
20
Oct
Nelnet Acquires Great Lakes Student Loans in Industry Changing Move

The publicly-traded, Nebraska-based student loan servicer Nelnet has agreed to buy its competitor, the Great Lakes Higher Education Corp., for $150 million according to a press release from Nelnet from Thursday of this week.The deal still needs to pass regulations to be approved, but it is set to close in January 2018. Both companies will continue […]

Posted in: Industry News, Student Loan News,
18
Oct
SoFi Withdraws Industrial Loan Charter Application, Cites Leadership Changes

Pictured above is Mike Cagney speaking at Fortune Brainstorm Tech.The online personal finance company SoFi withdrew its application for a banking license, citing their recent leadership transition as the primary reason. The San Francisco-based startup had applied for a bank charter in June with Utah state regulators and the FDIC.The company had planned to open […]

Posted in: Industry News, Student Loan News,
12
Oct
College Ave Student Loans Completes $161 Million Securitization

In a remarkable achievement for the next-generation student loan provider, College Ave Student Loans recently completed its first student loan securitization. The bond issue, underwritten by Barclays, was very popular with investors.This successful loan securitization program makes College Ave and other alternative lenders an ever-growing threat to margins and loan origina

Posted in: Industry News, Student Loan News,
11
Oct
Pennsylvania AG Shapiro Files Yet Another Lawsuit with Navient

After the Consumer Financial Protection Bureau received over 1,000 complaints against Navient from Pennsylvania residents, the state's Attorney General Josh Shapiro recently filed a lawsuit against the largest student loan servicer in the country. According to Shapiro, the company was repeatedly involved in deceptive loan practices in the aim of profit while harming the in

Posted in: Industry News, Student Loan News,