Key Education Resources, a unit of KeyBank, has announced that it will consolidate its Federal student loan servicing with Great Lakes Education Loan Services and American Education Services, effective April 1, 2008.
Key’s previous loan origination and servicing agreement with Sallie Mae expires at the end of March, 2008. In addition, Key Education Resources will provide an alternative Federal loan origination channel to those schools that previously had their KeyBank loans originated by Sallie Mae.
BorrowSmart combines Key’s education loan product with the monthly payment offerings of Tuition Management Systems, which was recently acquired by KeyBank. This program helps minimize student debt by first looking at available scholarships, grants and gifts, and then at the lowest cost combination of monthly payments and loans to develop a full financial aid package.
Rick Vonk, president of Key Education Resources, said: Financial aid administrators, students and families can expect continued excellent loan originations and loan servicing. We will continue to support schools where we have an ongoing relationship while providing families the opportunity to finance a college education with KeyBank’s innovative BorrowSmart loan origination program.