Released on: May 24, 2011, 3:03 am
Author:
Education Loan Source
Industry: Education
San Diego, California – May 24, 2011 – Education Loan Source, Inc. (ELS), the nation's leader in education financing administration and services, is proud to announce the launch of the TuitionFlexPLUSSM financing program at International Education Corporation (IEC) campuses nationwide.
“TuitionFlex PLUS is a win-win for both students and school,” explains Ena Hull, Vice President of Financial Planning. “Students have the ability to make affordable monthly paymen ts, while the school yields the benefits of an innovative note selling program that generates a more immediate cash flow. Through TuitionFlexPLUS, we now strike the perfect balance between offering an affordable plan to students while realizing improved cash flow for the school.”
“IEC is excited to launch a finance program that offers an online application process, high touch servicing and ultimately, a high collectability track record. These were all key factors in our decision to select ELS,” Ena continued. “As an additional benefit, the program will help with our 90/10 compliance.” As program administrator, ELS ensures that participating schools remain in compliance with federal and state Truth-in-Lending disclosure requirements. In addition, each program is customized to follow a school's preferred internal process.
Payment plans allow a student the option to make payments over a specified term rather than paying cash up front for an academic program. Traditional payment plans require the school to hold the note on their books, while receiving funds as the student makes payments. The challenge with these plans is balancing the need to keep costs low for student enrollment with the need to infuse operating capital into the school. With TuitionFlexPLUS, schools establish unique rates and terms and can elect to implement a credit check to mitigate risk. As an additional option, they can sell a portion of their portfolio.
According to Dennis Christich, VP Sales for ELS, “ TuitionFlexPLUS allows IEC to focus on helping students become successful within the allied health, business, technology and automotive industries, while ELS supports both students and school staff with financing. The drive to excel is evident in all that IEC does and launching this financing option for students is yet another sign of that commitment being put into action.”
For more information on the TuitionFlexPLUS program, call ELS at (888) 335-6261.
About Education Loan Source, Inc.
Schools, credit unions and banks all reap benefits from working with Education Loan Source, Inc. (ELS). As an education financing and services provider, ELS helps families to budget before they borrow by designing a comprehensive program specifically for each school or financial institution. Programs include monthly payment plans (1-120 months), customized underwriting with 100% approval, secondary market purchases, school-supported turnkey loans, full Reg Z and TIL compliance, online application with instant credit approval and e-signature, assistance with past-due bill balances, and collections. ELS' executive team and staff possess an average of 20+ years in the education finance industry. ELS is based in San Diego, CA. For more information, visit www.educationloansource.com.
About International Education Corporation
Established in 1982, International Education Corporation (IEC) has helped thousands of students to establish rewarding careers in a variety of fields. With 12 UEI campuses located in California, IEC prepares students for careers in the healthcare, business, technology, automotive and criminal justice fields. In addition, at campuses in Florida and Georgia, a quality healthcare and business career education has earned United Education Institute the respect of employers throughout the nation. At IEC, all programs are hands-on, practitioner-oriented, career-focused, and developed by subject matter experts, experienced curriculum specialists and industry leaders. For more information, visit www.iecglobal.com.
###
Becky Hubbard
Education Loan Source
858.720.6833
becky.hubbard@edloansource.com