Citibank and the College Board Announce Strategic Alliance to Help Students and Parents Pay for Higher Education

STAMFORD, Conn.--(BUSINESS WIRE)--The Student Loan Corporation, a subsidiary of Citibank, N.A., today announced a partnership with the College Board, a not-for-profit membership association which provides programs and services to students and families in college admissions, guidance, assessment, financial aid, and enrollment.

The Student Loan Corporation will offer state-of-the-art federal and private loan origination and servicing, as well as secondary market expertise and resources to College Board. The College Board, in turn, will be able to offer financial aid professionals, as well as student and parent borrowers, the quality loan servicing of The Student Loan Corporation. As the first and longest standing organization with the Exceptional Performer designation by the U.S. Department of Education, The Student Loan Corporation has been consistently recognized for its compliance with federal standards and its unwavering commitment to excellence.

”For almost 50 years, Citibank has been acknowledged as an industry innovator and market leader,” said Michael Reardon, Chairman, President and Chief Executive Offer, of The Student Loan Corporation. “We are pleased to have been selected by College Board as a partner and look forward to extending our education finance platform to their customers.”

The Citibank program allows the College Board to leverage the industry’s leading education loan products, customer service and online capabilities to enhance its market position as an education loan provider. College and university financial aid professionals who work with the College Board can now choose to have Citibank support its College Board relationship.

“We are excited to supplement our current Stafford, PLUS and private education loan programs with more choices for our college and university clients,” said Cindy Bailey, Executive Director, Education Finance Services, of the College Board. “Our partnership with Citibank allows the College Board to offer financial aid professionals more options and solutions when counseling their students and families about how to plan and pay for a college education."

About Citibank

Citibank is a member of Citigroup (NYSE: C), the leading global financial services company, which has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com.

The Student Loan Corporation (NYSE: STU) is one of the nation's leading originators and holders of insured student loans providing a full range of education financing products and services to meet the needs of students, parents, schools and lenders. The company was previously a division of Citibank and became a NYSE-listed corporation in 1992. Citibank, N.A. is the majority shareholder. Citibank was one of the first banks to finance higher education, beginning in 1958. Today, The Student Loan Corporation serves approximately 1.7 million customers and over 3,000 schools nationwide.

For information or inquiries regarding student loans, please call 1-800-967-2400. Customers with Telecommunication Devices for the Deaf (TDD) may call 1-800-846-1298. College planning and financing information is also available at www.studentloan.com.

The College Board is a not-for-profit membership association whose mission is to connect students to college success and opportunity. Founded in 1900, the association is composed of more than 5,000 schools, colleges, universities, and other educational organizations. Each year, the College Board serves over seven million students and their parents, 23,000 high schools, and 3,500 colleges through major programs and services in college admissions, guidance, assessment, financial aid, enrollment, and teaching and learning. Among its best-known programs are the SAT, the PSAT/NMSQT®, and the Advanced Placement Program® (AP®). The College Board is committed to the principles of excellence and equity, and that commitment is embodied in all of its programs, services, activities, and concerns.