Student Loan Xpress and Arizona Higher Education Loan Authority (AHELA) Enter Strategic Alliance to Assist Arizona Students

Student Loan Xpress and Arizona Higher Education Loan Authority (AHELA) Enter Strategic Alliance to Assist Arizona Students

SAN DIEGO, Sept. 1 /PRNewswire/ -- National student loan provider Student Loan Xpress, Inc., a CIT company (NYSE:CIT), today announced its agreement with the Arizona Higher Education Loan Authority (AHELA), Arizona's designated secondary market for student loans.

The agreement will offer AHELA the opportunity to provide a private loan product created by Student Loan Xpress, in addition to the federal loan products that AHELA will offer to Arizona students and their parents. Through its affiliate Education Loan Servicing Corporation, Student Loan Xpress will also provide loan servicing assistance for Arizona student loan borrowers.

"We are extremely pleased to assist AHELA in their plans to offer Arizona students a means to achieve an affordable higher education," said Gary Rohmann, executive vice president of Student Loan Xpress. "We look forward to working with AHELA to provide Arizona schools with low-cost student loan products and exceptional service."

Shelly Murphy, director, AHELA, said "Of all of our potential transactions, we value the outstanding commitment to schools, students and their families demonstrated by Student Loan Xpress throughout our relationship. We look forward to a strong relationship that will significantly benefit the students of Arizona's colleges and universities."

As part of this transaction, Education Lending Group, Inc. will be conducting an exchange of consolidation loans between the portfolio of loans held on its own books and loans with borrower addresses in the state of Arizona in its Education Funding Capital Trust II, III and IV securitizations. The replacement consolidation loans represent less than 3% of the outstanding balance in any one securitization trust. As a condition to the exchange of loans, Education Lending Group, Inc. has obtained a written confirmation from each rating agency currently rating the notes issued by Education Funding Capital Trust II, III and IV that the exchange of loans would not result in a downgrade of the ratings of the notes or cause the rating agency to suspend or withdraw the rating applicable to the notes.

Arizona Higher Education Loan Authority (AHELA) is an Arizona non-profit entity designated by the state of Arizona to issue tax-exempt bonds in connection with a secondary market for student loans. As a state authorized non-profit organization, AHELA's mission is to serve the state of Arizona and its schools by providing low cost education financing solutions for Arizona students and their parents. AHELA is solely focused on increasing access to higher education through its partnerships, loan programs and the development of scholarships, high school outreach and early awareness programs within the communities that it serves. For more information about AHELA, contact Shelly Murphy, at 480-650-4249. For additional information about opportunities with Student Loan Xpress, contact Gary Rohmann, at 888-290-7986.

ABOUT STUDENT LOAN XPRESS, INC.

Student Loan Xpress, Inc., a CIT Company, is a national lender of Federal Stafford and Parent Loan for Undergraduate Students (PLUS) loans, and provides access to alternative (private) education loans, with a long-term commitment to students and families. Based in San Diego, Student Loan Xpress utilizes Fifth Third Bank as its eligible lender trustee. Student Loan Xpress is a registered trademark of Student Loan Xpress, Inc. For more information, call 1-866-SLX-PRES or visit www.studentloanxpress.com.

ABOUT CIT

CIT Group Inc. (NYSE:CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit www.cit.com.

Source: Student Loan Xpress, Inc.; Arizona Higher Education Loan Authority

CONTACT: Jennifer Stark, Media & Communications of Student Loan Xpress,
Inc., +1-800-642-1580 ext. 7216, jenn.stark@slxpress.com

Web site: http://www.cit.com/

Web site: http://www.studentloanxpress.com/

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