July 2009
FFEL: In the crosshairs during the “90-Day War”
by Ben Brudnock
Financial aid administrators are accustomed to
keeping their eyes trained on what the federal
government is considering in the way of student
aid. From proposed regulations on eligibility, to
new grant programs and FAFSA simplification
efforts, staying afloat with the ebb and tide of
congressional intent can sometimes feel like a
full-time job in itself.
This spring, the financial aid community’s
focus on the “Hill” has intensified since
President Obama proposed the outright
elimination of the Federal Family Education
Loan program as part of his fiscal year 2010
budget recommendations. While – historically
speaking – the president’s “first pass” budget
blueprint rarely resembles the finished product
of Congress, this year’s first volley from the oval
office has sent shock waves throughout higher
education.
In terms of both dollars (the Congressional Budget
Office estimated $94 billion in “savings” over
a 10-year period) and transitional requirements
(more than 4,000 schools would need to fully
convert their federal loan process to the Direct
Loan program beginning July 1, 2010), the
president’s proposal, if nothing else, assures
that the business of delivering federally backed
student loans has changed forever.
Since the president unveiled his budget outline
in early February, many in the financial aid
community have asked “will this actually
happen?” and “when will we know for sure?”
Both are valid questions. The first requires a
crystal ball, but the second is easier to discern.
In terms of whether or not the president, with
support from the Democratic Congress, will
prevail in their efforts to eliminate FFEL, we
can say this much for sure: “the 90-day war”
has begun. Expect the months of June, July
and August to be filled with proposals, counterproposals, speeches and media blitzes as both
sides of the debate seek to discredit the other.
Regardless of how the debate unfolds, one
thing – and only one thing – is relatively clear
at this point: in all likelihood, we will know the
fate of the federal student loan program by
October 1. That date marks the beginning
of the new federal fiscal year, and Congress
cannot adjourn for their fall recess (when
11th-hour campaigning occurs in their home
districts) until the federal budget is actually
enacted and the General Accounting Office
begins oversight on the spending of funds
(usually around October 11).
Snapshot of the federal budget timeline
February: The president releases a budget
proposal by the first Monday of the month.
Congressional committees in the House and
Senate prepare their own budget proposals
using the president’s request as a blueprint.
March–April: The House and Senate
complete their budget resolutions, including
reconciliation directives and changes in
budget process rules. Conferees from both
chambers are tasked with crafting a single
budget legislation that will ultimately be sent
back to each floor for vote(s).
May–August: Hearings are held, and
appropriations committees set amounts for
discretionary programs whose funding is set
annually. Other committees perform work
on reconciliation-required cuts.
September–October: Congress completes
the appropriations and reconciliation bill
and sends it to the president for signature
to become law. If the October 1 deadline
is missed, Congress must pass a short-term
spending bill to keep the federal government
operating on an interim basis.
In the current proposal, the president
has moved Federal Pell Grants from the
discretionary programs category to an
entitlement budget line item, using estimated
(and much-debated) savings from the
elimination of FFEL to fund the mandatory
spending requirement.
College Fairs:
A Rite of Spring
This spring, account executives
exhibited at college fairs throughout
Citizens Bank’s footprint states.
From Michigan to Massachusetts and
several states in between, account
executives were on hand at events
hosted by the National Association
for College Admissions Counseling
to speak with students and families
about the financial aid process,
distribute educational materials and
deliver presentations.
Leslie Bembridge, account
executive for Maine, Massachusetts
and New Hampshire, delivered three
“Financial Aid 101” workshops
at events in Boston. Parents in
attendance were very receptive to
the information, and several families
visited the Citizens Bank booth
afterwards for educational tip sheets
and to ask questions.
Heather Vincent, account
executive for Pennsylvania and
New Jersey, exhibited at a twoday college fair at the New Jersey
Convention and Exposition Center,
attended by over 12,000 students
and families.
Account Executive Brian Maynard,
who serves Connecticut, Rhode
Island and Vermont schools, spoke
with many parents and students
who visited the Citizens Bank
booth at the Providence college
fair. Brian discussed the financial
aid application process with several
visitors, and was treated to many
great reviews of Citizens Bank from
current customers.
continued on page 2
S chool
P rofile
continued from page 1
Baker College: Growth in the economic downturn
Ambrose Price, account executive
for New York, exhibited at five
college fairs in Rochester and Buffalo.
Ambrose reported that a record
number of schools exhibited at
the Buffalo location, and that both
locations were well attended by
students and parents.
by Elizabeth Looney
Citizens Bank is pleased with the
great reception its account executives
received from NACAC college fair
attendees and organizers. We appreciate
the opportunity to educate students
and families on the financial aid process,
and look forward to serving their
college financing and banking needs.
“We are seeing growth on all of our campuses,” said
Robert Nelson, director of student loans at Baker College
System Headquarters.
New Position
Kelly Morrissey of Fitchburg State
College’s financial aid office was just
named treasurer-elect of EASFAA.
Congratulations, Kelly.
Despite the economic downturn, Baker College is growing.
True to its mission, Baker is providing quality education and
training, enabling graduates to be successful in challenging
and rewarding careers. It is the largest private, nonprofit
college in Michigan, serving more than 38,000 students
on 12 campuses and in four satellite locations.
The secret to Baker’s success: anticipating the needs of its
students and preparing them for the workforce of today.
Even with 38,000 students and a tight labor market, Baker’s Career Services department has
achieved–and maintains–a remarkable 98 percent+ employment rate for its graduates. In response
to challenging placement conditions, Baker has provided the department with additional resources
to support placement efforts.
“We are a career college,” Nelson says. “Everything we do is (aimed at) getting our students
career-ready in the shortest time possible.”
This approach especially resonates
with Baker’s students who have
lost their jobs and are eager to
return to the workforce with new
skills and pursue a new career.
“We are currently setting aside
extra funding and scholarships
to help displaced workers,” says
Nelson, “and are proud that we
are able to maintain low tuition
increases.”
Supporting a Champion
Michigan Account Executive
Elizabeth Looney volunteered with
one of Citizens Financial Group’s
2009 Champions in Action this past
spring: the Midnight Golf Program
in Detroit (see the April issue of
Education Finance News). Elizabeth
and other volunteers distributed
donated golf clubs, bags, golf balls,
tees, gloves, hats and towels to more
than 125 students who participate in
the program. There were nine other
CFG employees volunteering, in
addition to program mentors who
work with students on life skills and
healthy decision-making.
FAFSA Filings Jump in 2009
The number of Free Applications for
Federal Student Aid filed during the
first quarter of 2009 increased by
more than one million over the same
period in 2008, reports Student
Lending Analytics in its April 13
blog post. This represents an overall
increase of 20.8 percent.
The number of FAFSAs filed by
independent students rose too,
suggesting that adults in 2009
are possibly seeking to expand
their marketable skills in a highly
competitive job market, according
to SLA.
www.baker.edu
With an eye on education and
employment trends, Baker
College prepares students for
The Kenneth C. Rice Memorial Clock Tower at Baker College’s Flint Campus.
high-demand fields and industries.
As more students seek careers
relating to energy and environmental conservation, Baker College is proposing new areas of study that
focus on Alternative Energy degrees. Already, its Auto Services tech program uses hybrid vehicles.
Baker College’s plans for the future? “Continued growth,” says Nelson, “and maintaining our status
as leaders in producing well-qualified graduates in high-demand fields.”
on Direct Lending and Default Prevention
“We are confident that the president’s goal of eliminating the FFEL program is a well-intended
effort to streamline the student loan process at the lowest cost,” says Nelson. “However, the
Direct Lending program does not have a very good track record for helping students avoid
default, and the overall default rate of students who have Direct Loans is not published.
“We make default prevention and financial literacy a high priority, and we have concerns about
Direct Lending’s efforts in this area.”
continued on page 4
2
st u dent
spotlight
What began as arts and crafts
by Erin Zagaski
There was no question that one day Neesha Haughton would excel
in art.
Fortunately, Neesha found support in her parents, the financial aid
staff at SVA, and her professors, all of whom have made Neesha’s
dream come true. With financial aid and work study assistance,
she has thrived at SVA, currently holding a 3.58 GPA. She has
participated in a fashion-based internship, “Design Cares,” with
St. Jude’s Children Hospital to raise money for children with
cancer, and her new goal is to become an editorial designer for
a magazine.
“I never thought of getting into any profession other than something
that dealt with visual arts,” says Neesha, a senior at the School of
Visual Arts in New York City. “Ever since I was young, my mother
says that I loved to draw. I would sit in front of the television and draw
whatever I saw. While my sister and others around me wanted to be
doctors and lawyers, I wanted to be a painter.
“Some people thought that was silly, but I knew I had passion and talent.”
In elementary school, arts and crafts was her favorite activity. She
loved to paint. As she grew older, Neesha’s talent became apparent.
Neesha attended the High School of Art & Design in Manhattan
and began pursuing graphic design. She frequented the Museum
of Modern Art and art exhibitions, and even showcased one of her
paintings in a museum for an Advanced Placement art class. “Seeing
designers like Neville Brody, David Carson, Milton Glaser and
Andy Warhol really piqued my interest in expressing myself more
graphically,” she says.
Student Snapshot
Name: Neesha Haughton
School: School of Visual Arts, New York
Major: Graphic Design
GPA: 3.58
As she considered college, it became clear to Neesha that SVA
would best provide her with all the necessary tools to further her
career aspirations. The challenge was financing it.
Q &A
with
Work Study: Financial aid office, “working alongside people who
help give others an opportunity to receive a higher education.”
M ichael
In this issue, Michael responds to
questions about the deficit and
Direct Lending and direct-toconsumer loans.
Q How will our national deficit be impacted if all FFEL schools are
forced into the Direct Lending program?
A Going to a 100 percent direct lending model will definitely add
to the country’s already exploding national debt by approximately
one trillion dollars over the next 10 years. As you know, the United
States is currently running record budget deficits. As the national
debt increases, so does the cost to service this debt. These factors
are basically ignored by CBO in scoring the president’s proposal
to eliminate FFEL in favor of 100 percent direct lending.
A Direct to Consumer (DTC)
loans, where borrowers can apply
and get approved without school
certification, has definitely been
impacted by the deterioration of
the credit market. However, more
W here
M c F arlane
importantly, more lenders are now requiring school certification as a
way to prevent losses from fraud as well as prevent over-borrowing.
The Higher Education Opportunity Act passed last year requires all
private loan borrowers certify their attendance and financial need
based on information they receive from their school.
Q Has the deterioration of
the credit markets made Direct
to Consumer loans a thing of
the past?
Michael McFarlane, national director
of sales and marketing and senior
vice president of Citizens Bank
Neesha believes that with her education, she has the power to
conquer any goal she sets for herself. “I know I will be the best at
what I do because I have the passion for it,” she says, “and a great
education to back it up.”
A re
T hey
N ow ?
NEW HAMPSHIRE
PENNSYLVANIA
Kristen Purrington, formerly assistant director of financial aid at
Plymouth State University, has accepted the director of financial aid
position at Great Lakes Community College in Laconia.
Sarah Brunsell, formerly of Baptist Bible College, is working at
Alvernia University as a student financial planning counselor.
Francine Jackson is the director of finance at ITT Technical Institute,
Harrisburg location.
Evan Weiler has been hired as an assistant director of financial aid at
Kutztown University. Prior to working at Kutztown, he worked for AES/
PHEAA.
NEW YORK
Fiona Approo has been appointed acting director of financial aid at
the Pratt Institute.
Daniel Barkowitz, formerly the director of student financial services at
the Massachusetts Institute of Technology, is now the dean of financial
aid/associate dean of student affairs at Columbia University.
3
tales
from
the
continued from page 2
Boundaries of the home office
Colleague Awards and
Distinctions
by Michael Jones
Tales from the Road highlights the adventures of our Education Finance
team members in their travels. This quarter, Michael Jones takes a
look at the flip side of life on the road: the home office.
Regional Sales Manager Sharon
Murray was elected president of the
Pennsylvania Lenders Association.
Sharon looks forward to guiding the
organization and establishing a forum
to promote FFEL, the original charter
of the PELA organization.
Massachusetts Account Executive
Jan Marie Combs was honored
with MASFAA’s Volunteer of the
Year award for her contributions
to MASFAA during the 2008-09
academic year. Jan served on the
MASFAA Conference Committee
that organized the annual November
conference and she also co-chaired
MASFAA’s charity fundraiser
supporting the Massachusetts
Society for the Prevention of
Cruelty to Children. In addition,
Jan served on MASFAA’s Just
the Facts Committee.
Citizens Bank Launches
TruFit Student Loan™
Citizens Bank recently launched
the TruFit Student Loan, a schoolcertified private loan featuring three
repayment options: immediate,
interest-only and deferred. Available
to both undergraduate and
graduate students attending eligible
institutions, the TruFit Student Loan
has a variable pricing structure based
on repayment type and presence of a
qualified co-signer. Visit citizensbank.
com/TruFitStudentLoan for details.
road
When I’m not on the road or meeting with school clients, I’m
often catching up on administrative work such as following up
with clients, filing expense reports, scheduling school visits
and completing sales notes, all from my home office.
One challenge of working from home is maintaining a
healthy “work/life” balance. Over time, I have managed to
find a good balance that allows me to be an effective account
executive without neglecting my wife and kids, which is a very
good thing. Like the saying goes: if mom is not happy, nobody is
Michael Jones, account executive, Ohio happy. The key is setting boundaries for the home office for me,
as well as for my kids (i.e., dad’s office is off limits).
Account executives that have younger children face some not-so-typical challenges with work/life balance.
First, I will introduce you to my oldest child, Ashley. Ashley is eight years of age. She’s a pretty good
kid, but she thinks daddy’s office is her own personal art supply store. She doesn’t hesitate to sneak
into my office and take supplies that she may need to complete her Picasso-like artwork. She will take
copy paper (right from the printer), Scotch tape, pens, pencils, markers, staples and whatever else
she may need to complete her masterpiece. Then, before I get a chance to get angry at her for taking
things out of my office without asking, she hands me her project with a big smile on her face and says,
“Look Daddy what I made for you! I hope you like it.” It gets me every time.
Next is my 3-year old son, Christian. Now Christian doesn’t come in and sneak things out of daddy’s
office to be creative like his sister. He just enjoys sneaking things out. It is not unusual for me to find
office supplies and sometimes office equipment in his toy box. And of course, when I ask him why he
took daddy’s calculator, he always gives me this very innocent look and says, “I not take it Daddy.”
On one particular day, the kids were playing hide-and-seek in the house. They were playing upstairs,
not making too much noise, so my wife and I allowed them to play so we could finish preparing dinner.
Once dinner was ready, I called for both kids to come downstairs to eat.
My daughter yelled back at me, “Come and find us, Dad!”
Then my son yells, “Yeah, come find us Dad!”
So I decided to play along with them. I walked upstairs, entered my daughter’s room, and found her
in her usual location under the bed. Then I called out, “Christian, where are you?”
I heard snickering coming from the next room. The home office.
As I entered, I called out, “Christian, are you in here?”
Christian suddenly jumped out from under my office desk, followed by a loud crashing sound.
Somehow he managed to get tangled up in all the wires under my desk. When he jumped out, he
pulled down my modem, router, and just about everything that was on top of my desk. Luckily, he
did not get hurt.
He looked up at me with his big brown eyes – still tangled up in wires – very embarrassed and
obviously amazed at the mess he just created, and says to me, “Time to eat, daddy?”
I couldn’t help but laugh.
UPCOMING APPEARANCES
Conferences Start
End
Location
NASFAA
TRIO Programs (COE)
HESC Symposium
7/12/09
9/9/09
9/16/09
7/15/09
9/12/09
9/17/09
San Antonio, TX
San Antonio, TX
Saratoga Springs, NY
4
F inancial
L iteracy
1 0 1
Citizens Bank honors National Financial Literacy Month
Financial literacy is a top priority at Citizens Bank. Coinciding with
National Financial Literacy Month, the Citizens Bank Foundation
announced in April that it had provided more than $170,000 in
grants to local organizations supporting financial literacy programs
during the first quarter of 2009.
“As a responsible financial institution committed to its customers
and the communities in which it serves, we believe it is important
to support financial literacy programs that educate people with the
information needed to make sound financial decisions,” said President
Robert E. Smyth, Citizens Bank, Massachusetts. “Knowledge is power.
Being armed with even the most basic banking skills gives individuals
the power to take control and successfully manage their personal
finances.”
National Financial Literacy Month, established in 2004 by the
U.S. Senate, is designed to bring awareness to the importance
of developing and maintaining healthy financial habits.
As reported in Education Finance News last quarter, Citizens Bank
has posted helpful financial tips on its Web site to educate students
and parents about budgeting, default prevention, building and
maintaining good credit, and other financial literacy topics.
Information can be obtained at citizensbank.com/TipsForStudents.
“Being armed with even the most basic banking skills
gives individuals the power to take control
and successfully manage their personal finances.”
President Robert E. Smyth, Citizens Bank, Massachusetts
C hampions
in
action
Improving your community
Citizens Bank is committed to serving the needs of its customers and clients as well as the communities in which they
live. In 2002, we launched the Champions in Action® initiative to recognize the special contributions made by locally
based nonprofit organizations. Since then, Citizens Bank and Charter One have provided more than 170 organizations
with public relations support, media coverage, promotional assistance, volunteers, and financial support totaling
over $4 million. We’re proud to announce the following Champions in Action for the third quarter of 2009.
Connecticut
Pennsylvania
Philadelphia
Mutual Housing Association of Southwestern Connecticut, Inc.’s
comprehensive programs and services focus on affordable housing
development, property management and resident services. MHA
also supports and promotes sustainable homeownership through
homebuyer education, down payment assistance, affordable realty
services, and foreclosure counseling. MHA creates housing solutions
by building and preserving housing units and assisting families to
sustain themselves as homeowners.
In 1982, women in North Philadelphia sought a better neighborhood
environment for their children and formed the Norris Square Civic
Association, dedicated to the revitalization of the neighborhood
and the empowerment of its residents. In the past 20 years, the
comprehensive work of NSCA has had a major impact in the
community, including the development of 83 affordable rental units,
75 homeownership units and a bilingual childcare center.
Massachusetts
Abby’s House was established in 1976 as an emergency shelter for
homeless and battered women and children. The agency has since
focused on addressing the root cause of homelessness by providing
educational and skill-building programs and services promoting
independence and self-sufficiency. These include a service-enriched
affordable housing program, emergency shelter, Women’s Center,
financial literacy programs, crisis counseling, food services, community
education and a thrift store.
New Hampshire
Laconia Area Community Land Trust empowers residents to
stabilize and strengthen their families, maintain their homes and
improve their life skills. For their most vulnerable clients, the
organization combines transitional shelter with aggressive case
management. Through its housing developments, it has invested
more than $32 million in the community and has also supported
more than 1,200 people who have participated in free financial
literacy and first-time homebuyer seminars.
Pittsburgh
Since 1952, the Light of Life Rescue Mission has been helping
the poor and homeless of the Greater Pittsburgh area obtain safe,
affordable, decent housing. Its mission is to help the homeless
transform their lives and enable them to overcome the grip of
addiction, abuse, mental illness and poverty so that they can live
at their highest degree of independence and obtain affordable
housing. Each year, the mission’s team serves more than 1,000
men, women and children in need by providing housing, food and
life-changing programs.
Rhode Island
Olneyville Housing Corporation has provided more than 100
families with a home, a beautiful neighborhood and connections to
others working for a better Olneyville. The successful transformation
of a long-abandoned area along the Woonasquatucket River into
a park, playground, bike path and 51 units of OHC-developed
affordable housing is a prime example of community development
and community partnership at their best.
5
T he
G reen
S cene
Earth Day Announcement: the Impact of Green$ense™
In celebration of Earth Day (April 22), Citizens Financial Group
announced that its industry-first Green$ense incentive program
has not only rewarded Citizens Bank customers with nearly $2
million to date for helping the environment, but, with greater than
anticipated enrollment, is also on pace to double its anticipated
environmental impact in 2010.
impact on the environment. We are pleased to offer this first-of-itskind program to our customers, and proud of the impact it is having
on our environment.”
Enrollment in Green$ense is free for all Citizens Bank customers
with a checking account, including the new free Student Checking.
As an added perk, customers who enroll in the program will receive
an industry-first Green$ense MasterCard® debit card made from
recycled plastic. They can also calculate the individual effect
they will have on the environment by reducing their paper-based
transactions with a special online calculator. Customers will be
enrolled automatically in online banking with free Bill Pay and
receive paperless statements.
Launched in October 2008, Green$ense rewards customers
10 cents for each electronic payment they make, up to $10
per month and $120 per year. Based on current enrollment,
Green$ense will provide significant benefits to the environment
in 2009 alone, according to Cooler, Inc., including:
• More than 220,000 pounds of paper saved.
Customers can begin the enrollment process online at
citizensbank.com, by calling the bank’s 24-hour, live
customer service line at 1-888-910-4100, or by visiting
any Citizens Bank branch.
• More than 1,300 trees preserved.
• Nearly two million square feet of forest saved, or 42 acres.
• More than one million gallons of waste water prevented.
• More than 6,300 garbage bags not filled.
“Green” Annual Report nets Bronze Award
• More than 13 million pounds of CO2 equivalents avoided.
The 2007 and 2008, CFG annual reports used Neenah’s
Environment® paper, a 100-percent post-consumer fiber
paper that saves trees, conserves energy and reduces solid
and waterborne waste. Our 2007 Annual Report received the
bronze award from Neenah Paper Inc.’s annual Text & Cover
Competition for publications that are printed on Neenah papers.
“We are committed to helping our Citizens Bank customers save
more and earn more through innovative products and services
that make a meaningful difference in their everyday lives,” said
Theresa McLaughlin, Citizens’ chief marketing officer. “The
benefits of this program show how small, everyday activities such
as reducing paper-based transactions can have a tremendous
colleag u e
profile
School Services Manager Lisa Flynn
by Erin Zagaski
In this Colleague Profile, we learn more about Lisa Flynn,
the manager of Customer Service and School Services teams
for the Education Finance Division.
I love my job.
Not like. Love.
Lisa Flynn, the manager of the
Education Finance Division’s
Customer Service and School
Services teams, delivers superior
service to Citizens Bank’s school
clients and borrowers. “I love helping
a student or parent through the
financial aid process,” she says.
Lisa is a double threat, a veteran
customer service manager with
the ability to resolve the issues of
Lisa Flynn, manager of Customer
Service and School Services
both borrowers and financial aid
administrators. “Having had a lot of experience working at different
financial aid offices, I understand the needs of a school,” she says,
“and I enjoy helping a fellow financial aid colleague resolve an issue.”
He handed her the Sunday New York Times Help Wanted section.
Inside was an ad for a financial aid administrator at Katherine Gibbs
College in Montclair.
Although Lisa knew nothing about financial aid at the time, she got
the job. And so began her 23-year career in financial aid and student
lending. “Once I started working in the profession, I realized how much
I was helping people get a college education, and how much I enjoyed
what I was doing,” Lisa says. “I have been in the profession ever since.”
Lisa earned her master’s degree in Higher Education Administration
from Northeastern University after moving to New England in 1989.
Upon graduating, she accepted a director of financial aid position at
Johnson State College in Vermont and from there went to Becker
College in Worcester, Massachusetts, where she remained for eight
years prior to joining Citizens Financial Group in 2001.
With more than 23 years of industry experience, Lisa Flynn is an
asset to the Education Finance department and a valued resource to
its customers and clients.
A dangerous affinity
Lisa is an outspoken Yankee fan living among the Red Sox faithful.
Her first baseball game was Yankees vs. Red Sox at Yankee Stadium
in 1972. “My love for the Yankees was cemented at that early age,
and I have always enjoyed that rivalry. Despite residing in Red Sox
Nation, I will never change my loyalties.”
It all began in New Jersey. Lisa graduated with a degree in Business
Administration from Montclair State College (now Montclair State
University) in 1986. She recalls sitting at her parent’s kitchen table
that summer when her father told her it was time to find a “real job.”
6
T R avels
with
ed
Conferences, clients and bears – oh my
Ed made the most of his Green$ense enrollment this quarter, using his debit card to book travel to national conferences, college fairs and client
schools. Below are some highlights and photos.
Self-portrait at the Northeast Pennsylvania College Fair.
Ed joins Debt Management Officer Dexter Armistead
and Assistant Director of Financial Aid Pamela West at
Cheyney University’s Salute to Seniors event.
Ed charms the staff of the Case Western financial aid
office: (from left) Accounting Clerks Kelly Kirkpatrick
and Kathy Vanleer, and Manager of Student Finance and
Loans Kristie Lillibridge.
Renee Fluker (center), founder of Detroit’s Midnight Golf
Program, and program mentors take some tips from Ed on
their short game.
“Have you seen my coffee, Heather?” asks Sales Manager
Sharon Murray (right) during the 2009 EASFAA
conference.
Ed picnics with a distant cousin at the National Zoo in
Washington, D.C.
On his way to EASFAA, Ed unbuckles his safety belt, reclines
his seat, and enjoys the latest Britney Spears release.
Marketing Vice President Heather Sutcliffe (left) and
Account Executive Erin Zagaski compliment Ed on his new
Citizens Bank muscle T-shirt.
Ed celebrates Associate Director of Financial Aid Melissa
Stephen’s birthday at Western Connecticut State University.
Miss University of the District of Columbia flirts with
Ed at the Citizens Bank tradeshow booth.
7
EDUCATION FINANCE TEAM
National Director of Sales and Marketing: Michael McFarlane
Department Administrator: Kelly Blair
Citizens Bank
725 Canton Street
Norwood, MA 02062
PRSrT STD
US POSTAGE
PAID
PERMIT #712
providence, ri
Northeast Sales Team
Sales Manager: Donna Shelby
Account Executives:
Leslie Bembridge
Jan Marie Combs
Brian Maynard
Ambrose Price
Erin Zagaski
Mid-Atlantic Sales Team
Sales Manager: Sharon Murray
Account Executives:
Ben Brudnock
Heather Vincent
Midwest Sales Team
(Marketing as Charter One)
Sales Manager: Derrick Williams
Account Executives:
Shelly Johnson
Michael Jones
Elizabeth Looney
L egendary
Marketing & Communications
Director: Heather Sutcliffe
Managers:
Kristen Bolsover
Steven B. Young
S ervice
Helping Borrowers, Past and Present
by Lisa Flynn
Our Customer Service and School Services teams are committed to providing Citizens Bank
borrowers and schools with superior service, as evidenced in this story about a would-be home
buyer in desperate need of assistance.
School Services Team
Manager: Lisa Flynn
Specialists:
Alicia Peterson
Kevin Swaluk
In April, Education Finance Specialist Alicia Peterson received a phone call from a former
medical student who was trying to buy a house and had discovered a delinquent student loan
on her credit report.
The borrower was previously unaware of the outstanding loan, taken out during the 2001-02
school year. She wanted to review its status in our system to resolve the issue and pursue her
home purchase.
Thanks to our contributors
Citizens Bank Education Finance News would
like to thank these folks for their contributions
to this issue:
Kelly Blair, Kristen Bolsover, Ben Brudnock,
Jan Marie Combs, Lisa Flynn, Neesha Haughton,
Michael Jones, Elizabeth Looney, Michael
McFarlane, Sharon Murray, Robert Nelson,
Alicia Peterson, Heather Sutcliffe, Erin Zagaski,
and the entire Education Finance team at
Citizens Bank.
This issue of Education Finance News was
edited by Steven B. Young.
She had already contacted the servicer, who in turn directed her to the guarantor. The guarantor
directed her to RBS Citizens N.A., since its records indicated RBS Citizens, N.A. was the owner
of the loan.
By this point, the borrower was anxious and had already placed three phone calls. She had been
unable to ascertain the status of her loan, despite her best attempts.
The borrower faxed Alicia a copy of her credit report to review. Alicia contacted the servicer,
and was told that RBS Citizens N.A. was not the owner of the loan, and therefore couldn’t discuss
the loan status with her.
RBS Citizens, N.A.’s involvement in the issue could have stopped right there. However,
understanding the borrower’s frustration and wanting to resolve her issue, Alicia enlisted the help
of Education Finance Vendor Manager Roxanne Sanchez and me. We researched the loan with the
servicer and the guarantor. Together we determined:
• RBS Citizens, N.A. had sold the loan in 2002.
• which company had purchased the loan in 2002 .
• that the purchaser had since been acquired by another company.
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citizensbank.com/edu
Information contained in this newsletter was
accurate at the time of printing, July 2009.
If you would like additional copies, please feel
free to contact us at 1-800-708-6684.
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Although RBS Citizens N.A. hadn’t owned the loan for seven years, the Citizens Bank team
wanted to make sure the borrower was not referred to yet another company and that she received
a definitive answer to her question.
Alicia contacted the current owner of the loan and asked a representative to contact the borrower
directly to assist her. Alicia then contacted the borrower, communicated all her findings, and told
her to expect a call from the current owner to resolve the situation.
The borrower was relieved to finally know who owned her loan, and with whom she could follow up.
She appreciated immensely how Alicia went out of her way to resolve the issue.