Cology Achieves Record Growth in 2009 With the Private Student Loan Industry's Most Comprehensive Core Processing System
SCOTTSDALE, Ariz. - September 15, 2009 - Cology Inc., the company that connects people who want to lend with the people who need to borrow, today announced record participation and loan processing volume for 2009. Cology's core processing system known as Volta? has helped catapult its pioneering college, peer-to-peer and member-based loan programs, making it a forerunner in the private student lending space. With the addition of 84 new private lending resource providers and over $279 million in loans processed for students this year, Cology has seen a 547% growth since last year.
Cology's on-demand technology makes it easy for organizations such as credit unions, community banks, alumni associations and even large-scale corporations to enter the private student lending market. Cology also works with existing lenders to help them become more efficient, as well as with emerging resource programs to quickly integrate them with the long-established school application, certification and disbursement processes - key elements of success in the student lending marketplace.
"Whether you're a credit union or community bank looking to expand to a younger market or an alumni association wanting to leverage your resources to serve more students, Cology can help you set up a loan program specifically to meet your needs," said Paul Rehnberg, Chief Executive Officer for Cology. "The success of Cology's new college loan programs, as well as the addition of dozens of the nation's leading not-for-profit credit unions and community banks validates our longstanding belief that students and families can greatly benefit from the collective resources of their community to finance an education."
Cology's team of lending industry and technology veterans has brought a timely solution to the growing community of interested resource providers. The company's core processing system connects any lender, school, corporation, foundation, charitable organization or individual looking to become a resource for students and families that need money for school, including:
- Credit Unions and Community Banks looking to expand their offering to a younger membership market.
- University Alumni Associations and Endowment Funds that want to leverage their resources to serve more students.
- Corporations that want to provide college financing solutions to members, employees or affiliates.
- Foundations and other Affinity Groups seeking highly customized and flexible programs to extend their organization's reach.
- Individuals that want to help their friends and family.
Cology offers tailored student loan origination technology and services to lenders, making the transition into the private student lending market seamless and worry free. Cology can help facilitate and administer in-house, remote-access or outsourced student loan programs tailored to the specific needs of an organization looking to become a lender. For additional information on how to become a lending resource for students, visit: http://cology.com/Discover.aspx
About Cology, Inc.
Cology is the creator of the industry's most comprehensive core processing system - VoltaTM. Their technology is the engine behind many of the nation's newest resource providers in the education finance market today. The company's back office loan processing experts make entering the market fast, efficient and easy. With the most rapidly growing network of traditional, new and emerging higher education resource programs - Cology's clients are providing more students and families access to the money they need to pay for college. For more information on how Cology can help you become a resource provider, go to www.Cology.com
Posted 09/15/09 to www.NASFAA.org. Posting of press releases is done as a service to Members and does not imply endorsement or support by NASFAA. NASFAA does not review this information for content or accuracy.
