Edamerica Changes Name to Edfinancial Services
10/1/2003
Knoxville, TN – Effective October 1, 2003, national student loan servicer, Edamerica Services, officially becomes Edfinancial Services. The name change is more than cosmetic and reflects a corporate restructuring that facilitates operations for schools, industry partners and borrowers.
In addition, student loan provider Edsouth will spin off its lending arm to create a new company called Edamerica, which will function exclusively as a lender. Edamerica will be a wholly owned subsidiary of Edfinancial Services and will help students and families nationwide realize the American Dream through higher education. With annual loan volume in excess of $700 million, Edamerica is the 17th largest student loan provider in America.
Edsouth, a private nonprofit company established in 1988, will remain independent and will function exclusively as a secondary market for the Southeast. With total assets of $2.8 billion, Edsouth recently issued $610 million in bonds in Tennessee and Florida to create access to student loan funding. Edsouth is the 13th largest holder of student loans in the country.
"We’re stove piping our companies to better serve our customers," explains Tony Hollin, chairman & CEO. "This restructuring allows each company to streamline its operations and crystallize its focus to expand access to higher education. Edsouth is a wholesale purchaser in the Southeast. Edamerica is a national lender, and Edfinancial Services provides extraordinary student loan servicing for everyone."
Edfinancial Services (formerly Edamerica Services) administers student loans for 13 of the nation’s top 100 lenders, including Union Planters Bank, First Tennessee Bank, SouthTrust Bank, the Arkansas Student Loan Authority (ASLA), the Louisiana Education Loan Authority (Lela), North Texas Higher Education Authority (NTHEA) and Edamerica.
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Edfinancial Services is a private corporation headquartered in Knoxville, TN. Servicing student loans nationwide, Edfinancial Services administers student loan volume in excess of $7 billion.