Sallie Mae to Continue Making Loans to UTI Students
RESTON, Va., Aug. 15 -- Universal Technical Institute, Inc. (UTI) will expand its exclusive relationship with Sallie Mae, the nation's leading provider of education funding, it was jointly announced today by the two organizations. Sallie Mae will be the principal provider of federally guaranteed student loans at UTI's new NASCAR Technical Institute (NTI), which opened July 1, 2002 in Mooresville, N.C. ADVERTISEMENT
Developed to boost the number of automotive service technicians entering the manufacturer, aftermarket and motorsports industries, NTI is the country's first-ever technical training school to combine a complete automotive technology program and a NASCAR-specific motorsports program. The school provides the necessary training to excel as an entry-level technician as well as additional training needed to enter the motorsports industry. NTI has the capacity to train up to 1,900 students a day, and offers a 57-week or 69-week program.
Sallie Mae will bring its comprehensive suite of low-cost education loans, efficient loan-processing solutions, and superior customer service levels to NTI's students and financial aid staff. The school will use the Sallie Mae Education Trust and Sallie Mae's Internet-based loan delivery system, Laureate®, to help students fund their education through the Sallie Mae Career Training Loan(SM) and Federal Stafford loans online and in real time. Laureate, which revolutionized the way in which students and parents apply for education loans, has a new e-signature capability that streamlines even further the process of applying for and receiving funds.
"We aim to give our students the best possible hands-on automotive education available and provide the industry with excellent automotive service technicians," said Trish Leonard, vice president, financial aid, UTI, Inc. "Most of our students require some form of financial aid, so Sallie Mae's flexible loan-processing systems and excellent customer service for borrowers upon repayment help us meet that goal."
"We have had a very positive relationship with UTI for the past several years and are pleased to now bring our products and services to this new NASCAR campus," said Thomas J. (Tim) Fitzpatrick, president and chief operating officer of Sallie Mae. "These NTI students will be able to apply for and receive loans quickly and with minimal effort. Our new e-signature feature allows borrowers to complete the entire process online and in minutes, taking the traditional process from three weeks to a single day."
Sallie Mae is the nation's leading provider of education funding, managing nearly $76 billion in student loans for more than seven million borrowers. The company primarily provides federally guaranteed student loans originated under the Federal Family Education Loan Program (FFELP), and offers comprehensive information and resources to guide students, parents and guidance professionals through the financial aid process. The company was founded in 1972 as a government-sponsored enterprise (GSE) called the Student Loan Marketing Association, and began the privatization process in 1997. Since then, Sallie Mae's parent company name has changed, most recently to SLM Corporation (effective May 17, 2002). Through its specialized subsidiaries and divisions, the company also provides an array of consumer credit loans, including those for lifelong learning and K-12 education, and business and technical outsourcing services for colleges and universities. More information is available at http://www.salliemae.com . SLM Corporation and its subsidiaries, other than the Student Loan Marketing Association, are not sponsored by or agencies of the United States.
UTI, Inc. has seven campuses nationwide, including the NASCAR Technical Institute in Mooresville, N.C. Other campuses are located in Phoenix, Ariz.; Rancho Cucamonga, Calif.; Glendale Heights, Ill.; and Houston, Texas; with locations in Phoenix and Orlando, Fla. specializing in motorcycle and marine training. The organization has graduated more than 65,000 professional technicians since the first campus opened in 1965. For more information, log on to http://www.uticorp.com .