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SunTrust To Increase Education Lending in Georgia and Florida by $1.3 Billion Over the Next Five Years

04/02/1999
Atlanta, April 2, 1999 -- SunTrust Banks, Inc. today announced plans to significantly expand its student lending business in Florida and Georgia over the next five years through an expanded partnership with InTuition, a Florida-based education originations and loan servicing firm, and ClassCredit, Inc., a student loan marketing firm.

Beginning April 2, 1999, InTuition will originate and service education loans on SunTrust's behalf in Florida and Georgia.

W. Clark McGhee, president of Education Financial Services Corp., an affiliate of SunTrust Banks, Inc., said the bank's partnership with InTuition will generate some $1.3 billion or more in new SunTrust education loans over the next five years.

SunTrust, through its 28 bank subsidiaries, is among the nation's largest education lenders, generating approximately $600 million in government guaranteed and private education loans annually through colleges and universities in all 50 states.

"InTuition and ClassCredit are well-respected companies that share our reputation for student loan innovation," said Mr. McGhee. "By combining InTuition's and ClassCredit's leading education lending position in Georgia and Florida with SunTrust's franchise strength this agreement enables SunTrust to expand rapidly in this growing business," he said. "It is a logical and effective way to serve the education lending needs of Georgia and Florida, two states with large and growing populations of college-aged students," he said.

Under the agreement, InTuition will originate government guaranteed and private education loans to students and their families through the financial aid offices of hundreds of colleges and universities throughout Florida and Georgia. ClassCredit will provide exclusive marketing on behalf of SunTrust.

"SunTrust has been a valuable customer of InTuition's for several years. We are pleased to enter into a new long term arrangement with such a fine organization," said Jim VanHorn, President of InTuition, Inc. Michael Wielgus, president of ClassCredit, Inc., said, "We are very excited about the new relationship. The combined group will be able to offer enhanced products and services that will benefit schools, students, and their families."

InTuition, Inc. is in the education finance business and has been serving the community since 1979. The company, based in Jacksonville, Florida, originates and services education loans for financial institutions and secondary markets throughout the United States. ClassCredit, Inc. is a marketing services firm that specializes in education finance. The company, also based in Jacksonville, with offices throughout the Southeast, represents financial institutions in the education loan business.

SunTrust Banks, Inc. is a premier financial services company based in Atlanta, Georgia and the nation's 10th largest commercial banking organization. The company provides a wide range of services to meet the financial needs of its growing customer base in Florida, Georgia, Tennessee, Alabama, Virginia, Maryland and the District of Columbia. Its primary businesses include traditional deposit and credit services as well as trust and investment services. Through various subsidiaries the Company provides credit cards, mortgage banking, insurance, data processing and information services, brokerage and investment banking services.
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