Deutsche Bank (DB) has purchased $67 million of student loans from Northwestern University through its Affiliated Loan Program for Students (ALPS). The program is designed to help international and domestic students fund their education in the current global financial crisis. The University of Chicagos Booth School of Business and other prominent business schools have recently joined the program as well.
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ALPS, formerly known as the international student loan program and originally conceived under the convening authority of graduate management admission council, evolved into a loan program to be provided by a consortium of experienced organizations in the student loan arena. Unlike other programs of its type, ALPS packages the loans directly into securities which can be purchased by capital markets participants like DB, providing a source of liquidity to universities.
Fred Brettschneider, head of global markets Americas at DB, said: We are aware of the challenges students face in the current economic environment and want to use our resources to create and invest in a program that will benefit them, as well as some of the most prestigious schools in the US. We could not be more pleased with the development of ALPS and its immediate success since launching just a few months ago.
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By GlobalDataIngrid Stafford, associate vice president for financial operations and treasurer at Northwestern, commented: We were pleased with the flexibility shown by the Deutsche Bank consortium. We believe that the program will provide liquidity for the University in a manner that will be seamless to our students.
