January 15, 2008
Student Loan Corp. suffers in 2007
Stamford-based Student Loan Corp. reported a $100 million drop in revenues from the year before.
That's according the company's recently released year-end and fourth quarter earnings. The company's net income in 2007 was $183 million, $104 million less than the $287 million net income the company reported in 2006.
The company blamed the downturn on a reduction in loan sales and securitizations as a result of "difficult market conditions." The enactment of the College Cost Reduction and Access Act also impacted the company's financials, to the tune of $12 million.
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