Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from Jerry Herman - Stifel Nicolaus.
Jerry Herman – Stifel, Nicolaus & Company, Inc.
I guess we’ve got to start with the funding question if we can. You knew that was going to come. Daniel, you guys early in the week issued a release indicating there wouldn’t be a material impact based on some of the recent changes. You’ve also previously identified the six lenders that you’re working with. Can you summarize where they stand now and what their relationship with you guys is on a self and/or private lending basis?
Daniel M. Hamburger
As you can see our new student recruiting capability is not being impacted as we just saw in spring. We are proud and have received tremendous feedback from people in the industry about the way we’ve gone about this and I want to give kudos to our student finance professionals across the DeVry operations for that.
In terms of running an RFP process for preferred lenders resulting in these premier institutions, the six that are working with us, and that does include in addition to Sally Mae, Bank of America, Chase, Citibank, Wachovia and Wells Fargo. So we’ve got the six working with us. Overall we are very happy with those relationships, they’re giving us a nice breadth of products to offer to students, both on the [felt] side, in other words the government or Title IV student loan program and the private loans and we continue to work with these lenders to make sure that we’ve got the financing in place for our students.
Jerry Herman – Stifel, Nicolaus & Company, Inc.
Just to be clear then, they’re fully active with you guys on both sides, the felt program and the private loan side? Some of them have obviously announced that they weren’t going to be, that’s in part why I asked the question.
Daniel M. Hamburger
That’s right. Well, we have had a disruption with Wachovia but we do see that as a temporary disruption, if you will, while they’re changing their guarantee agency. But that’s a matter of weeks, probably not beyond that. To go through lender by lender some particular issues that have happened, but none of them have been something that’s affected us in any kind of a material way so we do anticipate the ability to provide our students with both the Federal loans and the private loans that they need to finance their education.
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