Question-and-Answer Session
Thank you. Ladies and gentlemen, at this time we will conduct a question-and-answer session. [Operator Instructions]. Our first question come from Mark Marostica from Piper Jaffray. Please proceed with your question.
Mark Marostica - Piper Jaffray
Good job on the quarter, guys. I'd just like to start off with the recent announcement from Citi, Chase and BOA and ask the question, what are the implications of the policy, lending policy changes at each of the three and tied to that, can you give us a sense; you talked about vendor one, two and three. Can you give us a sense who is vendor one, who is vendor two and who is vendor three?
Kevin M. Modany - Chairman, Chief Executive Officer and President
Sure Mark. I really appreciate the question. Let me just say that I think we've learnt our lesson in terms of disclosing the names of lenders in January when we did that. The resulting impact for those lenders was that they were inundated by other schools, coming to them to get in line and really try to establish relationships and that created some difficulties for our lending partners and we have committed to them at this point that we will avoid a repeat of that and so I am going to try to give as much color on this as I can, without violating that commitment that we made to the lending partners.
We did talk a little bit about receiving notice from one of our lenders that we wouldn't be participating or they would not be able to fulfill their obligations in terms of making the student loans to our students. That was Citi, the Student Loan Corporation. So I will disclose that only because we are not continuing a relationship there. They basically indicated that just as a result of a very short term nature of the relationship and we were only with them for a couple of weeks. And their severe restrictions in terms of liquidity that they could not move forward in that regard, so we will not be participating in their lending program until they return to the market.
As far as the other banks and lenders we announced in January, let me just make a statement that we are working with lenders today, we are working with traditional student lenders today, these are nationally recognized lenders. They are providing our students with federal and private loan options and we are in discussions with others to come onboard as well. Certainly they are indicating to us that there are pressures on the fed side of the business in terms of the subsidy cuts as well as liquidity. So they are voicing those concerns, but we have availability right now in the federal side.
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