Deutsche Bank's ALPS program purchases student loans from from Northwestern University
Deutsche Bank AG today announced the purchase of $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 Chicago’s Booth School of Business and other prominent business schools have recently joined the program as well.
“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 U.S.,” said Fred Brettschneider, Head of Global Markets Americas at Deutsche Bank. “We could not be more pleased with the development of ALPS and its immediate success since launching just a few months ago.”
“We were pleased with the flexibility shown by the Deutsche Bank consortium,” said Ingrid Stafford, Associate Vice President for Financial Operations and Treasurer at Northwestern. “We believe that the program will provide liquidity for the University in a manner that will be seamless to our students.”
ALPS, formerly known as the “International Student Loan Program” and originally conceived under the convening authority of Graduate Management Admission Council, quickly evolved into a loan program to be provided by a consortium of experienced organizations in the student loan arena. Led by Deutsche Bank, the consortium includes Access Group as program administrator and Moehn and Associates as program manager. Unlike other programs of its type, ALPS packages the loans directly into securities which can be purchased by capital markets participants like Deutsche Bank, providing a source of liquidity to universities.
For further information, please call:
Michele Allison 212-250-4864
Media Relations, Deutsche Bank
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