Directory of Student Loan Programs

ABSNet (Issuers in Student Loans) —Provides details of student loan securitizations including deal summaries and performance data. Most transactions are based in the United States. (Basic information requires a free subscription. Full access requires a paid subscription.)

American Securitization Forum —An independent organization that promotes the securitization industry and supports market regulatory and legislative priorities. The ASF publishes weekly reports and a twice-yearly journal, American Securitization. (The Web site also contains a student loan issuers’ subforum, accessible only by members.)

Articles on Student Loan Securitizations —Provides a list of articles on the securitization of student loans, primarily written by credit rating agencies.

Asian Securitization Forum —A body of securitization professionals, issuers, and investors in Asia. (The Web site is currently under construction.)

Asset Securitization Report. 2003. Chilean Tuition Deal Becomes ABS Freshman. —Describes the securitization of tuition proceeds at Universidad Diego Portales. (Paid subscription required.)

Asset Securitization Report. 2004. ABS Education Starts for Mexican Universities. —Considers the potential for securitization of tuition by Mexican universities. (Paid subscription required.)

Asset Securitization Report. September 23. School’s In for Brazilian Tuition ABS. —Describes the first tuition securitization to take place without the aid of the International Finance Corporation. The establishment of a revolving fund of tuition receivables in Brazil has enabled a number of institutions of higher education to draw on private capital. (Paid subsciption required.)

Barclays Capital. 2006. Spotlight on Student Loan ABS Issuers. —Discusses the strong growth of the Federal Family Education Loan Program and private loan securitizations in the United States and the major players in this market.

Chris Giles and Nicholas Timmins. 2007. Brown to Sell Off Students’ ₤16bn Debt. Financial Times, March 14. —Discusses the plans of the former British chancellor to securitize student debt.

Dominion Bond Rating Service —Maintains a listing of its extensive ratings of student loan securitizations.

Dominion Bond Rating Service. 2005. Rating Securitizations. —Provides an example of the methodologies employed by rating agencies to rate securitization transactions.

Fitch Ratings —Provides ratings of domestic and international student loan transactions as well as government reinsured and private student loans.

Fitch Ratings. 1997. Comparing UK and US Student Loans. —A prospective look at the market for student loans in the United Kingdom after the passage of legislation allowing tuition fees to be charged. The possibility of securitizing student loans in the United Kingdom is considered.

Fitch Ratings. 2006. Indian Securitisation Market Q&A. —Describes the basic characteristics of the Indian securitization market, noting that cross-border issuance still does not exist due to the stringency of market regulation.

Fitch Ratings. 2006. Private Student Loan ABS Tutorial. —Provides a recent overview of the U.S. market for securitization of private student loans.

Frank J. Fabozzi. 2001. Investing in Asset-Backed Securities. New Hope, PA: Frank J. Fabozzi Associates. —Numerous books address the topic of securitization; this book provides a basic introduction to asset-backed securities (also known as ABS), a type of securitization that includes student loans.

International Finance Corporation. Universidad Diego Portales. —Describes a $23 million bond issuance secured by the future tuition receipts of the Universidad Diego Portales, located in Chile.

International Finance Corporation. 2002. Universidad Diego Portales—Summary of Project Information. —Provides details on a $23 million bond issuance secured by the future tuition receipts of the Universidad Diego Portales, located in Chile.

International Finance Corporation. 2004. Universidad de San Martin de Porres—Summary of Project Information. —Provides project details on a $30 million bond issuance secured by the future tuition receipts of the Universidad de San Martin de Porres, located in Peru.

International Finance Corporation. 2005. IFC Supports First Local Bond Issue by Private University in Peru. —Describes a $30 million bond issuance secured by the future tuition receipts of the Universidad de San Martin de Porres, located in Peru.

International Finance Corporation. 2006. Innovative Financing Solutions in Education. —Discusses the work of the International Finance Corporation in facilitating private finance for universities. Securitization of future tuition proceeds at the Universidad Diego Portales in Chile and Universidad San Martin de Porres in Peru is highlighted, along with a loan program in South Africa.

Lee Meddin. 2006. Global Securitisation Review 2005/2006. International Finance Corporation. —Discusses the role of the International Finance Corporation in promoting structured finance in emerging markets. Domestic issuance in Latin America now exceeds cross-border issuance. The article describes the securitization of tuition at Universidad Diego Portales.

Lee Meddin. 2007. Global Securitisation Review 2006 / 2007. International Finance Corporation. —Discusses the benefits of credit enhancement in securitization transactions, drawing on the International Finance Corporation’s experience in this field.

Mark Copping. 2004. Australian Student Loans — Taking Securitisation Back to School. Securitisation News Q3 2004. Deloitte. —Discusses the possibility of securitizing income-contingent student loans in Australia, using the United States as a model. The income-contingent loan program in Australia is known as the Higher Education Contribution Scheme.

Moody’s —Provides ratings of asset-backed securities (also known as ABS), including student loans. However, it does not provide a separate Web page for student loans. (Access requires a free subscription.)

Moody’s Investors Service. 2006. Securitisation in New Market’s: Moody’s Perspective. —Provides an overview of the spread of securitization to emerging markets along with a discussion of the various obstacles to further expansion such as legal issues.

News Site: ABSNet —Focuses on asset-backed securities (also known as ABS), a subset of the securitization market that includes student loans. (Some content is accessible with a free registration.)

News Site: Asset Securitization Report —(Subscription required. A free trial is offered.)

News Site: Asset-Backed Alert —Focuses on asset-backed securities, a subset of the securitization market that includes student loans. (Subscription required.)

News Site: International Securitisation Report —(Most content requires a subscription.)

News Site: Securitization.Net —Provides the most extensive free news coverage of securitization available on the Internet.

News Site: Total Securitization —(Subscription required. Publishers of the weekly Securitization News journal.)

Nomura Fixed Income Research. 2005. Student Loan ABS 101: An Introduction to Student Loan ABS. —Overview of the U.S. market for student loan asset backed securities.

Salomon Smith Barney. 2002. Student Loan ABS Primer. —Overview of the U.S. market for student loan ABS.

Standard & Poor’s —Covers numerous types of ABS, including student loans, but it does not provide a separate Web page for student loans.

Standard & Poor’s. 2003. S&P Rates Brazil’s Ideal Educacao FIDC Credit Rec Fnd. —Describes the rating assigned by Standard & Poor’s to a Brazilian tuition receivables fund, Ideal Educacao FIDC, which was set up by Ideal Invest.

Standard & Poor’s. 2005. EEMEA Gains A Foothold in the Global Securitization Market. —Takes a look at the spread of securitization to emerging markets in Eastern Europe, the Middle East, and Africa.

Standard & Poor’s. 2007. Credit FAQ: To Meet Growing Demand, Mexican Universities Need to Study Up on Alternative Capital Sources. —An overview of the steps necessary for Mexican institutions of higher education to obtain a credit rating. It explains the necessity of credit ratings for the issuance of bonds and for the securitization of future cash flows, such as tuition fees. (Free subscription required.)

Standard & Poor’s. 2007. Education and Non-Traditional Not-For-Profits. In Public Finance Criteria 2007. —Provides a detailed overview of the methodology they use to rate public and private universities. The methodology is primarily based on experience with institutions in the United States.

Sunil Gangwami. 1998, Secrutization 101. Speaking of Securitization. 3 (4-1). —Provides a concise history and overview of securitization.

The Bank for International Settlements. 2005. The Role of Ratings in Structured Finance: Issues and Implications. —Given the considerable growth of structured finance in international capital markets, the Bank for International Settlements issued this detailed analysis of the relationship between credit rating agencies and structured finance. An analysis is provided on potential conflicts of interest in the credit ratings industry, implications for financial stability, and regulatory concerns.

The European Securitisation Forum —Promotes the efficient growth and continued development of securitization throughout Europe, and advocates the positions, represent the interests, and serve the needs of its members—European securitization market participants. Their Web site provides extensive news coverage, statistics on securitization issuance in Europe, and links to other organizations of interest.

Timothy C. Leixner. 2006. Securitization of Financial Assets. —Provides an introduction to securitization from a lawyer’s perspective.

Vinod Kothari. 2006. Securitisation – A Primer. —Overview of securitization written for non-specialists. It is excerpted from Vinod Kothar’s book, Securitisation: The Financial Instrument of the New Millennium.

Vinod Kothari. 2006. Securitization: The Financial Instrument of the Future. —A comprehensive reference on all aspects of securitization.

Vinod Kothari’s Securitization Web site —Comprehensive information on securitization news, sector analysis, country reports, and much more.

W. Alexander Roever and Frank J Fabozzi. 2003. A Primer on Securitization. Journal of Structured and Project Finance. 9 (2). —Provides an overview of securitization, the benefits of this financial technique, and the various ways that securitization deals can be structured. (Subscription required.)