In recent years, American Student Assistance has further emerged as a leader in the student loan industry, providing education debt management services to student loan borrowers with an aggregate portfolio value of more than $45 billion. During this time, we made significant investments in technology and process improvement to gain operational efficiency and position ASA for future success. Given the current volatility in the education loan marketplace, ASA has made the difficult decision that now is the time to leverage our ongoing investments and streamline our organization. 

Effective immediately, we have reduced our workforce as part of an overall plan to retool business operations, gain efficiencies, and align positions with our strategic corporate goals in this changing environment. Approximately 50 positions, representing 7 percent of our total staff, have been eliminated.

The ongoing uncertainty in the market has forced all student loan service providers to closely examine revenue and expenditures. However, we want to assure our customers that ASA is financially sound, stable and secure. We are well positioned and firmly committed to ensuring the ongoing viability and success of the federal student loan programs.

While staff reductions are always difficult, it is the most prudent and responsible action we can take at this time, and will enable us to sustain our role as the leading provider of education debt management services. ASA looks forward to playing a vital part in the evolving student loan landscape in the years to come.

We pledge that our borrower, school and lender customers will see no disruption in service as a result of our workforce reduction. We remain as committed as ever to providing our customers with the best tools to help them manage federal education loans, from application to the last payment.

Thank you for your support as an ASA customer and we look forward to continuing to serve you in this time of change and evolution.

Sincerely,

Paul Combe
President and CEO