Students who have exhausted traditional Title IV financial aid options or who are unable to qualify for credit-based loan programs are eligible, the Phoenix-based university (NYSE:UTI) said in an announcement Wednesday.
Loans will be originated by 1st Century Bank and serviced by ACS Education Services Inc. (NYSE:ACS). UTI will back the loans, assuring repayment.
"Traditional federal student aid and alternative student loans are still the first and best sources of funding for our students, but this program will greatly assist those who would otherwise be unable to pursue their education goals because of an inability to obtain reasonable loans through other sources," said Kimberly McWaters, UTI president and CEO. "Helping eligible students bridge the tuition gap on a limited basis is a good use of UTI's strong balance sheet and further enhances our capacity utilization."
UTI has additional programs to help students with tuition and expenses, including the recently created UTI Foundation. The nonprofit awarded nearly $400,000 in grants and scholarships so far this year and anticipates awarding nearly $1 million by the end of the year to students pursuing opportunities at UTI.
The UTI Foundation Student Emergency Fund raised more than $130,000 from employee fundraising events and contributions from the company, its employees and alumni to aid UTI students this year already enrolled.
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