First Marblehead Company Description
With a Harvard education costing six figures, that government student loan just isn't going to cut it anymore. Enter First Marblehead. The company creates programs and provides services for lenders and schools who offer private (not secured by the government) student loans for undergraduate, graduate, and professional education, and to a lesser extent, continuing education and study abroad programs. In addition to marketing, servicing, and processing services, First Marblehad offered loans through federally chartered thrift Union Federal Savings Bank, acquired in 2006. First Marblehead has processed more than 1.4 million student loans. The firm eliminated 500 jobs (more than half of its personnel) in 2008.
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The Company Description provides a historical perspective of First Marblehead's organization from inception to current status.
Produced by Hoover's in-house editorial team, the Company Description tracks ownership transitions, company progress via mergers and acquisitions, major growth milestones, and strategic initiatives, to provide a holistic view of First Marblehead's evolution in the marketplace.
