CIT Group has completed and executed a service agreement with the Pennsylvania Higher Education Assistance Agency (PHEAA) to service $7.4 billion of its portfolio of government-guaranteed student loans now serviced by CIT.

“Our decision to outsource the servicing of our student loans reflects our ongoing efforts to improve operating efficiencies,” said John Thain, CIT chairman and chief executive officer. “We expect that PHEAA will provide our customers with the same high-quality service that they currently receive.”

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