Loans will be originated by 1st Century Bank N.A. and serviced by ACS Education Services Inc.  To ensure that the terms and conditions of the loans remain favorable for students, UTI will bear ultimate financial responsibility for the repayment of loans originated under the program.

"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 designed to help students with tuition and school expenses, including the recently announced UTI Foundation.  As the philanthropic arm of UTI, the foundation provides qualified students with scholarships, grants, and other programs.

Veronica Meury, UTI Foundation vice president and executive director, said the new nonprofit has awarded nearly $400,000 in grants and scholarships to students so far this year. 

 
The UTI Foundation, which recently completed its formation period, anticipates awarding nearly $1 million in 2008 to students pursuing technical training programs at UTI's 10 campuses nationwide.

Another innovative UTI program provides support to eligible students once they have begun classes.  The UTI Foundation Student Emergency Fund, administered by the UTI Foundation, raised more than $130,000 to aid UTI students this year.  Funds for the program come from employee fundraising events and contributions from the company, its employees, and alumni.

Eligible students can receive food, toiletries, and clothing, as well as grants for such critical expenses as rent, utilities, and health care bills. 

 
"The UTI Foundation Student Emergency Fund can make a big difference in students' ability to stay in school and finish their technical education," Meury said.

"UTI is committed to changing the world one life at a time," McWaters said.  "Our new private loan program, UTI Foundation, and UTI Foundation Student Emergency Fund are all examples of our goal to make a difference in the lives of our students.

 
"We believe that those with a passion for the automotive, collision repair, diesel, marine, motorcycle, and NASCAR industries should be able to pursue and focus on their technical education without struggling to bridge the tuition-funding gap."