Kaplan University Selects Citibank to Provide Federal and Private Loans to Its Students

STAMFORD, Conn.--April 26, 2005--Kaplan University, a unit of Kaplan, Inc., announced today that it has selected The Student Loan Corporation, a subsidiary of Citibank, to be the principal provider of federally guaranteed and private student loans. Going forward, Kaplan University will begin to move from the Direct Lending Program to the Federal Family Education Loan Program partnering with Citibank to provide both loan products and assistance during the transition. Federal Stafford Loan, Federal PLUS Loan and the CitiAssist(R) loan programs will all be handled through Citibank.

“After examining several loan providers, we selected Citibank as the organization best able to meet the needs of our unique student population,” says Jane Smalec, Chief Financial Officer, Kaplan University. “Citibank understands customer needs and its suite of products and services will make the process of obtaining financial aid easy and provide our students a resource for their future financial needs as they begin their careers.”

A member of Citigroup, the world’s premier financial organization, The Student Loan Corporation is one of the country’s leading originators of student loans. Today, The Student Loan Corporation serves 1.7 million customers and over 3,000 schools.

“Citibank advocates a healthy approach to money and we are pleased to have the opportunity to bring our products, technology and unparalleled service to Kaplan students,” says Michael Reardon, Chief Executive Officer of The Student Loan Corporation. “Both Citibank and Kaplan University share a commitment to education and a student-centered service and support approach.”

Kaplan University (www.kaplan.edu), based in Davenport, Iowa, is accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools (NCA). The university offers master, bachelor and associate degrees, as well as certificates designed to provide students with the skills necessary to qualify them for employment in fields such as business, criminal justice, education, design, information technology and paralegal studies. With over 22,000 on-ground and online students, Kaplan University joins the ranks of the largest universities in the U.S.

About Citibank

Citibank, N.A. is a member of Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries. Citigroup provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.

The Student Loan Corporation (NYSE: STU) is one of the nation’s leading originators and holders of insured student loans providing a full range of education financing products and services to meet the needs of students, parents, schools, and lenders. The company was previously a division of Citibank and became a NYSE-listed corporation in 1992. Citibank, N.A. is the majority shareholder. Citibank was one of the first banks to finance higher education, beginning in 1958. Today, The Student Loan Corporation serves 1.7 million customers and over 3,000 schools nationwide. Educational Loan Center, Inc. is a subsidiary of The Student Loan Corporation.

For information or inquiries regarding student loan accounts, please call 1-800-967-2400. Customers with Telecommunication Devices for the Deaf (TDD) may call 1-800-846-1298. College planning and financing information is also available at studentloan.com.

Contact Information

Anita Gupta

Public Affairs

Citibank

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