The Student Loan Corporation is an originator of student loans offering an array of student loan products to students and their parents. The majority of the Company’s loans are originated and guaranteed under the Federal Family Education Loan (FFEL) Program, authorized by the United States Department of Education (the Department). Citibank, N.A. (CBNA) owns 80% of the Company’s outstanding common stock and is an indirect wholly owned subsidiary of Citigroup Inc. (Citigroup). The Company, which has a trust agreement to originate loans through CBNA, is an originator, manager and servicer of student loans, including loans made in accordance with federally sponsored guaranteed student loan programs, as well as private education loans. At December 31, 2008, the Company’s student loan assets, including deferred costs, consisted of FFEL Program loans, private education loans and an inventory of loans held for sale.