 |
Christopher Chapman
President & CEO
Access Group
September 2008
|
While earning a bachelor's degree in political science at Xavier University in Cincinnati, Chris Chapman interned in the U.S. House of Representatives for two summers and in a Congressman's district office during the school year. In 1993 he graduated from the University of Cincinnati's law school while employed as a staffer to the same Congressman.
How has your college internship affected your work career?
I can trace my current job to the day I wrote down the phone number of the Congressman who hired me as a student. For three months without pay, and years thereafter with pay, I got real-world experience as to how American politics works. I also got practical experience dealing with the real-world demands of a difficult boss in a high-turnover office with high work quality standards. Without the internship, I may have worked as a caddy at a golf course. With the internship, I jump-started my career.
What other experiences from your seven years working in politics have been of benefit during your subsequent work life?
I'll mention a few. I learned that every complex issue must be broken down into less complex pieces before it can be dealt with successfully. I learned that every issue should be viewed from several angles - and even more importantly, through the eyes of several others. Always think before you talk, and never burn a bridge.
How and when did you get involved in student loans?
While I was employed by the Cincinnati city council, my path crossed that of Tom Conlan, founder of Student Loan Funding Resources, who was active in a city-based charity. As we worked together successfully on that project, he asked me to run Student Loan Funding's corporate affairs department in 1994. I accepted the offer and spent several busy and exciting years there until joining ALL Student Loan Corporation in 2001.
What did you learn while converting ALL Student Loan from a loan purchaser to a loan originator?
First, service to the customer can never be overrated. Second, the power of a small group of motivated people is often underrated. We had no retail brand, a tiny marketing budget and no ability to raise substantial capital. But we were able to grow ALL's loan originations from zero in 2000 to $250 million in 2007. By that time we had become California's largest not-for-profit lender - and vertically integrated. We were also a price leader, and borrowers inside and outside California knew we had a better deal.
Will Access Group need Wall Street securitization to remain in the student loan business?
No. We're not a bank, and we certainly need access to capital to make loans. But our sources are uninterrupted thus far and on into the foreseeable future.
Will you be participating in the Department of Education loan purchase program?
We are a participant in ED's liquidity facility. We will sell loans to ED only if the capital and credit markets provide us with no other options by summer 2009.
What is Access Group offering to students in 2008-09?
Stafford, PLUS and GradPLUS loans are our FFEL offerings. We also have private loans through CampusDoor and pursuing funding for residency, bar exam and dental exam loans.
What must happen to produce a healthy student loan business next year?
It is vital to keep ED's liquidity program active through June 2010.