Fledgling Student Loan Company GoesPublic

FREDRICKSBURG, Va. - (07/20/04) -- Collegiate Funding Services, aprovider of st7dent loan originations and servicing, said it raised$150 million last week with an initial public offering of justunder half of its common shares. About $93 million of the proceedsfrom the offering will go to retire preferred shares owned by thecompany's owner, The Lightyear Fund LP. The New York-basedinvestment company will retain a majority of CFS shares after theoffering.