ELM Resources Appoints Jeff Connors as President and Chief Executive Officer.

OAKLAND, Calif. -- Today, ELM Resources, the leading loan delivery system in the Student Loan Industry, announced that Jeffrey A. Connors has joined the company as its President and Chief Executive Officer, effective October 2, 2006. Mr. Connors will have overall Strategic and Operational responsibilities for the future growth and direction of the organization.

"Jeff is uniquely qualified to lead ELM Resources as it continues to expand its product and processing capabilities," commented Doris Grose, Chair of ELM Resources. "We are delighted that ELM is able to continue to attract the caliber of leadership that Jeff will bring to the organization. With Jeff's knowledge of the industry and track record of success in leading rapid growth companies known for outstanding customer service, we look forward to ELM's continued expansion under his guidance."

Mr. Connors joins ELM with a significant financial services track record in both the Domestic and International markets executing strategic business expansions. He spent 26 years within the J.P. Morgan Chase Organization helping it become a leading global financial services firm serving in Divisional and Group CFO, COO, CEO and Board roles. During the past five years, he was the President, COO and a Board member of a pre-IPO Asset Management Firm and a founder and Executive Director of his own financial consulting firm. He holds a B.A. from Lea College and several graduate degrees from Long Island University.

"ELM Resources success to date is not surprising as it occupies a unique place as the only truly open and lender-neutral loan delivery system in the Student Loan Industry," commented Connors. "ELM has become a leader in the industry, achieved strong levels of support from its school and lender customers, and has a very supportive Board of Directors that has a shared vision of empowering schools to provide students access to the best financial aid solutions available. I am not only enthused about the opportunity and what this organization has done to help students achieve their dreams of a higher education, but also with what we at ELM, are capable of achieving in the days ahead."

In 2005, ELM processed over 4 million loan records representing $19 Billion and disbursed student loans in excess of $13 Billion while enabling access to 95% of the Federal Family Education Loan Program (FFELP) and Alternative Student loans in the United States. ELM's market share within FFELP-related student loans through its 48 Members (which include the leading Education Financing and Guarantor organizations in the United States) and its 1,300 participating lenders and 1,700 Colleges, Universities and Proprietary Schools reached a record 32% of total volume and is indicative of the company's future prospects. For more information on ELM Resources go to www.elmresources.com.

About ELM Resources

With a mission to provide schools complete freedom-of-choice and equal access to all education financing providers, ELM Resources was established in 1994 as the only open, non-proprietary, lender-neutral student loan delivery system in the industry. Through its members -- lenders, guarantors, and loan servicers -- ELM administers a common, open, and universal student loan delivery system that seamlessly links the diverse computing platforms involved in processing and disbursing a student loan. ELM offers students and schools the convenience of using a single data channel for both alternative and government guaranteed loans, regardless of which loan provider is serving the customer.

ELM Members are:

Access Group, Inc. - ACS Education Services, Inc. - AES/PHEAA - American Student Assistance - AmSouth Bank - BAC International Credit Corp. - BancorpSouth - Bank of America, N.A. - Brazos Higher Education Service - Citibank, The Student Loan Corp. - Citizens Bank - College Foundation - College Loan Corp. - Collegiate Funding Services - CollegeInvest - Connecticut Student Loan Foundation - EdFinancial Services - EDFUND - Education Assistance Service Company Inc. - Education Services Foundation - Georgia Higher Education Assistance Corp. - HSBC Bank USA, N.A. - Illinois Student Assistance Commission - Iowa Student Loan Liquidity Corp - JPMorgan Chase & Co. - Key Bank - MOHELA - National Student Loan Program - Nelnet - North Carolina State Education Assistance Authority - Oklahoma Student Loan Authority - PNC Bank - Sallie Mae - South Carolina Student Loan Corp. - Stillwater National Bank - Student Loan Finance Corp - Student Loan Xpress, Inc. - SunTrust Bank - Texas Guaranteed Student Loan Corp. - Trustmark National Bank - U.S. Bank - University of Chicago - USA Funds - Utah Higher Education Assistance Authority - Vermont Student Assistance Corp. - Wachovia Education Finance - Wells Fargo Education Financial Services - Zions First National Bank

A complete listing of ELM Affiliates and participants is available on the ELM Web site at www.elmresources.com.