FIRSTAGAIN OFFERS EDUCATION LOAN ALTERNATIVE FOR BORROWERS
AMID DWINDLING ACCESS TO TRADITIONAL FINANCING SOURCES

Online Consumer Lender’s AnythingLoan Available to Borrowers with Excellent Credit Even as Slumping Economy Limits Options for Student Financing

SAN DIEGO - June 30, 2008 – FirstAgain LLC, an online consumer lender focusing exclusively on individuals with excellent credit, offers a welcome alternative to borrowers who potentially could find themselves unable to access traditional forms of education financing this fall. The company’s AnythingLoan, a revolutionary, unsecured loan product that combines low rates with an unparalleled customer experience, can be used to finance or refinance K-12, college and post-secondary education expenses.

As the credit crisis and deepening decline of the housing market combine to limit borrowers’ access to conventional sources of education funding, FirstAgain makes it easy for individuals with excellent credit to get the financing they need. For Theresa Emfinger of Stone Mountain, Ga., the AnythingLoan offered an opportunity to help her son, a law student at Chicago-Kent College of Law, pay his considerable expenses, which included costs associated with a prestigious internship in Munich, Germany last summer. “The regular financial aid programs just weren’t going to be enough,” said Emfinger. “I was looking for things like credit card advances, but then I came across FirstAgain. I kept thinking there has to be a trick here. It was just such a simple experience.”

So simple, in fact, that Emfinger has since returned to FirstAgain for two additional loans, one to further finance her son’s law school education and another to pay for a home improvement project. “I really appreciate having a service like this out there,” she said. “With all the bad news surrounding the credit industry right now, it’s nice to know it doesn’t have to be that hard. FirstAgain gives borrowers peace of mind.”

Most American families rely heavily on loans to finance education costs, particularly at the college level. According to College Board, a non-profit organization that connects students to college education opportunities, the average annual cost of a four-year private college was $32,307 for the 2007-2008 school year, up 5.9 percent from the year prior. The cost of a public, four-year institution also shot up 5.9 percent to $13,589 annually, and students attending an out-of-state public school can expect to pay $24,044 annually on average. As a result, the federal government provided more than $109 billion in total student loans in 2007-2008 and families sought an additional $17.1 billion in alternative loans from private lenders.

Both government-backed and privately issued student loans usually are packaged by lenders with other loan products – primarily mortgages – into asset-backed securities (ABSs) and sold to investors. With home values depreciating and foreclosures skyrocketing, however, investor interest in mortgage-heavy ABSs has waned, thus hampering the ability of both government and private lenders to issue traditional student loans. Parents have in the past turned to home equity as a preferred fallback, but the well-documented nationwide decline in the availability of home equity loans has all but eliminated that option for many, meaning those families will be left in search of an alternative.

“Education loans are yet another example of how FirstAgain rewards consumers with excellent credit,” said Gary Miller, co-founder and CEO of FirstAgain. “Regardless of the economy, no parent wants to sacrifice their children’s education. The AnythingLoan gives borrowers with excellent credit access to the low-interest financing they need without any of the hassles associated with traditional loans.”

A completely paperless loan allowing customers the convenience of signing loan documents online using a computer mouse, the AnythingLoan provides between $10,000 and $100,000 for any purpose, including education expenses. Borrowers in need of an alternative can use the AnythingLoan to finance K-12 private school fees, college tuition, room and board costs, study abroad expenses and more. It can also be used to consolidate and refinance existing student loan debt. Interest rates for education loans are fixed as low as 6.99 percent. As unsecured loans, they do not require liens against borrower assets.

About FirstAgain

FirstAgain LLC is redefining consumer lending for individuals with excellent credit. The San Diego-based company has developed a completely paperless, online experience for applying, approving, signing, funding and servicing unsecured personal loans. FirstAgain’s AnythingLoan can be used for any purpose, including home improvements, vehicle purchases, educational and medical expenses, timeshares, vacation ownerships, marine products, loan refinancing and anything else. Most AnythingLoan finance amounts range from $10,000 to $100,000 with low rates, same-day funding and an unparalleled customer experience. Timeshare and fractional financing loan amounts start as low as $7,500. FirstAgain was founded by the pioneering veterans of PeopleFirst, a company which grew into the nation’s largest online auto lender prior to its sale to Capital One in 2001. The company operates nationwide and has financial investments from Merrill Lynch and Arsenal Capital Partners. For more information, please visit www.firstagain.com.