Inside Campus Partners

Mike Carey
June 2004

Mike Carey
President

If our employees had placed a want ad for new owners when the company was for sale last year, we would have asked for owners with a strong background in student loans; extensive experience in marketing, finance, and e-commerce; and an entrepreneurial spirit. Although we did not place this ad, we found a perfect match with the principals of JPT Partners, which purchased the company in January 2004.

Mike Carey, one of the principals, also assumed the position of president when the company was purchased. Like the other owners, Mike brings over 20 years of senior management position in the student loan industry to our company. During 17 years at Sallie Mae, Mike gained a strong understanding of the operations of the student loan industry, specifically the complex methods of asset finance.

In 2001, Mike left Sallie Mae to co-found Student Trust, a student loan consolidation company. Although he was still involved in the student loan industry, Mike had to develop different skills in running the company. He had to manage all aspects of the company—sales, marketing, finance, accounting, and Human Resources. “ I went from a 4,000 employee company to owning a company with four employees,” Mike said. “The work we did building Student Trust will translate into success for Campus Partners. Like Student Trust, Campus Partners will succeed by focusing on technology and business development.”

As President, Mike has been active in developing an aggressive technology plan and in supporting business development efforts. To keep our customers updated on our transition plans and product development efforts, Mike has been sending a periodic letter to decision-makers apprising them of our efforts. Just as he wants to keep customers informed about our plans and successes, he wants to find out what customers need to make their jobs easier.

Mike has not found the need to alter the daily management operations of the company because he and the other owners found a strong management team in place. “I am very impressed with the management team and the company’s dedication to delivering the best customer service possible to our school customers and their borrowers. The number and quality of our customer base are impressive, “ Mike said.

Although Mike considers our servicing system strong and flexible, he knows that our customer “facing” technology has lagged behind in the past. Improving the technology that customers see is a priority for Mike and the other owners. Although eXpressReports, E-Bill, and Cohort Right Track were released in early June, Mike wants customers to know that “We are not going to stop here.” Web based entrance and exit interviews will be released in July, with on demand reports to follow.

He and the other owners are ready to invest the resources that are needed to improve our technology. “The staff here knew what needed to be done, but the former owners did not invest in technology because Perkins loan servicing was not their core business. It is the core business for Campus Partners,” Mike continued.

Mike is very impressed with the commitment to customer service that exists within the company and the enthusiasm with which the employees have greeted the new owners. “It is much easier to fix technology than to fix corporate culture. The employees here are positive, which is reflected in their willingness to exceed customer expectations and to accept the change in ownership,” Mike related.

With positive momentum building within the company, Mike expects that Campus Partners will become the unquestioned leader in campus-based loan servicing. “We will compete on technology and price and win on customer service,” Mike stated with conviction. “We are here to stay.”

Mike lives in Silver Spring, Maryland with his wife, Chris, and their young children, who are three, six, and nine years old. He is very involved with his children’s activities and enjoys coaching them in basketball and softball. He also enjoys playing golf when he has time. Mike is a graduate of Catholic University in Washington, DC, and has a BA degree in Quantitative Management.