SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2012

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 14 — SUBSEQUENT EVENTS

Dividend Payout

In April 2012, the Company declared the payment of second quarter dividends of $20.00 per share on the Company’s Series A preferred stock. The dividend is payable on or about May 1, 2012 to shareholders of record as of April 15, 2012. Additionally, the Company declared a quarterly dividend of $0.10 per share on the Company’s common stock payable on or about May 24, 2012 to shareholders of record as of May 10, 2012.

Loan Sale

On April 13, 2012, a major investment brokerage firm exercised its option and the Company entered into a loan sale transaction, selling approximately $150.0 million of student loans with a related gain of $5.1 million. These loans were held for sale as of March 31, 2012.

Stock Repurchase

Subsequent to March 31, 2012, the Company repurchased approximately $13.7 million worth of common stock, pursuant to the Stock Repurchase Plan approved in January 2012.