Student Loan Corp. (STU) joins the list of issuers offering consumer loan-backed deals ahead of a loan application deadline for a Federal Reserve program this week.

The $1.396 billion student loan-backed deal, dubbed SLCLT 2009-A, has Citigroup as the lead and is scheduled to price on Aug. 5, a day before the Term Asset-Backed Securities Loan Facility's sixth deadline, a person familiar with the matter said.

The bulk of consumer loan-backed deals sold this year were eligible for TALF. The program is credited with having thawed the securitization market and helping lower borrowing costs for consumers.

Launched in March, it received a near-hostile welcome because of onerous documentation, but issuers and investors have since warmed to it, with many hoping it is extended past its scheduled expiration at the end of this year.

The Fed has recently also begun to offer attractive financing for new and existing commercial mortgage-backed loans in an effort to revive that sector. The next loan application deadline for the commercial-property portion is Aug. 20.

Among other issuers this month are General Electric Co. (GE), SLM Corp. (SLM), better known as Sallie Mae, CNH Capital America LLC and Wheels Inc.

Including Student Loan Corp.'s deal, total TALF issuance ahead of this month's deadline stands at over $6 billion.

Year-to-date issuance of deals eligible for TALF funds stands at over $60 billion.

-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; anusha.shrivastava@dowjones.com