Overview
What is Educational Credit Management Corporation?
Educational Credit Management Corporation (ECMC) is a Minneapolis-based nonprofit organization functioning as a federal student loan guarantor. ECMC's role involves performing default prevention activities, reimbursing lenders for defaults and claims, and recovering defaulted student loans. Their default prevention program aims to educate and counsel delinquent borrowers on repayment strategies to help them successfully repay their loans. For those in unfortunate situations of student loan default, ECMC is committed to helping them recover using tools like the loan rehabilitation program. Since inception, ECMC has returned $21.5 billion in student loan recoveries to the U.S. Treasury. The organization also provides financial counseling and education to empower students to make informed choices about their futures. ECMC is a 501(C)(3) organization designated by the U.S. Secretary of Education, and they offer default prevention and financial literacy services to post-secondary institutions under a fee structure.
Official website here: www.ecmc.org
Is Educational Credit Management Corporation legitimate?
Educational Credit Management Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Educational Credit Management Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $1,193,487
Professional Fundraising Fees: $0
Other Salaries and Wages: $38,977,742
For more financial information, click here
Official website here: www.ecmc.org
What is the mission statement of Educational Credit Management Corporation?
The Educational Credit Management Corporation (ECMC) is a non-profit organization dedicated to empowering students with financial counseling and education to make informed decisions about their futures. As a national student loan guarantor, ECMC provides default prevention services, reimburses lenders for defaults, and recovers defaulted student loans. Their robust default prevention program focuses on educating and counseling delinquent borrowers on repayment strategies, while their commitment to preventing defaults is evident in their successful results. For those who face student loan default, ECMC not only fulfills its fiduciary responsibility to the U.S. Treasury and taxpayers to collect these loans, but also helps borrowers recover from default through income-contingent repayment arrangements. Since its inception, ECMC has returned over $21.5 billion in student loan recoveries to the U.S. Treasury. In response to the COVID-19 pandemic, ECMC, in adherence to U.S. Department of Education guidance, stopped involuntary collections for defaulted student loans, providing relief to borrowers during this economically challenging time.
Official website here: www.ecmc.org
Who is the CEO of Educational Credit Management Corporation?
Chad Tate is the Ecmc President (Eff 7-3-22) of Educational Credit Management Corporation. The CEO's salary of Educational Credit Management Corporation is $0 and their total compensation is $1,125,940.
Official website here: www.ecmc.org
What is the revenue of Educational Credit Management Corporation?
Educational Credit Management Corporation's revenue in 2022 was $361,979,726.
Official website here: www.ecmc.org
Who are the executives of Educational Credit Management Corporation and what are their salaries?
The average compensation at Educational Credit Management Corporation during 2022 was $117,117. There are 343 employees at Educational Credit Management Corporation.
Here are 25 key members and their salaries (Educational Credit Management Corporation's CEO's salary is $0 and their total compensation is $1,125,940):
- Gregory A Van Guilder (Former Cfo, Grp Cio)
- Jeremy J Wheaton (Pres & Ceo-Part Yr, Sr Advisor) [Trustee/Director]
- Daniel S Fisher (Grp Pres & Ceo (Eff 7-3-22)) [Trustee/Director]
- Martin A Scanlon (Cfo & Treasurer)
- Chad Tate (Ecmc President (Eff 7-3-22))
- Brian Boardman (Grp General Counsel & Corp Sec)
- Therese B Bickler (Vp, Ecmc Operations)
- Paula J Craw (Vp, Outreach)
- Nathan Vickery (Sr Dir, Repayment Success Ctr)
- J Hamlin Sjoberg (Sr Dir, Guarantor Services)
- Han Cho (Dir, Portfolio Management)
- Jan Jacobson (Dir, Customer Service)
- Nate Malmo (Dir, Internal Default Mgmt)
- James V Mckeon (Board Chair) [Trustee/Director]
- Maurice M Salter (Director)
- Diana J Ingram (Director)
- Julia S Gouw (Director)
- K Paul Singh (Director)
- Jack O'Connell (Director)
- Derek Langhauser (Director)
- Jennifer Anderson (Director)
- James Runcie (Director)
- John F Depodesta (Former Board Chair)
- Roberta Cooper Ramo (Former Director)
- I King Jordan (Former Director)
Official website here: www.ecmc.org
Where can I find the form 990 for Educational Credit Management Corporation?
The Educational Credit Management Corporation’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.ecmc.org
Learn more at the official website: www.ecmc.org
Mission Statement of Educational Credit Management Corporation
ECMC, or Educational Credit Management Corporation, is a prominent 501(c)(3) organization that empowers students to make informed decisions about their futures through financial counseling and education. This national guaranty agency, designated by the U.S. Secretary of Education under the Higher Education Act of 1965, plays a crucial role in ensuring student loan repayment.
ECMC's mission is threefold: it provides default prevention services, manages claims and collections, and educates borrowers on repayment strategies. As a federal student loan guarantor, ECMC is responsible for performing default prevention activities and reimbursing lenders for claims and collections. Its default prevention program aims to educate and counsel delinquent borrowers, helping them find the best repayment strategy for their situation. ECMC's strong commitment to preventing defaults is evident in its positive results. For borrowers who face the unfortunate situation of student loan default, ECMC is committed to helping them recover, using tools like the Loan Rehabilitation Program to establish income-contingent repayment arrangements. Since inception, ECMC has returned over $21.5 billion in student loan recoveries to the U.S. Treasury.
In response to the COVID-19 pandemic, Congress passed several legislative stimulus bills, which contained provisions for relief for some student borrowers. ED, the U.S. Department of Education, issued guidance to guarantee agencies, including ECMC, to stop collections activities on defaulted student loans until September 30, 2021, and later extended it to December 31, 2022. During this collections pause, ECMC recorded $235.2 million for reimbursement of lost collections revenue. In compliance with ED's guidance, ECMC utilized historical recovery rates to derive the estimated amounts, which are substantiated by its financial reporting to the Department of Education.
Impact
This information is meant to be a general summary of Educational Credit Management Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
Educational Credit Management Corporation (ECMC) plays a significant role in providing financial counseling and education to empower students to make informed decisions about their futures. As a guarantor designated by the U.S. Secretary of Education, ECMC offers default prevention and financial literacy programs to help student loan borrowers navigate their repayment options effectively. Through its default aversion, claims, and collection programs, ECMC assists in preventing loan defaults and aids borrowers in recovering from default situations. The organization's commitment to supporting students is evident in its efforts to provide resources and assistance to manage cohort default rates for postsecondary institutions. Additionally, ECMC's involvement in responding to legislative changes, such as the relief measures during the COVID-19 pandemic, demonstrates its dedication to helping borrowers during challenging times. Overall, ECMC's impact lies in its mission to support students in managing their student loans responsibly and securing their financial futures.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
COLLECTION REVENUE
Revenue
$245,518,022
THIRD-PARTY GUARANTOR
Revenue
$52,996,999
CLAIM REPURCHASE
Revenue
$34,490,554
ACCOUNT MAINTENANCE
Revenue
$8,958,955
DEFAULT AVERSION
Revenue
$8,395,783
Organization Details
Founding Year
1994
Phone
(651) 221-0566
Principal Officer
Chad Tate
Main Address
111 WASHINGTON AVE SO 1400, MINNEAPOLIS, MN, 55401
Website
www.ecmc.org
NTEE Category
Code: B82 - Education
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