Overview
What is Montana Higher Education Student Assistance Corporation?
Montana Higher Education Student Assistance Corporation (MHESAC) is a nonprofit organization dedicated to helping Montana citizens finance and strategically pursue their educational opportunities. The corporation functions as a secondary student loan market for the Federal Family Education Loan Program (FFELP), acquiring and servicing guaranteed student loans. Through various rebate, incentive, and rate reduction programs, MHESAC has provided significant benefits to over 5,692 borrowers during fiscal year 2023, totaling $352 thousand. Since its inception in 1996, MHESAC has extended more than $3.7 billion in student loans to over 241,000 borrowers. In addition to offering loan services, MHESAC's Reach Higher Montana (RHM) programs focus on dual enrollment support, student services, network support, and outreach.
Official website here: www.mhesac.org
Is Montana Higher Education Student Assistance Corporation legitimate?
Montana Higher Education Student Assistance Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Montana Higher Education Student Assistance 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: $14,400
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.mhesac.org
What is the mission statement of Montana Higher Education Student Assistance Corporation?
The Montana Higher Education Student Assistance Corporation is committed to aiding Montana citizens in financing and tactically pursuing educational opportunities. The organization offers various benefits to existing student loan borrowers through principal and interest rate reductions. Their Reach Higher Montana program focuses on dual enrollment support, student services, network assistance, and outreach. The corporation acts as a secondary market for the Federal Family Education Loan Program (FFELP), acquiring and servicing guaranteed student loans. In fiscal year 2023, they provided over $352 thousand in benefits to 5,692 borrowers, and since the inception of borrower benefit programs in 1996, over $55 million in benefits have been granted. To date, the corporation has disbursed over $3.7 billion in student loans to over 241,000 borrowers.
Official website here: www.mhesac.org
Who is the CEO of Montana Higher Education Student Assistance Corporation?
Michael Green is the Dir Mhesac, Dir - Board Chair Saf of Montana Higher Education Student Assistance Corporation. The CEO's salary of Montana Higher Education Student Assistance Corporation is $0 and their total compensation is $292,762.
Official website here: www.mhesac.org
What is the revenue of Montana Higher Education Student Assistance Corporation?
Montana Higher Education Student Assistance Corporation's revenue in 2023 was $23,987,922.
Official website here: www.mhesac.org
Who are the executives of Montana Higher Education Student Assistance Corporation and what are their salaries?
- Scott Todorovich (Ceo Mhesac, Pres/Ceo Saf)
- Jolene Selby (Cfo Mhesac, Vp Saf)
- Kelly Cresswell (Exec Dir Mhesac, Vp Saf)
- Kimberly Cunningham (Dir Mhesac, Dir - Board Chair Saf) [Trustee/Director]
- Terry Cosgrove (Dir Mhesac, Dir Saf) [Trustee/Director]
- Michael Green (Dir-Chair & Off-Pres) [Trustee/Director]
- George S Olsen (Dir & Off-Sec/Treas) [Trustee/Director]
- Shannon Stober (Director - Vice Chair)
- Brianne Rogers (Director)
- Wendy Wigert (Director)
- Joyce Dombrouski (Director - Started 7/1/2022)
- Crystine Miller (Officer - Vp Started 10/26/22)
- Ron Muffick (Officer -Vp Done 6/30/22)
Official website here: www.mhesac.org
Where can I find the form 990 for Montana Higher Education Student Assistance Corporation?
The Montana Higher Education Student Assistance Corporation’s most recent form 990 was submitted in 2023 and can be accessed here
Official website here: www.mhesac.org
Learn more at the official website: www.mhesac.org
Mission Statement of Montana Higher Education Student Assistance Corporation
Montana Higher Education Student Assistance Corporation, or MHESAC, is a dedicated organization that helps Montana citizens financially and strategically pursue educational opportunities. The corporation's primary mission is to offer borrower benefits, providing principal and interest rate reductions to existing student loan borrowers.
MHESAC's Reach Higher Montana (RHM) programs focus on four core areas: dual enrollment support, student services, network support, and outreach. Through these initiatives, MHESAC aims to make education more accessible and affordable for Montana residents.
MHESAC serves as a secondary student loan market for the Federal Family Education Loan Program (FFELP). Its borrower benefit programs, including rebate, incentive, and rate reduction schemes, have offered significant financial assistance. In fiscal year 2023 alone, these programs granted $352 thousand in benefits to 5,692 borrowers. Since the inception of these programs in 1996, a total of $55 million in benefits have been distributed to borrowers. To date, MHESAC has provided over $3.7 billion in student loans to over 241,000 borrowers.
Impact
This information is meant to be a general summary of Montana Higher Education Student Assistance Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
Montana Higher Education Student Assistance Corporation's impact can be seen in its dedication to helping Montana citizens finance and strategically pursue educational opportunities. Through the acquisition and servicing of guaranteed student loans as a secondary student loan market for the Federal Family Education Loan Program (FFELP), MHESAC has provided significant benefits to borrowers. In fiscal year 2023 alone, benefits totaling $352 thousand were provided to 5,692 borrowers through rebate, incentive, and rate reduction programs. Since the inception of borrower benefit programs in 1996, a total of $55 million in benefits have been provided to borrowers.
Furthermore, MHESAC has a substantial track record of supporting students, having provided over $3.7 billion in student loans to more than 241,000 borrowers since its inception. The organization's commitment to offering borrower benefits, such as principal and interest rate reductions, highlights its focus on supporting students in pursuing higher education. Additionally, the Reach Higher Montana (RHM) program, core areas of focus include dual enrollment support, student services, network support, and outreach, further showcasing MHESAC's impact in the education sector.
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 2023.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST & SPECIAL ALLOWANCE
Revenue
$22,917,057
UNCOLLECTIBLE ACCOUNTS
Revenue
$46,759
LOAN PURCHASE DISCOUNT AMORTIZATI
Revenue
$4,123
BOND REPURCHASE
Revenue
$-410,996
Organization Details
Founding Year
1980
Phone
(406) 495-7800
Principal Officer
Michael Green
Main Address
PO BOX 5209, HELENA, MT, 59604
Website
www.mhesac.org
NTEE Category
Code: B82 - Education
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