Educational Credit Management Corporation
Educational Credit Management Corporation
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About this organization
Mission
Educational Credit Management Corporation (ECMC) provides services in support of higher education finance. ECMC sponsors programs to help students and families plan and pay for college. ECMC promotes financial literacy and provides resources for student loan borrowers to successfully repay their federally insured student loans. ECMC, a 501(c)(3) organization, is a national guaranty agency designated by the U.S. Secretary of Education under and pursuant to the provisions of the Higher Education Act of 1965, as amended. In 2013, ECMC added the Solutions program, providing default prevention and financial literacy to student loan borrowers to help them understand their repayment options before becoming delinquent or defaulting on their federally insured student loans. The program includes resources for postsecondary institutions to assist them in managing their cohort default rate. Services are offered to postsecondary institutions under a fee structure.
About
DEFAULT AVERSION, CLAIMS AND COLLECTION PROGRAM: IN Educational Credit Management Corporation's (ECMC'S) ROLE AS A FEDERAL STUDENT LOAN GUARANTOR, WE ARE RESPONSIBLE TO PERFORM DEFAULT PREVENTION ACTIVITIES, REIMBURSE LENDERS FOR DEFAULT AND OTHER TYPES OF CLAIMS, AND RECOVER DEFAULTED STUDENT LOANS. DEFAULT PREVENTION PROGRAM: ECMC HAS A ROBUST DEFAULT PREVENTION PROGRAM FOCUSED ON EDUCATING AND COUNSELING DELINQUENT BORROWERS ON REPAYMENT STRATEGIES TO FIND THE ONE THAT BEST FITS THEIR SITUATION SO THEY CAN SUCCESSFULLY REPAY THEIR LOAN. ECMC'S COMMITMENT TO PREVENT DEFAULTS IS STRONG; OUR POSITIVE RESULTS REFLECT OUR DEDICATION TO THIS PROGRAM. COLLECTION PROGRAM: FOR THOSE BORROWERS WHO FACE THE UNFORTUNATE SITUATION OF STUDENT LOAN DEFAULT, IT IS NOT ONLY OUR FIDUCIARY RESPONSIBILITY TO THE U.S. TREASURY AND THE TAXPAYER TO COLLECT THOSE LOANS, ECMC IS ALSO COMMITTED TO HELP THE BORROWER RECOVER FROM DEFAULT. FORTUNATELY, CONGRESS HAS GIVEN US TOOLS TO DO SO, SUCH AS THE LOAN REHABILITATION PROGRAM WHERE WE ARE GIVEN SIGNIFICANT LATITUDE TO ESTABLISH AN INCOME-CONTINGENT REPAYMENT ARRANGEMENT WITH THE BORROWER. WITH SUCCESSFUL COMPLETION OF THIS PROGRAM, THE DEFAULT STATUS IS REMOVED FROM THE BORROWER'S RECORD. SINCE INCEPTION, ECMC HAS RETURNED $18.1 BILLION IN STUDENT LOAN RECOVERIES TO THE U.S. TREASURY.
Interesting data from their 2019 990 filing
The mission of the non-profit, as stated in the filing, is “Educational credit management corporation (ecmc) sponsors programs to help students plan and pay for college, promote financial literacy and provide resources to support student loan borrowers to repay their federally insured student loans.”.
When referring to its tasks, they were described as: “Educational credit management corporation (ecmc) provides services in support of higher education finance. ecmc sponsors programs to help students and families plan and pay for college. ecmc promotes financial literacy and provides resources for student loan borrowers to successfully repay their federally insured student loans. ecmc, a 501(c)(3) organization, is a national guaranty agency designated by the u.s. secretary of education under and pursuant to the provisions of the higher education act of 1965, as amended. in 2013, ecmc added the solutions program, providing default prevention and financial literacy to student loan borrowers to help them understand their repayment options before becoming delinquent or defaulting on their federally insured student loans. the program includes resources for postsecondary institutions to assist them in managing their cohort default rate. services are offered to postsecondary institutions under a fee structure.”.
- The non-profit is operating legally in the state of MN.
- The non-profit's address for the year 2019 is listed as 111 Washington Ave So 1400, Minneapolis, MN, 55401 in the filing.
- The form submitted by the non-profit organization for 2019 reports 478 employees.
- Does not operate a hospital.
- Does not operate a school.
- Does not collect art.
- Provides credit counseling.
- Does not have foreign activities.
- Is not a donor-advised fund.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $18,888,139.
- The CEO compensation package within the organization is established through a review and approval process by an independent body.
- The organization elects its board members.
- The organization has a written policy that describes how long it will retain documents.
- The organization has 8 independent voting members.
- The organization was formed in 1994.
- The organization has a written policy that addresses conflicts of interest.
- The organization is required to file Schedule J.
- The organization is required to file Schedule O.
- The organization engages in lobbying activities.
- The organization pays $57,693,198 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.
- The organization provides Form 990 to its governing body.
- The organization pays grants to individuals.
- The organization has minutes of its meetings.
- The organization has a written whistleblower policy.
- The organization has grants to organizations.
- The organization's financial statements were reviewed by an accountant.