Cause IQ organization profile

Educational Credit Management Corporation

Program areas | Form 990s | Financials | Vendors | Personnel | Peers

Educational Credit Management Corporation is a scholarship organization based in Minneapolis, MN that was founded in 1994. As of 2019 they had $370 million in revenue and $945 million in assets.

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.

EIN:
41-1778617
City:
State:
Website:
Phone:
651-221-0566
Founded:
1994
Type:
501(c)(3)
NTEE:
Revenue:
$370,174,232
Assets:
$945,525,907
Employees:
478
Fiscal year end:
December
Revenue trends:
Asset trends:

Program areas at Educational Credit Management Corporation

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 ...

Ecmc solutions program: the ecmc solutions program focuses on providing default prevention and financial literacy to student loan borrowers while they are still in school, in their grace period, or in repayment 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.

LOAN GUARANTEE PROGRAM: EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC) IS THE DESIGNATED GUARANTY AGENCY FOR VIRGINIA, OREGON, CONNECTICUT, CALIFORNIA, TENNESSEE, AND SOUTH CAROLINA UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP). A GUARANTY AGENCY UNDER FFELP PROVIDES FEDERAL STUDENT LOAN GUARANTEES AND ONGOING PROCESSING SERVICES TO COMMERCIAL LENDERS AND POSTSECONDARY EDUCATION STUDENTS AND THEIR PARENTS FOR FFEL PROGRAM LOANS. ADDITIONAL SERVICES PROVIDED BY ECMC IN FULFILLING ITS ROLE AS A GUARANTY AGENCY INCLUDE, BUT ARE NOT LIMITED TO: ASSISTING BORROWERS AND PARENTS IN PREPARING FOR COLLEGE; FINANCIAL LITERACY AND MONEY MANAGEMENT EDUCATION; EDUCATION REGARDING THE OBLIGATIONS ASSOCIATED WITH STUDENT LOANS; AND EDUCATION ON HOW TO AVOID STUDENT LOAN DEFAULT. Effective November 1, 2016, ECMC entered into a three-year agreement with the U.S. Department of Education (ED) whereby ECMC will participate in ED's Project Success by providing services on behalf of ED to certain minority serving institutions (Institutions). The services that ECMC ...

Form 990s for Educational Credit Management Corporation

Fiscal year endingDate received by IRSFormPDF link
2018-12Dec 26, 2019990View PDF
2017-12Feb 21, 2019990View PDF
2016-12Mar 14, 2018990View PDF
2015-12Apr 10, 2017990View PDF
2014-12Feb 8, 2016990View PDF
...and five more Form 990 PDFs

Financials for Educational Credit Management Corporation

Field2018
Total grants, contributions, etc.$0
Program services$369,655,238
Investment income and dividends$518,994
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$370,174,232

Vendors for Educational Credit Management Corporation

VendorServicesAmount paidDate
Baker Tilly Virchow Krause LLPTax accounting; Audit accounting2020-04-02
██████Fundraising software2019-09-25
███████ ███ ████Fundraising software; Payment processing2019-09-25
██████████ ████████Collection Agency$6,014,5232017-12-01
██████ ██████████Collection Agency$4,181,8392017-12-01
██ ████████ ██Collection Agency$4,719,5502017-12-01
███████ ██████ ████████ ███Collection Agency$4,355,2592017-12-01
███████ ███████ ██████████ ███Collection Agency$2,795,7512017-12-01

Personnel at Educational Credit Management Corporation

NameTitleCompensationMost recent data
Martin ScanlonChief Financial Officer and Treasurer / Senior Vice President Finance and Chief Financial Officer$334,062March 30, 2019
Gregory van GuilderPast Chief Financial Officer$0Jan. 2, 2018
█████ ████Director , Outreach and Financial Literacy$163,808June 2, 2016
███████ ██████Vice President , Government Affairs$0Nov. 11, 2015
████ ████████Vice President Corporate Services$0Oct. 3, 2015

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