Education Loan Finance Inc
97% goes to programs $0 to raise $100 Strong reserves Declining revenue
Education Loan Finance Inc is a 501(c)(3) organization based in Knoxville, Tennessee, registered in 1996, with $152,761,053 in FY2024 revenue. CharityIndex grades it A+, and it directs about 97% of spending to programs.
12700 Kingston Pike, Knoxville, TN, 37934 EIN 62-1586836 Since 1996
Revenue (FY2024)
$152.8M
▼ 1.8% vs prior year
Education median: $200K
Expenses (FY2024)
$135.0M
Net assets
$673.0M
Employees
34
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A+
A+Program efficiency40% of the rating97% to programs · $0 to raise $100
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For Education Loan Finance Inc: 97% to programs · $0 to raise $100 earns a A+ on this criterion. See the exact thresholds →
AFinancial health25% of the rating60 mo reserves · +12% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Education Loan Finance Inc: 60 mo reserves · +12% margin earns a A on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Education Loan Finance Inc: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
A+Transparency10% of the rating5 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Education Loan Finance Inc: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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Mission
Provides funding for postsecondary student loans and grants for scholarships through its subsidiary.
What they do
The grant/scholarship program provides scholarships to students who demonstrate, through an application process, academic achievement, financial need, and involvement in community services.
Contact & location
- Address
- 12700 Kingston Pike, Knoxville, TN, 37934
- City
- Knoxville
- State
- Tennessee
- Category
- Education
- Subcategory
- Student Services & Aid
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $118.6M (FY2013) to $152.8M (FY2024) across 11 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $1.4BNet assets $673.0M
Operating margin
11.7%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$2.0B
Total liabilities
$1.4B
Net assets
$673.0M
Salaries & benefits
$5.6M
4% of expenses
Board members
5
3 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $152,761,053▼1.8% | $134,960,317▲13.4% | $672,959,704▲3.6% | $2,031,275,123▼5.8% | 990 |
| 2023 | $155,521,982▲11.6% | $119,011,760▲15.7% | $649,606,295▲5.6% | $2,155,671,295▲1.0% | 990 |
| 2022 | $139,396,971▼38.7% | $102,869,647▲28.7% | $614,974,318▲9.2% | $2,133,641,824▼6.5% | 990 |
| 2021 | $227,234,757▲157% | $79,925,696▲9.3% | $563,291,807▲38.0% | $2,281,627,256▲29.6% | 990 |
| 2020 | $88,334,723▼22.1% | $73,118,374▼20.1% | $408,097,706▲13.1% | $1,761,111,663▼15.4% | 990 |
| 2018 | $113,365,042▲3.7% | $91,502,267▲1.5% | $360,817,875▲7.5% | $2,081,006,108▲15.7% | 990 |
| 2017 | $109,353,854▼20.7% | $90,187,897▼20.6% | $335,543,039▼8.9% | $1,798,881,649▼14.6% | 990 |
| 2016 | $137,871,262▼15.2% | $113,561,795▼14.1% | $368,299,852▲7.1% | $2,105,988,187▼24.6% | 990 |
| 2015 | $162,510,667▲8.6% | $132,168,757▲18.3% | $343,990,385▲9.7% | $2,794,746,842▲5.6% | 990 |
| 2014 | $149,655,849▲26.2% | $111,761,623▲23.6% | $313,648,475▲13.7% | $2,646,259,614▲19.1% | 990 |
| 2013 | $118,574,447 | $90,387,877▲14.0% | $275,754,249▲11.2% | $2,222,740,281▲24.9% | 990 |
| 2012 | — | $79,267,645▲40.4% | $248,053,122▲16.5% | $1,779,960,827▲35.6% | 990 |
| 2011 | — | $56,460,261▼14.4% | $212,919,031▲7.5% | $1,312,260,913▲4.7% | 990 |
| 2010 | — | $65,933,063 | $198,038,179 | $1,253,729,318 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: John Arnold — $1,418,864 (1.05% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| John Arnold | President/ceo | 20 | $1,418,864 |
| Bill Thompson | Evp/cfo | 18 | $525,012 |
| Barbara Thomas | Chief Operations Officer | 16 | $487,320 |
| Michael O'donnell | Executive Vice President | 16 | $324,220 |
| Eric Stewart | Chief Accounting Officer | 40 | $305,281 |
| Brent Starling | Managing Director | 40 | $215,356 |
| Jason Bolin | Controller | 40 | $189,439 |
| Joseph Littleton | Chief Information Security Officer | 19.2 | $108,638 |
| Christopher Kirk | Accounting Manager | 40 | $106,165 |
| Robert Rosenbaum | Director | 1 | $82,000 |
| Christopher Simmons | Director | 1 | $72,000 |
| Stephen Clark | Director | 1 | $72,000 |
| Jeff Gibbs | Chief Information Officer | 4 | $62,020 |
| Melissa Markis | Avp Servicer Compliance | 20 | $57,797 |
| Steven Fisher | Systems Admin | 10 | $38,227 |
| David Burgett | Systems Engineer | 8 | $34,479 |
| William Leroy Taylor | Systems Engineer | 8 | $32,641 |
| Vicki Weaver | Chief Human Resources Officer (as of 03/2024) | 4 | $16,625 |
| Eva Champion | Chief Human Resources Officer (thru 01/2024) | 4 | $6,091 |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| American Education Services | Loan Servicing | $2,138,993 |
| Tavant | Software Develop./licensing | $1,157,520 |
| Bank of America Na | Banking/financial Services | $1,146,825 |
| Bdo USA | Audit/tax Prep Services | $778,324 |
| Citigroup | Banking/financial Services | $660,480 |
Grants made · $252K in FY2021
2 grants totaling $252K in FY2021. All grants made by Education Loan Finance Inc →
| Recipient | Purpose | Amount |
|---|---|---|
| The University of Tennessee Foundat Ion Inc | Scholarships | $152,000 |
| Shangri La Therapeutic Academy of Riding Inc | Community support | $100,000 |
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Compare Education Loan Finance Inc
Frequently asked questions
- Is Education Loan Finance Inc a legitimate nonprofit?
- Yes. Education Loan Finance Inc is a 501(c)(3) organization registered with the U.S. Internal Revenue Service under EIN 62-1586836, based in Knoxville, Tennessee. Donations are tax-deductible.
- What is Education Loan Finance Inc's EIN?
- Education Loan Finance Inc's Employer Identification Number (EIN) is 62-1586836.
- How much revenue does Education Loan Finance Inc report?
- Education Loan Finance Inc reported $152,761,053 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much of Education Loan Finance Inc's spending goes to programs?
- Education Loan Finance Inc spends about 97% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Education Loan Finance Inc have?
- CharityIndex grades Education Loan Finance Inc A+, based on program efficiency and fundraising cost.
- How much does Education Loan Finance Inc's highest-paid employee make?
- The highest reported compensation on Education Loan Finance Inc's latest Form 990 is $1,418,864, paid to John Arnold (President/ceo).
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Data for Education Loan Finance Inc (EIN 62-1586836) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.