Educational Credit Management Corporation
82% goes to programs $0 to raise $100 Declining revenue
Educational Credit Management Corporation is a 501(c)(3) organization based in Minneapolis, Minnesota, registered in 1995, with $264,998,856 in FY2024 revenue. CharityIndex grades it A, and it directs about 82% of spending to programs.
111 Washington Ave S1400, Minneapolis, MN, 55401 EIN 41-1778617 Since 1995
Revenue (FY2024)
$265.0M
▼ 16.7% vs prior year
Public Benefit median: $140K
Expenses (FY2024)
$261.6M
Net assets
$41.9M
Employees
250
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
AProgram efficiency40% of the rating82% 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 Educational Credit Management Corporation: 82% to programs · $0 to raise $100 earns a A on this criterion. See the exact thresholds →
BFinancial health25% of the rating2 mo reserves · +1% 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 Educational Credit Management Corporation: 2 mo reserves · +1% margin earns a B 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 Educational Credit Management Corporation: 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 Educational Credit Management Corporation: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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Mission
Provides financial counseling and education to empower students to make better choices about their futures.
What they do
Default aversion, claims and collection program:in ecmc's role as a federal student loan guarantor, we 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. 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 helping the borrower recover from default. congress has given us tools, such as the loan rehabilitation program where we 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 $21.8 billion in student loan recoveries to the u.s. treasury.as part of dcl gen-22-16, the u.s. department of education (ed), established a transitional fee to be paid to guarantors from august 29, 2023 through the fresh start period, which ended on september 30, 2024. the transitional fee is paid to guarantors to help them initiate the repayment restart while supporting borrowers and assisting them as they navigate the fresh start period and all their options. ecmc recorded $78 million for transitional fee revenue in 2024, all of which is fully received as of december 31, 2024.on october 8, 2024, a voluntary flexible agreement (vfa) was signed between ed and ecmc. this allows the secretary to waive most statutorily required collections activity and revenue. the vfa ecmc and ed mutually agreed upon is set for a two-year period beginning october 1, 2024, through september 30, 2026, unless terminated earlier as provided in the vfa. ecmc recorded $17.4 million for special account maintenance fee (samf) revenue for the period from october 1, 2024, through december 31, 2024.
Loan guarantee program:ecmc is the designated guaranty agency for california, connecticut, illinois, louisiana, maine, missouri, north carolina, oregon, rhode island, south carolina, tennessee, utah and virginia under the federal family education loan program (ffelp). a guaranty agency under ffelp provides federal student loan guarantees and ongoing processing services to u.s. department of education-approved ffelp lenders and postsecondary education students and their parents for loans extended under ffelp. 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.on march 30, 2010, the health care and education affordability reconciliation act of 2010 was signed into law and amended the higher education act by terminating the authority to make or insure new loans under ffelp after june 30, 2010. as a result, ecmc ceased guaranteeing loans effective july 1, 2010. all existing ffelp loans will continue to be guaranteed and serviced as ffelp loans throughout their remaining life, which generally averages 5 years. as of december 31, 2024, the non-default guarantee portfolio consisted of $11.2 billion in original outstanding principal balance.on 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 may provide to the institutions include institutional support services to benefit the institutions and services to assist the institution's students. a
Contact & location
- Address
- 111 Washington Ave S1400, Minneapolis, MN, 55401
- City
- Minneapolis
- State
- Minnesota
- Category
- Public & Societal Benefit
- Subcategory
- Financial Institutions
- Phone
- …
- Website
- …
Financial trends
Revenue declined from $455.4M (FY2013) to $265.0M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $167.2MNet assets $41.9M
Operating margin
1.3%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$209.1M
Total liabilities
$167.2M
Net assets
$41.9M
Salaries & benefits
$54.7M
21% of expenses
Board members
9
8 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $264,998,856▼16.7% | $261,591,267▼27.7% | $41,886,077▲8.9% | $209,123,067▼29.1% | 990 |
| 2023 | $318,087,346▼12.1% | $362,056,007▲6.9% | $38,476,488▼53.3% | $295,093,716▼31.4% | 990 |
| 2022 | $361,979,726▼14.6% | $338,613,468▼9.6% | $82,445,149▲39.6% | $429,860,105▼42.6% | 990 |
| 2021 | $424,071,754▲54.5% | $374,401,993▲27.7% | $59,078,891▲528% | $748,768,663▼17.3% | 990 |
| 2020 | $274,395,445▼14.8% | $293,177,543▼8.4% | $9,408,524▼66.6% | $904,889,623▼14.1% | 990 |
| 2019 | $322,133,758▼13.0% | $320,180,510▼8.9% | $28,190,622▲7.4% | $1,053,060,876▲11.4% | 990 |
| 2018 | $370,174,232▼8.6% | $351,286,093▼19.3% | $26,237,374▲257% | $945,525,907▲6.4% | 990 |
| 2017 | $405,151,558▲0.4% | $435,118,916▲7.9% | $7,349,235▼80.3% | $888,390,912▲1.3% | 990 |
| 2016 | $403,557,200▼5.7% | $403,193,648▲2.1% | $37,316,593▼13.0% | $876,663,538▼8.9% | 990 |
| 2015 | $428,120,064▲9.2% | $394,886,972▼4.2% | $42,901,549▲1526% | $961,783,299▲41.1% | 990 |
| 2014 | $391,897,959▼13.9% | $411,988,700▼21.2% | $2,638,238▼88.8% | $681,510,408▲16.8% | 990 |
| 2013 | $455,413,491 | $523,114,742▼9.1% | $23,612,258▼71.1% | $583,597,158▼14.5% | 990 |
| 2012 | — | $575,602,745▲94.8% | $81,826,745▼64.6% | $682,872,235▼14.9% | 990 |
| 2011 | — | $295,529,395▲60.9% | $230,827,077▲66.9% | $802,387,300▼15.7% | 990 |
| 2010 | — | $183,699,131 | $138,325,475 | $951,710,962 | 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: Chad Tate — $599,179 (0.23% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Chad Tate | President, Ecmc | 40 | $599,179 |
| Therese Bickler | Vp, Ecmc Operations | 40 | $345,093 |
| Paula Craw | Vp, Outreach | 40 | $279,939 |
| Nathan Vickery | Sr Dir, Repayment Success Center | 40 | $254,849 |
| J Hamlin Sjoberg | Sr Dir, Guarantor Services | 40 | $245,596 |
| Han Cho | Dir, Portfolio Management | 40 | $210,205 |
| Jan Jacobson | Dir, Customer Service | 40 | $205,258 |
| Charles Nadeau | Dir, Analytics & Revenue Mgmt | 40 | $187,153 |
| Brian Boardman | General Counsel & Corp Secretary | 0 | — |
| Daniel Fisher | President & Ceo, Ecmc Group | 0 | — |
| Derek Langhauser | Director | 1 | — |
| Diana J Ingram | Director | 1 | — |
| Jack O'connell | Director | 1 | — |
| James Runcie | Director | 1 | — |
| James V Mckeon | Board Chair | 1 | — |
| Jennifer Anderson | Director | 1 | — |
| Jeremy Wheaton | Former President & Ceo, Ecmc Group | 0 | — |
| John F Depodesta | Former Board Chair | 0 | — |
| Julia S Gouw | Director | 1 | — |
| K Paul Singh | Director | 1 | — |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Nasfaa | Professional Services | $5,027,641 |
| Partnership For Education Advancement | Professional Services | $5,000,000 |
| Alvaria Inc | It Services & Support | $676,717 |
| Quadient Finance USA Inc | Finance Services | $459,031 |
| Fame | Ga Servicing | $340,000 |
Grants received · $41.2M total
9 grants to Educational Credit Management Corporation totaling $41.2M, reported by foundations on their Schedule I filings.
| Grantmaker | Purpose | Year | Amount |
|---|---|---|---|
| Ecmc Group Inc | General support | 2024 | $12,611,000 |
| Ecmc Foundation | Project success | 2024 | $2,000,000 |
| Ecmc Group Inc | General support | 2023 | $15,188,000 |
| Ecmc Foundation | Project success | 2023 | $2,000,000 |
| Ecmc Foundation | College success | 2022 | $2,150,000 |
| Ecmc Foundation | College success | 2021 | $1,910,000 |
| Ecmc Foundation | College success | 2020 | $500,000 |
| Ecmc Foundation | College success | 2019 | $2,256,993 |
| Ecmc Foundation | Special opportunities | 2018 | $2,597,584 |
Grants made · $177.0M in FY2024
293 grants totaling $177.0M in FY2024 — showing the 15 largest. All grants made by Educational Credit Management Corporation →
| Recipient | Purpose | Amount |
|---|---|---|
| Ecmc Group Inc | General support | $128,892,000 |
| Partnership For Ed Advancement Inc | Fafsa student support | $4,324,959 |
| National Association of Student Financial Aid Administrators | Fafsa student support | $3,323,686 |
| Communities In Schools Inc | Fafsa student support | $2,582,465 |
| National College Attainment Network | Fafsa student support | $1,748,000 |
| Thurgood Marshall College Fund Inc | Fafsa student support | $1,487,791 |
| Texas Guaranteed Student Loan Corporation | Fafsa student support | $1,055,450 |
| Tennessee Student Assistance Corporation | Fafsa student support | $1,000,000 |
| The Get Schooled Foundation | Fafsa student support | $1,000,000 |
| United Way Worldwide | Fafsa student support | $999,741 |
| College Possible | Fafsa student support | $931,118 |
| Illinois Student Assistance Commission | Fafsa student support | $914,258 |
| Edquity Inc | Outreach & financial literacy, project success | $787,213 |
| Kentucky Higher Education Assistance Authority | Fafsa student support | $777,104 |
| Arizona Board of Regents | Fafsa student support | $710,480 |
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Frequently asked questions
- Is Educational Credit Management Corporation a legitimate nonprofit?
- Yes. Educational Credit Management Corporation is a 501(c)(3) organization registered with the U.S. Internal Revenue Service under EIN 41-1778617, based in Minneapolis, Minnesota. Donations are tax-deductible.
- What is Educational Credit Management Corporation's EIN?
- Educational Credit Management Corporation's Employer Identification Number (EIN) is 41-1778617.
- How much revenue does Educational Credit Management Corporation report?
- Educational Credit Management Corporation reported $264,998,856 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much of Educational Credit Management Corporation's spending goes to programs?
- Educational Credit Management Corporation spends about 82% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Educational Credit Management Corporation have?
- CharityIndex grades Educational Credit Management Corporation A, based on program efficiency and fundraising cost.
- How much does Educational Credit Management Corporation's highest-paid employee make?
- The highest reported compensation on Educational Credit Management Corporation's latest Form 990 is $599,179, paid to Chad Tate (President, Ecmc).
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Data for Educational Credit Management Corporation (EIN 41-1778617) 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.