Helping families plan & pay for college

Education Finance Council (EFC) is the national trade association representing nonprofit and state-based higher education finance organizations. All EFC Members, as public-purpose organizations, strive to increase college access, success, and affordability in their states and nationwide, operating as supplemental loan originators and loan servicers while providing a wide array of college access and student success services and resources. In 2016, EFC Members directly worked with over 2.5 million families to help them successfully plan, save, and pay for college.

EFC Members, who are intimately involved with their communities, have the knowledge necessary to serve the unique needs of their communities and states, and work to ensure that all families — especially middle-income borrowers and first-generation or low-income students with no family experience in the intricacies of education financing — are provided the tools and guidance they need to choose the best-fit school, borrow appropriately, complete their degree, maximize their earning potential, and successfully repay their loans.

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The Minnesota Office of Higher Education is a cabinet-level state agency providing students with financial aid programs and information to help them gain access to postsecondary education. The agency also serves as the state's clearinghouse for data, research and analysis on postsecondary enrollment, financial aid, finance and trends.

The Minnesota State Grant Program is the largest financial aid program administered by the Office of Higher Education, awarding up to $180 million in need-based grants to Minnesota residents attending eligible colleges, universities and career schools in Minnesota. The agency oversees other state scholarship programs, tuition reciprocity programs, a student loan program, Minnesota's 529 College Savings Plan, licensing and an early college awareness program and initiatives for youth.

Tax-Exempt Student Loan Bonds: A Critical Resource


Nonprofit and state-based student loan providers utilize tax-exempt bond financing (in the form of Qualified Student Loan Bonds) to fund low-cost education and refinancing loans and use any excess loan program revenues to fund extensive free college access, student success, and financial literacy programs.

Preserving this tax exemption would ensure that middle-income families and students — who already bear a great deal of the nation’s $1.4 trillion student debt burden — continue to have access to low-cost higher education financing options.

Tax-exempt QSLBs allow these state-based and nonprofit organizations to offer loans with low interest rates, low or no origination fees, and lower monthly payments and lower total debt than many other education loan options, including the Federal PLUS loan.

In order to retain the ability of nonprofit and state-based organizations to provide low-cost, consumer-friendly loans to middle-income families, and their ability to offer extensive free outreach programs, it is critical to preserve tax-exempt Qualified Student Loan Bonds.

EFC members have been making the case in their states for the preservation of this critical financing tool. Read more here.

EFC in the News more

11/27/2017Inside Higher Ed

11/17/2017ThinkAdvisor

11/13/2017The Bond Buyer

Calendar more

3/6/2018
2018 EFC CXO Summit

3/8/2018 » 3/9/2018
2018 Annual Membership Meeting

9/6/2018 » 9/7/2018
2018 EFC Mid-Year Membership Meeting

3/12/2019
2019 EFC CXO Summit

3/14/2019 » 3/15/2019
2019 Annual Membership Meeting