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Education Finance Council (EFC) is the national trade association representing nonprofit and state-agency student loan organizations. As state-based, nonprofit entities, EFC Members are driven by a public purpose mission to expand borrowers’ financial knowledge, prevent over-borrowing, and promote positive repayment behavior.

All EFC Members, as public purpose organizations, strive to increase college access, success, and affordability in their states and nationwide, operating as loan servicers and supplemental loan originators, while providing a wide array of college access and student success services and resources.


College Access & Student Success Outreach

EFC Members excel at providing innovative college access, student success, and financial literacy programs in their states. In 2015, EFC Members provided over 1.5 million families the resources needed to successfully plan, save, and pay for college. EFC Members’ public service programs include FAFSA completion events, scholarship programs, FAFSA help centers, college planning centers, financial aid workshops and information sessions for students and parents, financial literacy training workshops for elementary, middle, and high school students, and support services and programs for at-risk and low-income youth and adult learners.

Low-Cost Alternative Education Loans

A number of EFC Members provide low-cost education loan programs to help students and families pay for the cost of attendance at colleges and universities across the nation. Utilizing tax-exempt and taxable bond financing, these state-based and non-profit programs offer low interest rates and low or no origination fees, and lower monthly payments and lower total debt than many other education loan options, including the federal PLUS loan. Additionally, many EFC Members are now launching or developing refinancing programs that will help borrowers to better manage their student loan debt.

A key feature of each alternative loan provided by EFC Members is the fixed interest rate, which is, in many cases, less than five percent, with origination fees as low as zero. The majority of these loan programs require a credit-worthy borrower or co-signer, resulting in extremely low default rates (often less than one percent). Many programs also include borrower benefits, such as interest rate reduction options and benefits for graduates that work in a critical field in the organization’s state.

Federal Loan Servicing

A number of EFC Members, many of whom served as state-based and not-for-profit (NFP) lenders under the Federal Family Education Loan Program (FFELP), now contract with the Federal government to service Federal Direct Loans. Some Members also still service older FFELP loans. EFC Members provide exemplary service to borrowers and the Education Department, and continually rank as the best servicing entities based on performance metrics. Since EFC Members who service federal student loans are driven by their nonprofit, public-purpose missions to help students succeed in postsecondary education, their interests are inherently aligned with borrowers; this is evident in their consistently excellent performance metrics and borrower satisfaction with their customer service.


The EFC team is a group of talented and dedicated professionals whose collective experience and expertise ranges across the key institutions and fields pertinent to advocacy of higher education access, affordability, and success. Their knowledge and expertise is available for individual member assistance and technical and programmatic assistance. EFC staff is often available to present at meetings of EFC Members, including EFC Member Board Meetings.

Gail daMota

Senior Vice President & Chief Operating Officer

Michele Streeter

Communications Manager

Barbara Reichart

Government Affairs Assistant


EFC is governed by its Board of Directors, which is comprised of the following dedicated individuals:

Mr. Raymond Bayer, Jr.


Missouri Higher Education Loan Authority (MOHELA)

Mr. Joseph Wood


ISM Education Loans, Inc.

Mr. Noel Simpson


Rhode Island Student Loan Authority


EFC's committees serve as platforms for our members to collaborate and work toward common goals. Committee members develop and execute strategies addressing the priorities of the EFC membership and promoting the association's mission of making college more affordable.

 Board of Directors

 CEO Committee

 College Success Committee

 Communications Committee

 Development Committee

 Government Relations Committee

 Affiliate Member Group

 Refinancing Working Group