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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EFC Featured Member


Bank of North Dakota (BND) was established in 1919 the state legislature established and the North Dakota Mill and Elevator Association. BND opened July 28, 1919 with $2 million of capital. Today, the North Dakota Legislature will appropriate funds from BND when needed through the budget process or state law.

BND has responded to the state’s needs since its inception. When teachers were paid with warrants rather than cash during The Great Depression, BND paid them in full rather than with the 15 percent loss they would take when trying to cash it elsewhere. In the 1940s, BND sold back farmland which had been foreclosed during the 30s, usually to the original families who owned it and had been allowed to remain on the land and farm it.

Governor William Guy took office in 1961. His belief that the Bank should serve as an engine for economic development highly influenced its course. The commercial loan portfolio increased significantly by partnering with financial institutions for participation loans. In 1967, BND made the first federally-insured student loan in the United States.

Today, in partnership with more than 100 North Dakota financial institutions, BND fulfills its mission to promote the development of agriculture, commerce and industry in North Dakota. The operating policy, established in 1919, stated that the Bank shall be “helpful to and to assist in the development of state and national banks and other financial institutions and public corporations within the state and not, in any manner, to destroy or to be harmful to existing financial institutions.” The Bank’s operating policy continues to serve as a guiding principle for the Bank’s work in their state.



Nonprofit & State-Based outreach programs

Over the past year, EFC Members directly worked with over 2.5 million families to help them successfully plan, save, and pay for college. Check out EFC’s newly published 2018 Data Report Book for in-depth info on these outreach programs.

EFC Members offer and partner with organizations in their state that offer assistance and individual counseling on every facet of the higher education financing process.

These programs include college planning services, counseling on financial aid options and processes, assistance with understanding financial aid award letters, providing financial literacy education, administering millions of dollars in state grants and scholarships, and assisting borrowers and their families with managing loan repayment.

Calendar more

2018 EFC College Success Roundtable

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

2019 EFC CXO Summit

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

9/12/2019 » 9/13/2019
2019 EFC Mid-Year Membership Meeting