Education Finance Council (EFC) is the national trade association representing nonprofit and state-based higher education finance and college success organizations. EFC
supports its state-based and nonprofit members’ public purpose missions to expand access to postsecondary education and training, facilitate student success, assist students and families in identifying their best sources of education funding,
assist individuals with connecting postsecondary education and career outcomes, encourage responsible borrowing, and advocate for and with individuals in support of successful management of their postsecondary education financing.
EFC member organizations have a distinguished history of providing extensive and comprehensive services to students and families nationwide. Since its founding in 1992, EFC, working collaboratively with its member organizations, has developed a wealth of expertise in both higher education financing and the higher education access and success spheres.
EFC offers two levels of membership — Voting and Affiliate.
EFC Voting Membership is open to organizations that are not-for-profit entities, which include private and public non-profit organizations and state agencies, a primary purpose of which is the purchase, servicing, origination, or funding of education loans, or to improve citizens’ access to and success in higher education.
EFC Affiliate Membership is open to any organization interested in the availability, administration, or funding of education loans as well as to improve citizen’s access to and success in higher education. Affiliate
members may not vote on matters coming before the membership.
EFC Voting Member Benefits
EFC offers its Voting Members a wide range of benefits including, but not limited to: advocacy, EFC publications, specialized meetings and events, student success initiatives, access to the expertise of the EFC staff, and numerous opportunities to collaborate with other members.
Federal Advocacy — Effective advocacy is one of the most valuable benefits of EFC Membership. In this capacity, EFC staff, who are uniquely qualified to advocate on legislative and regulatory issues affecting the EFC Voting Membership, work with Congress and the Administration to advocate on behalf of the interests of EFC Voting Members on issues including education loans, tax and finance, college access and student success, financial literacy and college planning, and other general higher education matters. Through this advocacy work, EFC serves as the principal voice for and primary source of critical public policy information for its membership.
EFC Publications — EFC ensures its members are well-informed by sharing the latest relevant updates and news through daily, weekly, and quarterly publications:
- EFC Exchange: The EFC Exchange provides a comprehensive daily synopsis and analysis of relevant industry, congressional, regulatory, political, and economic issues and news.
- ICYMI: 5 Top Stories From Last Week: ICYMI provides a quick rundown of the previous week’s top five news items each Monday so that members are prepared to take on the week.
- EFC Quarterly Review: The EFC Quarterly Review contains the previous quarters’ key political, regulatory, economic, and industry activities.
- College Success Quarterly: The College Success Quarterly features the college outreach and success work of EFC Voting Members by sharing stories, tools and resources, webinars, and Twitter chat announcements.
EFC Reports – EFC publishes two annual reports featuring the work of its Affiliate and Voting Members:
- Affiliate Member Services Guide: The Affiliate Services Guide summarizes the services offered by Affiliate Members for EFC Voting Members. All EFC Members are encouraged to use the guide as a reference when they are looking for new products and services.
- EFC Voting Member Annual Report: The Voting Member Annual Report includes information about the wide range of services and programs offered by EFC Voting Members, including college access and success programs, 529 plan administration and outreach, education to employment programs, low-cost private student loan programs, refinancing loan programs, and support for borrowers in repayment.
Exclusive Partnership Opportunities — EFC provides exclusive partnership opportunities for its Voting Members. These include:
- ACT/NRCCUA — Discounted Pricing: Now part of ACT, NRCCUA is a membership organization that has, for more than 45 years, been a leading provider of data, research, and programs that enhance college and university recruiting efforts. ACT/NRCCUA is offering discounted pricing to EFC Voting Members.
- Ballard Spahr LLP — Legal Services Discount: Special pricing for certain Ballard Spahr services is available to EFC Voting Members.
- MeasureOne — Analytics and Reports Discount: EFC has partnered with EFC Affiliate Member MeasureOne to allow participating EFC Voting Members to contribute
to and receive MeasureOne’s private student loan reports that will enable participating members to leverage data, analysis, and information to make empowered decisions.
Specialized Meetings & Events — EFC meetings and events are recognized as being the most substantive and informative in the student loan industry. EFC Members receive a substantially reduced rate to attend EFC events and are afforded the opportunity to participate in certain specialized events open only to EFC Members. EFC events are planned to both provide relevant and timely information and to offer EFC Members valuable networking opportunities.
- EFC Annual Membership Meeting: Held annually in the spring, the EFC Annual Membership Meeting is EFC’s largest conference and is well-attended by EFC Members and other higher education stakeholders alike. The Annual Membership Meeting brings together financial industry participants, policymakers, and higher education advocates to discuss market activity and outlooks, new and innovative approaches to higher education financing, regulatory issues, pertinent legislation, and relevant higher education issues.
- EFC Education Finance Conference (EFC2): Held annually in the fall in Washington, DC, the EFC Education Finance Conference gathers the student loan industry’s most distinguished thought leaders, innovators, and policymakers to explore a broader scope of the ever-changing landscape of financing higher education and charting a path to college completion and success. This conference features a general session track, as well as a specialized track with sessions that provide a deep dive into a particular topic.
- College Success Committee Roundtable Event: Held annually, this event is open only to EFC Members. EFC Members, federal policymakers, and industry experts meet in a small and intimate roundtable setting to discuss
college access, student success, and financial literacy outreach programs, as well as workforce development initiatives, best practices, and opportunities for partnership.
- EFC CXO Summit: The EFC CXO Summit provides EFC Affiliate Members with a cost-effective way to meet with EFC Voting Members that are interested in purchasing products and services needed to support their business operations. The Summit is a unique one-day event that streamlines the sales process by providing EFC Members the opportunity to meet face-to-face with several potential customers and service providers in one day.
- EFC Hill Days: At least once per year, EFC Voting Members travel to Washington, DC for a Hill Day, where EFC Members hold meetings to educate Congress on the value of nonprofit and state-based education finance and college success organizations. In addition, EFC hosts Hill Days throughout the year on an as-needed basis and in response to specific legislative opportunities.
- EFC CEO Strategic Planning Meeting: Each fall, EFC holds a CEO Strategic Planning Meeting, bringing together the Voting Member CEOs and/or their designee for a two-day planning retreat to review, discuss, and identify EFC’s strategic priorities for the year ahead. The EFC Strategic Plan is developed during this meeting. EFC’s president provides updates on this plan on a quarterly basis throughout the year.
- Webinars: Throughout the year EFC offers a series of member-only webinars on timely and relevant topics, bringing in experts to speak to these issues and address members questions.
Access to EFC Staff & Member Assistance — 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 surrounding higher education access, affordability, and success. Their knowledge and expertise is available for individual member assistance and technical and programmatic assistance. EFC staff is available to present at meetings of EFC Member organizations, including Board of Directors meetings.
EFC Committees — EFC has the following committees, comprised of EFC Members, that shape and influence EFC policies, activities, and member services. Below is a list of EFC’s standing committees, however additional ad-hoc committees and working groups are created as needed.
- Board of Directors: The EFC Board of Directors is comprised entirely of EFC Voting Members. The Board holds regular meetings via conference call and in-person, open board meetings per year in conjunction with certain EFC conferences and events. The Board also creates, on an as-needed basis, specialized Committees of the Board to address specific issues in more detail.
- CEO Committee: The CEO Committee is comprised of EFC Voting Member CEOs and/or their designee. The Committee meets at least monthly via conference call or virtual meeting to discuss federal and industry developments and EFC initiatives. The Committee also holds in-person meetings in conjunction with the EFC Annual Membership Meeting and EFC2.
- College Success Committee: The College Success Committee is comprised of EFC Voting and Affiliate Members who offer college access and student success programs. Committee Members develop goals, discuss ideas and strategies, and share best practices related to program development and local and national advocacy efforts around student success and financial literacy initiatives.
- Development Committee: The Development Committee works to retain and grow EFC Membership in support of the organization’s mission and vision for the future. The Committee identifies and explores opportunities to grow EFC and create additional value for EFC Member organizations.
- Government Affairs Committee: The Government Affairs Committee is comprised of EFC Voting Members and serves to review, inform, and guide EFC’s legislative and policy priorities.
- NFP Network Committee: The EFC Not-for-Profit (NFP) Network Committee is charged with providing a framework for promotion of EFC Voting members’ nonprofit loan and outreach programs at the state and national level through collaboration and information sharing between members. It is responsible for developing and guiding strategies to promote the EFC NFP website; facilitating information sharing among the Voting membership related to marketing best practices for NFP loan programs; and supporting advocacy initiatives related to NFP programs.
- Conference Planning Committees: These Committees, comprised of EFC Voting and Affiliate Members, are convened annually in advance of the EFC Annual Membership Meeting and the EFC Education Finance Conference. Participation gives EFC Members an opportunity to weigh in on the direction of these conferences by developing meeting program content, identifying session topics, and selecting and inviting speakers.
- Corporate Governance Committee: The EFC Corporate Governance Committee is an ad-hoc committee that is responsible for reviewing the EFC Corporate Governance Manual and provides recommendations for updates, corrections, changes, additions or subtractions from the existing manual as well as EFC’s Bylaws and Certificate of Incorporation.
- Alternative Education Loan Working Group: This working group discusses issues related to in-school and refinancing loan programs, giving EFC Members an opportunity to share best practices and discuss solutions for building, launching, and managing these programs.
- State Regulations Working Group: The State Regulations Working Group explores ways to address the growing number of state regulations and/or licensing/certification requirements for the origination and servicing of state-based, nonprofit private education loans.
- LIBOR Working Group: This group gives EFC Members an opportunity evaluate issues and shape EFC’s approach to the elimination of the LIBOR reference rate, its replacement rate and the work of the Alternative Reference Rate Committee (ARRC).
EFC surveys its members on an annual basis to ensure that current services are meeting and/or exceeding member expectations. The survey also seeks to identify, and if necessary, adjust member services, and to inform the strategic planning process.