WASHINGTON, Sept. 17,
2024 /PRNewswire/ -- Education Finance Council (EFC),
the national trade association representing nonprofit and
state-based higher education finance organizations, announces the
release of its 2024 National Impact Report: Helping Families Plan
& Pay for College. In Award Year (AY) 2023-24, over three
million families depended on a state-based, nonprofit organization
to save, plan, and pay for postsecondary education.
"Students and families who are seeking affordable educational
pathways to rewarding careers should look no further than EFC
members for advice and assistance," said EFC President Gail daMota.
"Nonprofit and state-based higher education finance organizations
set students up for success by offering them valuable free
resources and education about the postsecondary financing system
and administering life-changing grant and scholarship programs. Our
members offer low-cost loan products with borrower-friendly terms
that help students cover gaps in available financial aid, complete
their credential, and successfully repay the loan."
During AY 2023-24, EFC's state-based, nonprofit members overcame
a difficult federal higher education policy environment to connect
students to grants and scholarships and assist borrowers with the
resumption of federal student loan payments. Collectively, these
organizations increased access to postsecondary education and
improved college affordability in AY 2023-24 by:
- Managing $22.6 billion in college
savings accounts;
- Administering $3 billion in
grants and scholarships;
- Serving 1.2 million families with free college access and
success programming;
- Helping hundreds of thousands of people complete the
FAFSA®;
- Holding over 83,000 one-on-one counseling sessions; and
- Offering in-school borrowers a loan with an average lowest
fixed rate of 4.63 percent.
"EFC members are dedicated to creating a more prosperous society
and equitable higher education system," added daMota. "They exist
to maximize student success, not profits. I encourage all
individuals with higher education aspirations to get in touch with
an EFC member. You will be amazed at what you can accomplish with
their support."
Background: EFC is the national trade association
representing nonprofit and state-based higher education finance
organizations that are dedicated to improving college access,
success, and affordability in their states and nationwide. Learn
more about EFC by visiting efc.org.
CONTACT: Alex Ricci
(202) 552-8500
alexr@efc.org
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SOURCE EDUCATION FINANCE COUNCIL