Check out our November 2014 Newsletter...
Check out our November 2014 Newsletter...
I came across this listing in the Federal Business Opportunities Website which was originally posted on April 29th and updated on May 6th. It requests information from non-profits interested in servicing federal student loans as part of the set-aside in the Student Aid and Fiscal Responsibility Act. Here is a link to the document.
Here are the details of their notice which lists eligibility criteria to qualify for this servicing opportunity as well as the timing of a solicitation that will likely follow later in 2010:
I thought it would be interesting to take a look at which state agencies and non-profits originate the highest percentage of federal loans made by educational institutions in their state. The origination data for the state agencies only include those agencies that recently landed on the top 100 originators list for FY09. I pulled total federal loan originations by state from the Dept. of Education Data Center site. Note that there is a timing mismatch as Top 100 data is based on federal fiscal year (September year-end), while originations by state data is based on academic year (June year-end). Note that many of the agencies on this list are also student loan secondary markets who have historically purchased many of the loans originated in their states.
Here is how the various state agencies and non-profits stack up (in millions of dollars):
Fitch's Student Loan Industry Review: 2009 and Outlook for 2010 had the following highlights:
As I continued to work my way through the state alternative loan programs today, I came across this announcement on the Vermont Student Assistance Corporation (VSAC) website for their private (non-federal) loan product:
For Loans Approved by 2/12/10*
*Funds for VSAC private loans are limited. All funds could be expended before 2/12/10. VSAC cannot guarantee availability of funds until final loan approval.
Following my post yesterday which highlighted organizations that mentor first generation high school students and assist them in the college application process, I was ecstatic to be contacted by individuals passionate about the value of mentoring:
Featured in NY Times Blog "The Choice": Nice story about a non-profit started by a few Stanford University undergraduates called SEE College Prep, which delivers "its 5-week, 42-hour SAT preparation program and curriculum to 360 deserving low-income students who lack the resources to fully prepare for college."
Here was some advice that the two founders, Garrett Neiman and Jessica Perez, provided at a recent conference:
Given all the changes going on in industry, I thought it would be helpful to provide a central resource to post webinars of interest to the financial aid community. Please note that inclusion on this list does not constitute endorsement of the webinars or any organizations by Student Lending Analytics nor does SLA charge for placement on this list (yes, another free service!). I will plan on keeping this listing on the front page of the blog, so it will be readily accessible to readers.
Since ASA contacted me with this idea, here are the upcoming webinars they have listed on their website. As I add additional webinars, I will sort the webinars by date and subject area to make it easier for readers to navigate:
I was reading through the news of the day and came across this press release from USA Funds with the headline "USA Funds Prevents $23.7 Billion in Defaults." Here was the lead paragraph:
With the Senate not expected to move on a student aid bill for at least another month, one prominent Senator threw his weight behind the continued involvement of non-profits in the federal loan program. According to the Salt Lake Tribune:
"Vermont's Sen. Patrick Leahy said on the Senate floor Wednesday. "I will be working hard to ensure a role for nonprofit financial aid agencies."
The SAFRA bill that passed the House earlier this summer provided a servicing set-aside for the non-profit/ state agency servicers. To see what that could mean on a state-by-state basis, see this earlier analysis by SLA Blog.