Student Loans - ECMC To Administer Federal Family Education Loan Program
Student Loans
The US Department of Education recently announced its decision to appoint the Educational Credit Management Corporation (ECMC), a nonprofit company that provides services to students, schools and lenders in support of higher education finance, to a role where it would oversee the administration of federal student loans to borrowers under the Federal Family Education Loan (FFEL) Program in the state of California and other areas serviced by the California Student Aid Commission (CSAC).
Richard Boyle, President and Chief Executive Officer of the ECMC Group commented on this new assignment entrusted to the ECMC: “We welcome this assignment from the US Department of Education. We look forward to working with CSAC and its contracted servicer, EdFund, to ensure a smooth transition of services to current and former students with outstanding FFEL loans.”
ECMC is ideally placed to oversee the administration of federal student loans to borrowers under this program, as it has extensive experience in dealing with the financing of higher education. To date, ECMC has contributed over $11.2 million in scholarships and funding to low-income, first-generation college-bound students.
