April 08, 2020
Madison, WI—Ascendium Education Group, Inc. on behalf of its guaranty agency affiliate Ascendium Education Solutions (AES) announced today that it has entered into an agreement with Educational Credit Management Corporation (ECMC) to utilize ECMC's technology platform in a Software as a Service (SaaS) model to assist borrowers with Federal Family Education Loan Program (FFELP) loans. AES's FFELP guaranty portfolio will be converted to ECMC's technology platform throughout the remainder of 2020. AES remains an independent guaranty agency managing business operations for its FFELP portfolio and will start using the new technology on Feb. 1, 2021.
"After a significant and comprehensive review of all options, we chose to leverage ECMC's SaaS solution, which will enable us to continue to provide stellar service to our borrowers, now and into the future," said Jeff Crosby, president and chief executive officer of AES.
"We are excited about this partnership, which expands our ability to serve the FFELP industry while increasing our capacity to fulfill our mission of helping students succeed," said Jan Hines, president and chief executive officer of ECMC.
ECMC is a nonprofit corporation with a mission to help students succeed. ECMC works to lower student loan default rates; sponsors college access and success initiatives, and financial education programs; and provides resources to support student loan borrowers to successfully repay their loans. Visit www.ecmc.org for more information.
About Ascendium Education Group, Inc. Ascendium Education Group Inc. and its affiliates has been helping people fulfill their potential through the transformative power of education for over half a century. We promote postsecondary student success in a variety of ways: We're one of the nation's biggest higher education philanthropies, awarding tens of millions of dollars per year in grants aimed at helping more low-income students, students of color and first-generation students complete postsecondary degrees and credentials. We help student loan borrowers avoid and recover from the devastating impact of default. And we develop and market products and services that help colleges better support their students' financial well-being. Visit www.ascendiumeducation.org for more information.