August 03, 2020
Educational Credit Management Corporation (ECMC) announced today that it has completed the conversion of $12.3 billion in loan guarantees from the Missouri Department of Higher Education & Workforce Development (MDHEWD). MDHEWD will continue to serve as the guarantor for the state of Missouri, with ECMC performing functional and operational guarantor work on MDHEWD's behalf.
The conversion represents an expansion of ECMC's third-party guarantor offerings.
"We are excited for the opportunity to partner with MDHEWD to support its mission and help its borrowers successfully repay their loans," said Dan Fisher, president of ECMC.
Established in 1994, ECMC is one of the largest guarantors for the federal student loan program in the country. Since 1996, ECMC has acquired the guaranty agency portfolios of Virginia, Oregon, Connecticut, California, Tennessee, South Carolina, Rhode Island and Maine. Additionally, ECMC has been performing third-party guarantor servicing since 2015 and has the following clients: College Assist, American Student Assistance, Louisiana Office of Student Financial Assistance, Michigan Guaranty Agency and Oklahoma College Assistance Program.
Educational Credit Management Corporation (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 Missouri Department of Higher Education & Workforce Development
The department works to empower Missourians with the skills and education needed for success. More information about MDHEWD can be found at https://dhewd.mo.gov or on Facebook and Twitter @MoDHEWD.