We serve a vital mission
As a nonprofit corporation providing services in support of higher education finance, we assist students and families in their efforts to plan and pay for college.
Student loan guaranty services
Established in 1994, ECMC is a national guaranty agency and the designated guarantor in Virginia, Oregon, Connecticut and California, insuring a $35 billion student loan portfolio. Although legislation was passed in 2010 requiring all new federal loans to be issued under the Federal Direct Loan Program, we continue in our guarantor role by sponsoring programs to help students and families plan and pay for college. We work with schools and loan servicers to lower student loan default rates, promote financial literacy and provide resources to support student loan borrowers to successfully repay their loans.
Bankruptcy servicer for student loans
We are the U.S. Department of Education's designated bankruptcy servicer and have been since 1994. We built a unique, uniform and comprehensive bankruptcy operation that protects the federal fiscal interest and supports borrowers as they work through the bankruptcy process. Our centralized approach to student loan bankruptcy management services is exceptional. As of April 2012:
- We’ve managed 500,000 bankruptcies, totaling $7 billion.
- We’ve returned $2.3 billion to the U.S. Treasury.
- We manage bankrupt loans for 22 guaranty agencies and the U.S. Department of Education.
