October 21, 2019
November marks the end of the six-month grace period before student loan repayment begins for many students who graduated in May. With a majority taking on debt to finance their education, it is important they understand the repayment process to help ensure they don't negatively impact their financial future. Knowing the facts about repayment can make a big difference to your pocketbook and your financial wellbeing, so ECMC compiled some of the most common student loan repayment plans and the type of borrower who should consider each. See the infographic here.
The following article is from Parentology
October 10, 2019
College is expensive. One of the first barriers to entry students face is the application fee. A recent study found more than 50 colleges charge application fees as high as $75 or more. CNBC estimates the most common amount colleges charge for application fees is $50, while the average cost is around $43. So the first way to save money on one's college journey — learning how to have application fees waived.
Get Started Early
Thomas J. Jaworski, an independent college counselor at Quest College Consulting, points to the easiest way to avoid application fees — apply to schools that don't require them. Some school require applying early, or by a specific date, to receive this perk.
Abril Hunt, a national training manager at Educational Credit Management Corporation, tells Parentology, "Many schools offer application fee waivers for student[s] with zero expected family contribution."
Her other tip, should you not be alerted to this right away, "They [schools] don't usually offer it [upfront]. You have to ask."
Claim Financial Hardship
Jocelyn Paonita Pearson is a college funding expert and the founder of The Scholarship System. She recommends students who've qualified for free or reduced lunch in high school request a waiver from universities.
"Typically, students can go through their own guidance counselor or advisor to ask for the waiver. … They should reach out to the university [if] the counselor is uncertain or unaware," she tells Parentology.
Pearson adds that students living in federally subsidized housing, or whose families participate in income-based government programs, may also qualify.
Some students may find colleges vying for their enrollment based on factors like excellent grades or athletics. Jim Anderson, a college and financial aid planner, says these schools may be willing to waive fees. One university that follows this protocol is Louisiana Tech.
Visit the Campus
Sometimes the best way to ask application fees be waived is in person. If possible, students should plan a trip to their university of choice. Some high schools may organize these trips, so check event boards at school.
Jaworski says, "Some schools will waive the application fee if you apply on-site, such as after a college visit, or [if] you visited the college at some point, they may waive the fee on their school-specific application."
The Bottom Line
By examining their specific situations, students may find several factors that help them qualify for waived fees.
October 8, 2019
ECMC Group has announced that Dan Fisher will become president of Educational Credit Management Corporation (ECMC) on July 1, 2020. The role is currently held by Jan Hines, who is retiring after more than 25 years with the organization.
"We are grateful to Jan for her exceptional leadership and guidance, which has been instrumental in advancing our organization over the last quarter century," said Jeremy Wheaton, president and CEO of ECMC Group. "Looking forward, Dan brings a wealth of expertise in the space as well as institutional knowledge that will prove invaluable as we work to further establish ECMC as a postsecondary education leader."
Fisher, who has been with the organization for 19 years, currently serves as general counsel for ECMC Group—a role he has held for nine years. He also serves as corporate secretary and will maintain those positions in addition to serving as ECMC president.
"Jan's tireless efforts to help students have been hallmarks of her tenure," Fisher said. "I look forward to carrying on her legacy of providing stellar products and services to our many borrowers, partners and clients while helping students succeed."
Hines will direct guarantor operations over the next nine months and provide post-transition consulting and support after July 1.
ECMC Group is the parent company of ECMC, a student loan guaranty agency that provides support for the administration of the Federal Family Education Loan Program. The nonprofit is the designated guarantor for seven states and the third-party guarantor servicer for six clients. ECMC also provides financial literacy programs and oversees student loan repayments.
College access center provides free resources to help VA students plan for college
September 10, 2019
Alexandria, Va—Educational Credit Management Corporation (ECMC) has announced Tomika Brown as the new director of The College Place (TCP) Alexandria. Brown will oversee the college access center serving Northern Virginia.
TCP-Alexandria provides free in-person, telephone and online support to students of all ages looking for assistance with college applications and financial aid forms, as well as locating scholarships. Staff are also available to visit schools and conduct workshops. A second Virginia TCP location in Richmond provides services in Richmond and other areas of the commonwealth. ECMC, a nonprofit focused on helping students succeed, has staffed brick and mortar college access centers in Virginia since 2003.
"We are delighted to have someone with Tomika's vast experience join our efforts to help Virginia students navigate the college-going process," said Paula Craw, ECMC vice president of student success and outreach. "We have a long history of college access work in the commonwealth, and Tomika's expertise will enable us to positively impact even more students and families throughout the area."
TCP-Alexandria is located at the Virginia Career Works Cherokee Avenue Center, 5520 Cherokee Avenue #100, Alexandria, VA, 22312. To set up an appointment or to schedule a presentation, call 434-242-9053 or email firstname.lastname@example.org.
TCP-Richmond is located on the Virginia Commonwealth University campus. ECMC operates seven college access centers throughout the country. Other locations include Colorado, Connecticut, Minnesota, Northern California and Oregon.
September 4, 2019
Educational Credit Management Corporation (ECMC) has announced the appointment of Chad Tate as senior vice president of operations. In this role, he will oversee all operations of ECMC's student loan programs on behalf of the United States Department of Education. He will also provide strategic direction and oversee departments including Claims, Bankruptcy, Default Prevention, Customer Service, Internal Collections and External Collection Agency Oversight.
"With Chad's history of success in managing operations for a complex business, we believe he will become an immediate contributor to our team and will help determine the future of ECMC's legacy business," said Jan Hines, president and CEO of ECMC. "We look forward to his input as we diversify and enhance our service offerings."
With more than 15 years of experience managing operations and finance, Tate brings insight into key parts of ECMC's business including collections and bankruptcy, claims, operational efficiency and client/customer service.
"ECMC does impactful work focused on helping students and borrowers succeed beyond its role as a student loan guarantor," said Tate. "I hope to exemplify what it means to help students succeed as the organization looks to embrace forthcoming opportunities."
Prior to joining ECMC, Tate held various positions at Blue Cross and Blue Shield of Minnesota, starting as a collections manager and moving up to vice president of claims operations. He holds a bachelor's degree in sociology from North Central University and an MBA with an emphasis in finance from Hamline University.