Oakdale, Minn. — ECMC Group President and CEO Richard Boyle announced that Educational Credit
Management Corporation (ECMC) and Connecticut Student Loan Foundation (CSLF), with the approval
of the Department of Education (Department), entered into a management agreement whereby ECMC
will assume management responsibility for CSLF’s guaranty agency functions effective November 2,
2009. On January 1, 2010, ECMC will assume full responsibility as the designated guaranty agency
for the state of Connecticut.
The Department, ECMC and CSLF are completing a transition plan to ensure that all Federal Family
Education Loan (FFEL) Program participants—students, schools, lenders and servicers—will have
full and uninterrupted access to ECMC’s FFEL Program services.
“We look forward to working with CSLF and the Department and providing our programs, products and
services to Connecticut students, schools and lenders,” said ECMC President and CEO Janice Hines.
ECMC is a national guaranty agency and the designated guarantor for the Commonwealth of Virginia
and the state of Oregon. ECMC also provides bankruptcy servicing for 26 guaranty agencies and the
Department.
About ECMC
ECMC is a nonprofit 501(c)(3) company that provides services in support of higher education finance. ECMC is the designated guaranty agency for the Commonwealth of Virginia and the state of Oregon
and insures more than $10 billion in FFEL Program guarantees nationally. Working with schools, lenders
and students, ECMC promotes financial literacy, increases college access and lowers student loan default
rates. ECMC provides centralized federal student loan bankruptcy servicing and manages a $1.5 billion
total outstanding bankruptcy portfolio for 26 guaranty agencies and the Department. ECMC Foundation
programs help low-income, first-generation college-bound students further their education goals.
Posted 11/04/09 to www.NASFAA.org. Posting of press releases is done as a service to Members and does not imply endorsement or support by NASFAA. NASFAA does not review this information for content or accuracy.
