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Encyclopedia > USA Funds

USA Funds is a nonprofit corporation that works to enhance postsecondary-education preparedness, access and success by providing and supporting financial and other valued services. USA Funds links colleges, universities, proprietary schools, private lenders, students and parents to promote financial access to higher learning. A non-profit organization (often called non-profit org or simply non-profit or not-for-profit) can be seen as an organization that doesnt have a goal to make a profit. ... A corporation is a legal entity (distinct from a natural person) that often has similar rights in law to those of a Civil law systems may refer to corporations as moral persons; they may also go by the name AS (anonymous society) or something similar, depending on language (see below). ...


Established in Indianapolis in 1960 to help families finance rising college costs, USA Funds has grown to become the nation's largest guarantor of loans made under the Federal Family Education Loan Program (FFELP), the largest federal source of financial aid for higher education. During the past 44 years, the USA Funds guarantee has supported a total of nearly $115.5 billion in financial aid for higher education. USA Funds has served more than 13.6 million students and parents, as well as thousands of educational and financial institutions. The Indianapolis skyline Indianapolis is the capital of the U.S. state of Indiana. ... In the United States, financial aid refers to funding intended to help students pay tuition or other costs, such as room and board, for education at a college, university, or private school. ... Higher education is education provided by universities and other institutions that award academic degrees, such as university colleges, and liberal arts colleges. ...


USA Funds guarantees education loans for students and parents throughout the nation. In addition, USA Funds serves as the designated guarantor of federal education loans in eight states: Arizona, Hawaii and the Pacific Islands, Indiana, Kansas, Maryland, Mississippi, Nevada and Wyoming. State nickname: The Grand Canyon State, The Copper State Other U.S. States Capital Phoenix Largest city Phoenix Governor Janet Napolitano (D) Senators John McCain (R) Jon Kyl (R) Official language(s) English Area 295,254 km² (6th)  - Land 294,312 km²  - Water 942 km² (0. ... State nickname: The Aloha State Other U.S. States Capital Honolulu Largest city Honolulu Monarch Akahi Nui Governor Linda Lingle (R) Senators Daniel Inouye (D) Daniel Akaka (D) Official language(s) Hawaiian and English Area 28,337 km² (43rd)  - Land 16,649 km²  - Water 11,672 km² (41. ... State nickname: The Hoosier State Other U.S. States Capital Indianapolis Largest city Indianapolis Governor Mitch Daniels (R) Senators Richard Lugar (R) Evan Bayh (D) Official language(s) English Area 94,321 km² (38th)  - Land 92,897 km²  - Water 1,424 km² (1. ... State nickname: The Sunflower State Other U.S. States Capital Topeka Largest city Wichita Governor Kathleen Sebelius (D) Senators Sam Brownback (R) Pat Roberts (R) Official language(s) None Area 82,277 mi²; 213,096 km² (15th)  - Land 81,815 mi²; 211,900 km²  - Water 462 mi²; 1,196 km²... State nickname: Old Line State; Free State Other U.S. States Capital Annapolis Largest city Baltimore Governor Robert L. Ehrlich (R) Senators Paul Sarbanes (D) Barbara Mikulski (D) Official language(s) English Area 32,160 km² (42nd)  - Land 25,338 km²  - Water 6,968 km² (21%) Population (2000)  - Population 5... State nickname: Magnolia State Other U.S. States Capital Jackson Largest city Jackson Governor Haley Barbour (R) Senators Thad Cochran (R) Trent Lott (R) Official language(s) English Area 125,546 km² (32nd)  - Land 121,606 km²  - Water 3,940 km² (3%) Population (2000)  - Population 2,697,243 (31st)  - Density... State nickname: Silver State, Battle Born State (official) Other U.S. States Capital Carson City Largest city Las Vegas Governor Kenny Guinn (R) Senators Harry Reid (D) John Ensign (R) Official languages None Area 286,367 km² (7th)  - Land 284,396 km²  - Water 1,971 km² (0. ... State nickname: Equality State Other U.S. States Capital Cheyenne Largest city Cheyenne Governor Dave Freudenthal (D) Senators Craig Thomas (R) Mike Enzi (R) Official language(s) English Area 253,554 km² (10th)  - Land 251,706 km²  - Water 1,851 km² (0. ...


SMS Hawaii, the nonprofit student-loan secondary market for Hawaii, is an affiliate of USA Funds.


Another USA Funds affiliate, Northwest Education Loan Association, is a nonprofit guarantor that serves the Pacific Northwest. NELA is the designated guarantor for the states of Idaho and Washington.


About USA Funds and Sallie Mae

USA Funds contracts with affiliates of Sallie Mae, the leading guarantor-servicing organization, to deliver some of the services necessary to support USA Funds’ guarantee. SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, (formerly named the Student Loan Marketing Association) is the largest provider of educational loans in the United States. ...


Prior to July 31, 2000, USA Funds was an affiliate of USA Group. USA Funds contracted with other USA Group affiliates to deliver key services, including information-technology support, loan-guarantee processing, loan-status maintenance, customer service, default prevention, default recovery, sales and marketing.


Effective July 31, 2000, Sallie Mae acquired the assets of most of the USA Group affiliates. USA Funds, however, was not included in the transaction. USA Funds became an independent, unaffiliated guarantor of student loans. USA Funds contracts with Sallie Mae affiliates, much as it previously had contracted with USA Group affiliates, for services necessary to carry out its role as a student-loan guarantor. In fact, many of the people and processes that supported USA Funds when it was part of USA Group continue to support USA Funds under USA Funds' contracts with Sallie Mae affiliates.


USA Funds is not a subsidiary of Sallie Mae. There is no corporate affiliation between the two organizations. USA Funds is governed by a board of trustees that is completely independent of the board that governs Sallie Mae. USA Funds is managed by an experienced team of individuals who have no affiliation with Sallie Mae. The services that USA Funds receives from Sallie Mae are closely monitored and directed by USA Funds employees.


Furthermore, USA Funds works with hundreds of education lenders. Some of these lenders contract with Sallie Mae for servicing and loan acquisition; others have no contractual relationships with Sallie Mae. Postsecondary institutions, their students and parents are free to choose the lenders with which they wish to work while using the USA Funds guarantee.


External links

  • USA Funds website

  Results from FactBites:
 
USA Funds - Wikipedia, the free encyclopedia (534 words)
USA Funds is a nonprofit corporation that works to enhance postsecondary-education preparedness, access and success by providing and supporting financial and other valued services.
USA Funds is not a subsidiary of Sallie Mae.
USA Funds is governed by a board of trustees that is completely independent of the board that governs Sallie Mae.
USA (disambiguation) - Wikipedia, the free encyclopedia (323 words)
USA Funds, a nonprofit corporation that guarantees loans for student financial aid.
USA - Land of Opportunities, a trilogy of films by the Danish director Lars von Trier.
USA Perpignan, a French rugby union club that plays in the city of Perpignan in Pyrénées-Orientales.
  More results at FactBites »

 
 

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