From the News You Can Use Archives 01/16/07
Celebrating Ten Years of EDFUND Service!
This month marks an important milestone for EDFUND — it's our ten year anniversary!
We couldn't let the date pass without reflecting on the past decade in financial aid and some of our organization's accomplishments in setting a new standard of exceptional service to schools and students. Established on January 1, 1997, EDFUND is a nonprofit, public benefit corporation created to administer all activities of the federal student loan program on behalf of the California Student Aid Commission.
Today, EDFUND is the second largest guarantee services provider in the nation, processing $10.1 billion in student loans each year while maintaining an outstanding loan portfolio of approximately $27 billion. Early on, EDFUND adopted a set of core values that guides the work of each employee, day in and day out. Those values –— excellence, commitment, integrity and teamwork — are more than words that decorate our walls; they are the driving force behind the remarkable service EDFUND is known for.
Take a look at some highlights of the past ten years:
Services to Schools
- Ten years ago, regional representatives were virtually unheard of in the guarantee services industry. EDFUND developed a team of client relations managers that now covers all regions of the country, providing personalized, responsive service to financial aid offices. Client solutions managers provide on-site assistance and training for all technology products associated with the loan guarantee function.
- In response to the growing need among financial aid professionals for current regulatory information and professional development, EDFUND stepped up to offer free, high-quality training and workshops.
- Since 1997, the student loan industry has focused more on helping borrowers avoid default and successfully repay their loans. EDFUND innovated by devoting significant resources to default prevention with customized defaulter analyses, the Cohort Management System™, and the Building Futures™ program that includes publications, tools and training modules.
- EDFUND's Government Relations Unit keeps its eye on federal financial aid policy, providing guidance and updates for our customers including the “Policy Headquarters” pages at www.edfund.org.
- EDTE$T®, an online, interactive loan counseling tool, was introduced to help schools complete federal requirements for entrance and exit counseling.
- The pioneering EDSHARE® competitive grant program has just wrapped up and has administered approximately $10 million in grants to schools since its beginning in 2002. The resulting projects generated dynamic new approaches to borrower education, debt management and default prevention that are outlined on the EDSHARE section of our Web site.
- A desire for feedback from our school and lender partners has led to a collaborative approach toward new products and services typified by EDFUND's Advisory & Enhancement work group.
- EDFUND produces research reports that can help shape future financial aid policy, including “Missing the Boat: Why Some Make It to College and Others Don't”
and “Clearing Accounts: The Causes of Student Loan Default.”
Keeping Students First
- EDFUND strives to continue producing award-winning publications including our flagship Fund Your Future™
- EDFUND helps families navigate the often confusing pre-college period by producing videos on such topics as completing the FAFSA, responsible credit card usage and the importance of attending college. Additionally, a selection of publications and Web site content are offered in Spanish.
- An annual Student Loan Debt Summary keeps students aware of their total indebtedness as they progress through school.
- Online tools, including the EDWISE® financial planning guide and online Video Clips, encompass a variety of money management subjects in a format that students are familiar with.
- Web-based Loan Portals connect students and parents with lenders.
- High school counselor training enhances the ability of counselors to provide the latest in financial aid information to their students.
- EDFUND employs a full-time information security officer to ensure that its systems abide by industry-leading safeguards.
Above all, EDFUND is most pleased with the valuable relationships we've forged with you, our customers. Through your dedication and EDFUND's commitment, we are able to jointly provide students with the best possible service when it comes to making their higher education dreams a reality. And that's truly an accomplishment worth celebrating.
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From NewSource, EDFUND's monthly newsletter providing timely, operational information to EDFUND customers and lender partners.
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Story posted January 16, 2007.
E-mail comments to: news@EDFUND.org
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