Overview
What is Northstar Education Finance Inc?
Northstar Education Finance Inc is a nonprofit organization situated at 930 Blue Gentian Road 100, Eagan, MN, 55121. Their primary mission is to aid and encourage the pursuit of higher education by reducing its financial burden. They manage a portfolio of student loans, including approximately 94% federal Family Education Loan Program loans and 6% private student loans, totaling approximately $1.1 billion as of September 30, 2022. Northstar Education Finance Inc provides student borrowers with substantially more favorable benefits and interest rates compared to for-profit lenders. During fiscal years 2022 and 2021, the organization distributed repayment bonus distributions (interest rebates) worth approximately $4.2 million and $5.6 million, respectively, to eligible borrower accounts.
Official website here: www.northstar.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Stars)
Northstar Education Finance Inc has received a Three-Star rating from Charity Navigator, reflecting an overall score of 81%. This rating primarily focuses on the organization's accountability and financial management, indicating a solid commitment to transparency and responsible stewardship of its resources. The organization has notably achieved a high score on various metrics, including a program expense ratio of 93.95%, demonstrating that a significant majority of its expenditures are dedicated to its programs.
In terms of governance, Northstar Education Finance Inc showcases strong oversight with 77% of its board members being independent. The organization has implemented various policies that promote ethical practices, such as a conflict of interest policy, whistleblower protections, and protocols for document retention. These elements contribute positively to its accountability standing, ensuring that the organization operates with integrity and in the best interests of its mission.
While the organization has demonstrated commendable financial practices, there are no specific limitations or areas of concern highlighted in the data. Overall, the charity's strong focus on financial accountability and robust governance practices positions it as a reliable nonprofit within its sector.
This AI summary has been generated from information found on Charity Navigator.
Is Northstar Education Finance Inc legitimate?
Northstar Education Finance Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Northstar Education Finance Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $381,128
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.northstar.org
What is the mission statement of Northstar Education Finance Inc?
Northstar Education Finance Inc is dedicated to facilitating the pursuit of higher education by reducing its financial burden. They accomplish this through their Total Higher Education (THE) Loan Program and a Grants Program. The organization manages a portfolio of over $1.1 billion in student loans, comprised mainly of Federal Family Education Loans and a smaller portion of private student loans. Northstar Education Finance Inc prides itself on offering student borrowers more favorable benefits and interest rates than for-profit lenders. During fiscal years 2022 and 2021, the organization distributed approximately $4.2 million and $5.6 million, respectively, in repayment bonus distributions (interest rebates) to eligible borrower accounts.
Official website here: www.northstar.org
Who is the CEO of Northstar Education Finance Inc?
Taige P Thornton is the Principal Officer of Northstar Education Finance Inc.
Official website here: www.northstar.org
What is the revenue of Northstar Education Finance Inc?
Northstar Education Finance Inc's revenue in 2022 was $40,177,777.
Official website here: www.northstar.org
Who are the executives of Northstar Education Finance Inc and what are their salaries?
Here are 11 key members and their salaries:
- Compensation: $87,500
- Related: $0
- Other: $0
- Compensation: $27,125
- Related: $0
- Other: $0
- Compensation: $34,625
- Related: $0
- Other: $0
- Compensation: $21,875
- Related: $0
- Other: $0
- Compensation: $19,625
- Related: $0
- Other: $0
- Compensation: $26,625
- Related: $0
- Other: $0
- Compensation: $18,625
- Related: $0
- Other: $0
- Compensation: $16,625
- Related: $0
- Other: $0
- Compensation: $26,625
- Related: $0
- Other: $0
- Compensation: $87,982
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.northstar.org
Where can I find the form 990 for Northstar Education Finance Inc?
Northstar Education Finance Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.northstar.org
Learn more at the official website: www.northstar.org
Mission Statement of Northstar Education Finance Inc
Northstar Education Finance Inc is a mission-driven organization dedicated to fostering, aiding, encouraging, and assisting individuals in their pursuit of higher education. Through its Total Higher Education (THE) Loan Program and Grants Program, Northstar Education Finance Inc reduces the cost of higher education for students.
The organization's primary focus is on managing a portfolio of outstanding Federal Family Education Loan Program (approximately 94%) and private student loans (approximately 6%), totaling approximately $1.1 billion as of September 30, 2022. Northstar Education Finance Inc prides itself on providing student borrowers with more favorable benefits and interest rates than for-profit lenders.
During fiscal years 2022 and 2021, Northstar Education Finance Inc made significant repayment bonus distributions, totaling approximately $4.2 million and $5.6 million, respectively. These interest rebates were processed as credits to eligible borrower accounts. By offering such incentives, Northstar Education Finance Inc demonstrates its commitment to making higher education more accessible and affordable for students.
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Impact
October, 2024
Northstar Education Finance Inc significantly impacts the pursuit of higher education by managing a substantial portfolio of student loans, including approximately 94% from the Federal Family Education Loan Program and 6% from private loans, totaling around $1.1 billion. The organization prioritizes the financial well-being of student borrowers by providing benefits and interest rates that are generally more favorable compared to for-profit lenders.
In recent fiscal years, Northstar has distributed repayment bonuses totaling approximately $4.2 million in 2022 and $5.6 million in 2021. These interest rebates, credited directly to borrower accounts, help alleviate the financial burden of student loans, thereby encouraging and facilitating higher education pursuits. Additionally, Northstar aids in reducing the overall cost of education through their Total Higher Education Loan Program and grant initiatives, further enhancing accessibility to higher education for students.
This information is meant to be a general summary of Northstar Education Finance Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $495,713
- Program Service Revenue: $39,682,064
- Gross Receipts: $40,177,777
Assets and Liabilities:
- Total Assets: $1,293,468,719
- Total Liabilities: $1,132,229,810
- Net Assets: $161,238,909
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
STUDENT LOAN INTEREST
Revenue
$39,682,064
Organization Details
Founding Year
2000
Phone
(402) 458-2370Principal Officer
Taige P Thornton
Main Address
930 BLUE GENTIAN ROAD 100, EAGAN, MN, 55121
Website
www.northstar.orgNTEE Category
Code: B822 - Education
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