Overview
What is South Carolina Student Loan Corp?
South Carolina Student Loan Corp (SCSLC) is a nonprofit organization based in Columbia, South Carolina, with a mission to provide student loans to eligible borrowers for higher education and service the loans until repaid. Established by the people of South Carolina, SCSLC assists residents in attending institutions beyond the public-school level by offering and managing student loans. Additionally, the organization acts as an agent for other institutions and foundations, handling and disbursing their education-related funds, as well as servicing their student loans and acquisitions of contingent interests in student loans. SCSLC employs approximately 40 individuals in carrying out these functions.
Official website here: www.scstudentloan.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
The South Carolina Student Loan Corp has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. The organization scored exceptionally well in various categories, indicating a high level of transparency and effective governance, including a fully independent board and robust financial oversight mechanisms.
Strengths highlighted in the evaluation include a very low ratio of liabilities to assets at 43.12%, coupled with a program expense ratio of 96.02%. These metrics suggest that the organization is effectively using its resources to support its mission rather than diverting funds toward administrative costs. Additional commendable practices include a comprehensive conflict of interest policy and a whistleblower policy, which further enhance its accountability.
While the ratings showcase the organization's strengths, there are no significant limitations noted in the data. Overall, the South Carolina Student Loan Corp appears to be well-managed and committed to its financial responsibilities, making it a trustworthy option for individuals seeking student loan assistance.
This AI summary has been generated from information found on Charity Navigator.
Is South Carolina Student Loan Corp legitimate?
South Carolina Student Loan Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. South Carolina Student Loan Corp 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: $1,185,142
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,302,075
For more financial information, click here
Official website here: www.scstudentloan.org
What is the mission statement of South Carolina Student Loan Corp?
South Carolina Student Loan Corp (SCSLC) is dedicated to facilitating educational financing for residents by managing and administering loans. Its mission is to help individuals in South Carolina access funds to attend institutions beyond the public-school level. In addition to offering student loans, SCSLC functions as an agent for other institutions and foundations, handling their funds and servicing their loans, guarantees, insurance, and acquisitions of student loans. By providing these services, SCSLC aims to expand educational opportunities for many.
Official website here: www.scstudentloan.org
Who is the CEO of South Carolina Student Loan Corp?
David A Simon Iii is the Director of South Carolina Student Loan Corp. The CEO's salary of South Carolina Student Loan Corp is $482,761 and their total compensation is $602,409.
Official website here: www.scstudentloan.org
What is the revenue of South Carolina Student Loan Corp?
South Carolina Student Loan Corp's revenue in 2023 was $58,099,567.
Official website here: www.scstudentloan.org
Who are the executives of South Carolina Student Loan Corp and what are their salaries?
The average compensation at South Carolina Student Loan Corp during 2023 was $87,180. There are 40 employees at South Carolina Student Loan Corp.
Here are 17 key members and their salaries (South Carolina Student Loan Corp's CEO's salary is $482,761 and their total compensation is $602,409):
- Compensation: $16,000
- Related: $0
- Other: $0
- Compensation: $31,000
- Related: $0
- Other: $0
- Compensation: $19,456
- Related: $0
- Other: $0
- Compensation: $13,000
- Related: $0
- Other: $0
- Compensation: $15,000
- Related: $0
- Other: $0
- Compensation: $9,000
- Related: $0
- Other: $0
- Compensation: $27,000
- Related: $0
- Other: $0
- Compensation: $24,136
- Related: $0
- Other: $0
- Compensation: $14,000
- Related: $0
- Other: $0
- Compensation: $25,000
- Related: $0
- Other: $0
- Compensation: $482,761
- Related: $0
- Other: $119,648
- Compensation: $382,772
- Related: $0
- Other: $61,908
- Compensation: $137,124
- Related: $0
- Other: $18,247
- Compensation: $143,569
- Related: $0
- Other: $10,630
- Compensation: $167,999
- Related: $0
- Other: $44,829
- Compensation: $142,373
- Related: $0
- Other: $90,660
- Compensation: $111,819
- Related: $0
- Other: $53,511
Official website here: www.scstudentloan.org
Where can I find the form 990 for South Carolina Student Loan Corp?
South Carolina Student Loan Corp's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.scstudentloan.org
Learn more at the official website: www.scstudentloan.org
Mission Statement of South Carolina Student Loan Corp
South Carolina Student Loan Corp (SCSLC) is a mission-driven organization dedicated to facilitating educational finance for the residents of South Carolina. Its primary role involves receiving, disbursing, and administering funds for educational purposes. More specifically, SCSLC assumes the function of originating, processing, and managing student loans. This nonprofit institution plays a significant role in granting access to higher education to individuals beyond the public-school level in the state.
The people of South Carolina have entrusted SCSLC with the power to act as an agent for other institutions and foundations. In this capacity, the organization receives, invests, handles, and disburses funds. Furthermore, SCSLC services student loans, guarantees, insurance, and acquisitions of contingent interests in student loans on behalf of private and governmental institutions and foundations. By taking on these responsibilities, SCSLC enables these organizations to focus on their core activities while ensuring the smooth financing of education for students in South Carolina.
In essence, South Carolina Student Loan Corp is an essential partner in the educational journey of countless individuals in the state. By providing student loan services, it paves the way for students to pursue their academic goals and build a brighter future. Through its various functions, SCSLC plays a vital role in making education more accessible and affordable to the residents of South Carolina.
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Impact
October, 2024
South Carolina Student Loan Corp (SCSLC) plays a crucial role in facilitating access to higher education for residents of South Carolina. By providing student loans to eligible borrowers, SCSLC enables individuals to pursue advanced educational opportunities at institutions beyond the public-school level.
The organization handles the entire life cycle of student loans, from disbursing funds to servicing loans until they are fully repaid. This support is vital for students who may not have access to the necessary financial resources to fund their education, thereby assisting in fulfilling their aspirations and contributing to the overall educational attainment in the state.
Additionally, SCSLC acts as an agent for various institutions and foundations, allowing it to manage, invest, and disburse educational funds effectively. This capability not only enhances the availability of financial aid for students but also strengthens partnerships within the community to promote educational advancement. Overall, SCSLC significantly impacts the landscape of higher education in South Carolina by making loans accessible and providing essential services throughout the borrowing process.
This information is meant to be a general summary of South Carolina Student Loan Corp. 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 2023.
- Investment Income: $4,852,368
- Program Service Revenue: $53,247,199
- Gross Receipts: $58,916,631
Assets and Liabilities:
- Total Assets: $1,048,763,389
- Total Liabilities: $452,251,381
- Net Assets: $596,512,008
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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
$44,374,601
SPECIAL ALLOWANCE
Revenue
$6,024,522
US DOE SUBSIDIZED INTEREST
Revenue
$1,409,019
LATE CHARGES
Revenue
$929,985
SCEAA REMITTANCE
Revenue
$501,087
Organization Details
Founding Year
1973
Phone
(803) 798-0916Principal Officer
David A Simon Iii
Main Address
PO BOX 102405, COLUMBIA, SC, 29224
Website
www.scstudentloan.orgNTEE Category
Code: W600 - Public benefit
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