Overview
What is Montana Higher Education Student Assistance Corporation?
Montana Higher Education Student Assistance Corporation (MHESAC) is a nonprofit organization dedicated to helping Montana citizens finance and strategically pursue their educational opportunities. The corporation functions as a secondary student loan market for the Federal Family Education Loan Program (FFELP), acquiring and servicing guaranteed student loans. Through various rebate, incentive, and rate reduction programs, MHESAC has provided significant benefits to over 5,692 borrowers during fiscal year 2023, totaling $352 thousand. Since its inception in 1996, MHESAC has extended more than $3.7 billion in student loans to over 241,000 borrowers. In addition to offering loan services, MHESAC's Reach Higher Montana (RHM) programs focus on dual enrollment support, student services, network support, and outreach.
Official website here: www.mhesac.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 85% - Three-Star out of Four Star Rating
Montana Higher Education Student Assistance Corporation has received a strong rating of 85%, which reflects solid performance in accountability and finance. The charity excels in having a fully independent board, strong financial oversight, and comprehensive policies in place, ensuring good governance and operational integrity.
The organization also demonstrates a high program expense ratio of 98.21%, indicating that the vast majority of its funds are directed towards its educational assistance programs rather than administrative costs. This effective allocation of resources highlights its commitment to maximizing the impact of its services for students in need.
While the overall rating is commendable, it is important to note that the score is derived solely from the accountability and finance beacon. As a result, other potential areas like program effectiveness or community feedback are not reflected in this rating, which could provide a more holistic view of the organization's overall impact.
This AI summary has been generated from information found on Charity Navigator.
Is Montana Higher Education Student Assistance Corporation legitimate?
Montana Higher Education Student Assistance Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Montana Higher Education Student Assistance Corporation 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: $14,400
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.mhesac.org
What is the mission statement of Montana Higher Education Student Assistance Corporation?
The Montana Higher Education Student Assistance Corporation is committed to aiding Montana citizens in financing and tactically pursuing educational opportunities. The organization offers various benefits to existing student loan borrowers through principal and interest rate reductions. Their Reach Higher Montana program focuses on dual enrollment support, student services, network assistance, and outreach. The corporation acts as a secondary market for the Federal Family Education Loan Program (FFELP), acquiring and servicing guaranteed student loans. In fiscal year 2023, they provided over $352 thousand in benefits to 5,692 borrowers, and since the inception of borrower benefit programs in 1996, over $55 million in benefits have been granted. To date, the corporation has disbursed over $3.7 billion in student loans to over 241,000 borrowers.
Official website here: www.mhesac.org
Who is the CEO of Montana Higher Education Student Assistance Corporation?
Michael Green is the Dir Mhesac, Dir - Board Chair Saf of Montana Higher Education Student Assistance Corporation. The CEO's salary of Montana Higher Education Student Assistance Corporation is $0 and their total compensation is $292,762.
Official website here: www.mhesac.org
What is the revenue of Montana Higher Education Student Assistance Corporation?
Montana Higher Education Student Assistance Corporation's revenue in 2023 was $23,987,922.
Official website here: www.mhesac.org
Who are the executives of Montana Higher Education Student Assistance Corporation and what are their salaries?
There 80 volunteers at Montana Higher Education Student Assistance Corporation.
Here are 13 key members and their salaries (Montana Higher Education Student Assistance Corporation's CEO's salary is $0 and their total compensation is $292,762):
- Compensation: $1,800
- Related: $1,800
- Other: $0
- Compensation: $1,800
- Related: $1,800
- Other: $0
- Compensation: $1,800
- Related: $0
- Other: $0
- Compensation: $1,800
- Related: $0
- Other: $0
- Compensation: $1,800
- Related: $0
- Other: $0
- Compensation: $1,800
- Related: $0
- Other: $0
- Compensation: $900
- Related: $0
- Other: $0
- Compensation: $1,800
- Related: $0
- Other: $0
- Compensation: $0
- Related: $254,312
- Other: $38,450
- Compensation: $0
- Related: $208,272
- Other: $32,741
- Compensation: $0
- Related: $167,840
- Other: $18,589
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.mhesac.org
Where can I find the form 990 for Montana Higher Education Student Assistance Corporation?
Montana Higher Education Student Assistance Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.mhesac.org
Learn more at the official website: www.mhesac.org
Mission Statement of Montana Higher Education Student Assistance Corporation
Montana Higher Education Student Assistance Corporation, or MHESAC, is a dedicated organization that helps Montana citizens financially and strategically pursue educational opportunities. The corporation's primary mission is to offer borrower benefits, providing principal and interest rate reductions to existing student loan borrowers.
MHESAC's Reach Higher Montana (RHM) programs focus on four core areas: dual enrollment support, student services, network support, and outreach. Through these initiatives, MHESAC aims to make education more accessible and affordable for Montana residents.
MHESAC serves as a secondary student loan market for the Federal Family Education Loan Program (FFELP). Its borrower benefit programs, including rebate, incentive, and rate reduction schemes, have offered significant financial assistance. In fiscal year 2023 alone, these programs granted $352 thousand in benefits to 5,692 borrowers. Since the inception of these programs in 1996, a total of $55 million in benefits have been distributed to borrowers. To date, MHESAC has provided over $3.7 billion in student loans to over 241,000 borrowers.
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Impact
October, 2024
Montana Higher Education Student Assistance Corporation significantly enhances access to education for residents of Montana by providing essential financial support and strategic resources. Through its acquisition and servicing of guaranteed student loans, it acts as a secondary market for the Federal Family Education Loan Program (FFELP), easing the burden of educational financing for many.
In fiscal year 2023, benefits provided to borrowers amounted to $352,000, positively impacting 5,692 individuals. Since the inception of its borrower benefit programs in 1996, MHESAC has disbursed $55 million in benefits, demonstrating a longstanding commitment to the financial wellbeing of students. Overall, more than $3.7 billion in student loans have been issued to over 241,000 borrowers, illustrating the corporation’s extensive reach and impact.
Additionally, MHESAC’s initiatives through its Reach Higher Montana program focus on critical areas such as dual enrollment support, student services, network support, and outreach, further contributing to educational attainment in the state. By offering benefits such as principal and interest rate reductions, it not only lowers financial barriers but also empowers borrowers to pursue their educational goals with greater confidence.
This information is meant to be a general summary of Montana Higher Education Student Assistance Corporation. 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: $741,609
- Program Service Revenue: $22,556,943
- Gross Receipts: $25,883,878
Assets and Liabilities:
- Total Assets: $381,209,209
- Total Liabilities: $300,020,864
- Net Assets: $81,188,345
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST & SPECIAL ALLOWANCE
Revenue
$22,917,057
UNCOLLECTIBLE ACCOUNTS
Revenue
$46,759
LOAN PURCHASE DISCOUNT AMORTIZATI
Revenue
$4,123
BOND REPURCHASE
Revenue
-$410,996
Organization Details
Founding Year
1980
Phone
(406) 495-7800Principal Officer
Michael Green
Main Address
PO BOX 5209, HELENA, MT, 59604
Website
www.mhesac.orgNTEE Category
Code: B82 - Education
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