Nonprofit Organizations Helped 3 Million Families Access and Pay for College in 2023-24

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Sep 17, 2024, 06:07 ET

WASHINGTON, Sept. 17, 2024 /PRNewswire/ -- Education Finance Council (EFC), the national trade association representing nonprofit and state-based higher education finance organizations, announces the release of its 2024 National Impact Report: Helping Families Plan & Pay for College. In Award Year (AY) 2023-24, over three million families depended on a state-based, nonprofit organization to save, plan, and pay for postsecondary education.

"Students and families who are seeking affordable educational pathways to rewarding careers should look no further than EFC members for advice and assistance," said EFC President Gail daMota. "Nonprofit and state-based higher education finance organizations set students up for success by offering them valuable free resources and education about the postsecondary financing system and administering life-changing grant and scholarship programs. Our members offer low-cost loan products with borrower-friendly terms that help students cover gaps in available financial aid, complete their credential, and successfully repay the loan."

During AY 2023-24, EFC's state-based, nonprofit members overcame a difficult federal higher education policy environment to connect students to grants and scholarships and assist borrowers with the resumption of federal student loan payments. Collectively, these organizations increased access to postsecondary education and improved college affordability in AY 2023-24 by:

Managing $22.6 billion in college savings accounts;
Administering $3 billion in grants and scholarships;
Serving 1.2 million families with free college access and success programming;
Helping hundreds of thousands of people complete the FAFSA^®;
Holding over 83,000 one-on-one counseling sessions; and
Offering in-school borrowers a loan with an average lowest fixed rate of 4.63 percent.

"EFC members are dedicated to creating a more prosperous society and equitable higher education system," added daMota. "They exist to maximize student success, not profits. I encourage all individuals with higher education aspirations to get in touch with an EFC member. You will be amazed at what you can accomplish with their support."

Background: EFC is the national trade association representing nonprofit and state-based higher education finance organizations that are dedicated to improving college access, success, and affordability in their states and nationwide. Learn more about EFC by visiting efc.org.

CONTACT: Alex Ricci
(202) 552-8500
[email protected]

SOURCE EDUCATION FINANCE COUNCIL