Nonprofit Groups Helped Millions of Families Pay for College in 2023-24

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80be5d48e60c7afa21e2159fbc7af8d4 4 Nonprofit Organizations Helped 3 Million Families Access and Pay for College in 2023-24

WASHINGTON, Sept. 17, 2024 — The Education Finance Council (EFC), the national trade association representing nonprofit and state-based higher education finance organizations, has released its annual report. In Award Year (AY) 2023-24, over three million families relied on a state-based, nonprofit organization to help them save, plan, and pay for postsecondary education.

Education Finance Council (PRNewsfoto/EDUCATION FINANCE COUNCIL)

“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 loans 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 navigated a challenging federal higher education policy environment to connect students to grants and scholarships and assist borrowers with the resumption of federal student loan payments. Together, these organizations expanded 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 . 

CONTACT: Alex Ricci
(202) 552-8500

SOURCE EDUCATION FINANCE COUNCIL

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