Over 2 Million Families Rely on Nonprofit Organizations to Access and Pay for College

WASHINGTON, Sept. 12, 2023 /PRNewswire/ -- Education Finance Council (EFC), the trade association representing nonprofit and state-based higher education finance organizations, announces the release of its 2023 national impact report titled, "Helping Families Plan and Pay for College." During Academic Year 2022-2023, well over two million families trusted nonprofit and state-based organizations to help them grow their college savings accounts, complete the Free Application for Federal Student Aid (FAFSA^®) form, access scholarships and grants, and make wise borrowing decisions. EFC members across the country empower students with the information and free or low-cost resources they need to achieve their education and career goals.

"State-based and nonprofit higher education finance organizations are champions for aspiring and enrolled students pursuing postsecondary education. Motivated by their public purpose missions, these entities counsel students to make smart financial decisions and graduate college with less debt," said EFC President Gail daMota.

"EFC members are the unsung heroes of the higher education financing sector. EFC's 2023 national impact report illustrates the vital role our members play in students' lives. They provide students free financial literacy resources and counseling services, fund scholarships, offer affordable student loans, and so much more. I encourage all prospective and current postsecondary students to contact an EFC member for help setting yourselves up for long-term success."

Among other compelling data, the report includes the following statistics:

• Seven EFC members administer a state 529 plan collectively benefiting 1,047,946 students and families who have saved more than $22.67 billion for postsecondary education.
  
  
• Twenty-three EFC members organized over 100,000 counseling sessions and workshops to help nearly one million families plan, save, and pay for college in 2022-23.
  
  
• EFC members disbursed more than $1.54 billion in grant funding to college students.
  
  
• Twenty EFC members with student loan programs offered an average lowest fixed interest rate
  of 4.26 percent (with available deductions) to borrowers.

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