USA Funds Marks 50 Years of Service to Higher Education
Nation's leading education loan guarantor issues annual report
INDIANAPOLIS, Feb. 2 /PRNewswire/ -- USA Funds®, the nation's leading education loan guarantor, has released its annual report, which describes the nonprofit organization's 50 years of service in support of higher education access and success.
"The visionaries who founded USA Funds in 1960 to help families pay rising college costs had an aggressive goal of establishing student loan programs in all 50 states," said Carl C. Dalstrom, USA Funds president and CEO. "The scope of services that USA Funds subsequently has delivered goes well beyond even the expansive vision of our founders."
Since its inception, USA Funds has supported a total of $239 billion in federal student loans and served more than 21 million students and parents, as well as thousands of educational and financial institutions nationwide.
USA Funds also has contributed significantly to innovations that have streamlined the delivery of financial aid to college campuses and students. For example, USA Funds helped develop the first combined student loan application and promissory note and introduced the first electronic student loan process. USA Funds also contributed to the streamlining of the financial need analysis process and was a key participant in the development of innovations that standardized the delivery and processing of guaranteed student loans.
USA Funds also has played an important role in addressing critical issues in financing college costs. The organization helped shape the original guaranteed student loan program and more recently has taken a leadership role in dealing with the documented higher education access challenges faced by minority students. During the past decade, USA Funds has awarded more than $50 million in privately funded scholarships to minority students and other students from low- to moderate-income households.
The USA Funds annual report, "Reflections," features the perspectives of 13 current and former employees, board members, student loan borrowers, customers and others on the services and initiatives that USA Funds has supported during the past 50 years.
To download a copy of the report, visit www.usafunds.org/about_usa_funds/usa_funds/annual_report.htm.
"As we celebrate our golden anniversary of service to higher education, we look back to our past successes as the foundation for our future efforts to ensure that every deserving student benefits from higher education," Dalstrom said.
Headquartered in Indianapolis, USA Funds is a nonprofit corporation that works to enhance postsecondary education preparedness, access and success by providing and supporting financial and other valued services. For more information about USA Funds, visit www.usafunds.org.
SOURCE USA Funds
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