Educational Credit Management Corporation information
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Educational Credit Management Corporation (ECMC) is a United States nonprofit corporation based in Minnesota. Since 1994, ECMC has operated in the areas of student loan bankruptcy management and loan collection. ECMC is one of a number of guaranty agencies that oversee student loans for the United States Department of Education. As a guarantor working on behalf of the U.S. Department of Education, ECMC charges fees to debtors and earns commissions from taxpayers by collecting on defaulted student loans pursuant to the Higher Education Act. In return, the U.S. government has retrieved billions of dollars from student loan debtors.[1] From 1994 to 2015, according to ECMC, they returned $4.3 billion to the U.S. Treasury.[2]
According to ECMC the company works to reduce student-loan default rates and provide resources to help students repay their loans, and promotes financial literacy and student success in higher education.[3] It provides current and future borrowers with free services,[4] and employs an ombudsman to assist with complaints and disputes, questions, and to clarify processes.[5] It also provides free assistance with financial aid forms to students through college access centers known as The College Place,[6] as well as scholarships to students in the ECMC Scholars program in Oregon, Virginia and Connecticut.[7] In addition, ECMC claims to help minority-serving institutions (MSIs) improve student success and institutional outcomes. One initiative provides aid for students dealing with unforeseen financial emergencies through its affiliate ECMC Foundation.[8]
ECMC Group, the parent company for ECMC, also operates ECMC Education and ECMC Foundation.[9] ECMC Education maintained three campuses under the name Altierus.[10] Its campuses in Tampa, Florida, Atlanta, Georgia, and Houston, Texas focus on career and technical education.[11]
ECMC Foundation, headquartered in Los Angeles, CA, is said to support organizations and institutions that provide programs and support to students from underserved backgrounds.[12]
ECMC has been controversial for its alleged "ruthless" tactics in recovering loans and for the large bonuses it paid its collectors.[2][13] In 2021, the Consumer Financial Protection Bureau was investigating, alleging that ECMC deliberately made student debtors incur additional fees when their accounts went into debt collection.[14] In 2012, a panel of bankruptcy appeal judges criticized the company for its "waste of judicial resources," and abuse of the bankruptcy process.[13]
^"Taxpayers Fund $454,000 Pay for Collector Chasing Student Loans". Bloomberg.com. 15 May 2012.
^ abHechinger, John (14 May 2012). "Taxpayers Fund $454,000 Pay for Collector Chasing Student Loans". Bloomberg.com. Retrieved 22 May 2015.
^Kerr, Emma (April 10, 2019). "How to Write a Financial Aid Appeal Letter". U.S. News & World Report.
^Rosso May, Anne (August 2018). "Debt Neutrality". Collector.
^Kerr, Emma (November 18, 2020). "How to Get FAFSA Completion Help During COVID-19". U.S. News & World Report. Archived from the original on 2020-11-19.
^"Buckingham Students Receive Scholarships". The Farmville Herald. June 22, 2021.
^"ECMC Foundation Pledges $1.5 Million for COVID-19 Relief for Students". Philanthropy News Digest. April 19, 2020.
^"ECMC Group - About Us". ECMC Group. Archived from the original on 2016-11-05.
^"Everest College Changes Name to Altierus Two Years After Turning Nonprofit". 20 July 2017.
^"Our Schools".
^"About ECMC Foundation". NC State. Archived from the original on 2020-08-05.
^ abKitroeffjan, Natalie (1 January 2014). "Loan Monitor Is Accused of Ruthless Tactics on Student Debt". New York Times. Retrieved 22 May 2015.
^Dayen, David (9 March 2021). "Fighting For-Profit Colleges, or Collaborating With Them?". /prospect.org. Retrieved 24 March 2021.
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