Info

The NHHEAF Network Organizations are the largest source for college funding within New Hampshire and have a more than 40-year history of helping families plan for and fund higher education. The Organizations are comprised of four independent, nonprofit organizations. The interconnectedness of these four organizations provides students and schools with expertise in all aspects of the student loan industry. New Hampshire Higher Education Assistance Foundation (NHHEAF) was established by the banking community in 1962 to guarantee student loans, and since 1965, has been the designated guarantor for the Federal Family Education Loan Program (FFELP) in New Hampshire. Within the Organizations, NHHEAF is responsible for the initial application, disbursement of funds, default prevention, default collections, and oversight of the federal loan programs. For fiscal year 2006, NHHEAF guaranteed 43,445 loans totaling $184 million. For the seventh year in a row, NHHEAF has ranked among the top six guarantors recording the nation's lowest default rates. Granite State Management & Resources (GSM&R) was established in 1986 to perform administration and loan services related to federal and private student loan programs. GSM&R contracts with NHHEAF and NHHELCO to provide financial management, information technologies and personnel/facilities administration. As of September 30, 2006, the education loan portfolio being serviced by GSM&R exceeded $1.8 billion, representing more than 130,000 borrowers. New Hampshire Higher Education Loan Corporation (NHHELCO) was designated by the State of New Hampshire in June of 1993 to be a lender and holder exclusively for student loans. NHHELCO grew out of recognition that demand for student loans and a declining number of active lenders created a need for a loan corporation dedicated exclusively to funding education loans. All FFELP loans originated by NHHELCO are guaranteed by NHHEAF and serviced by GSM&R. NHHELCO is both a lender and secondary market for education loans and has not sold any loan since its inception - a demonstration of its commitment to life-of-loan servicing. For fiscal year 2006, NHHELCO funded more than 66,913 FFELP loans totaling $188 million, and 10,675 alternative loans totaling nearly $61.8 million. NHHEAF Network Educational Foundation (NNEF) was established by the NHHELCO Board of Trustees with a half-million dollar endowment in 2004. Beginning in 2006, charitable programs that have been funded through GSM&R & NHHELCO will be administered through NNEF. These programs represent a half a million dollar investment in annual giving and include Teachers for New HampshireSM , a forgivable loan program; College Equals Opportunity (CEO), a scholarship program and The NHHEAF Network Initiative for the Advancement of Postsecondary Education, a grant program for collaborative higher education programs.