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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 [[Collection agency|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.[{{Cite news|url=https://www.bloomberg.com/news/articles/2012-05-15/taxpayers-fund-454-000-pay-for-collector-chasing-student-loans|title = Taxpayers Fund $454,000 Pay for Collector Chasing Student Loans|newspaper = Bloomberg.com|date = 15 May 2012}}] From 1994 to 2015, according to ECMC, they returned $4.3 billion to the U.S. Treasury. |
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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 [[Collection agency|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.[{{Cite news|url=https://www.bloomberg.com/news/articles/2012-05-15/taxpayers-fund-454-000-pay-for-collector-chasing-student-loans|title = Taxpayers Fund $454,000 Pay for Collector Chasing Student Loans|newspaper = Bloomberg.com|date = 15 May 2012}}] From 1994 to 2015, according to ECMC, they returned $4.3 billion to the U.S. Treasury. |
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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.[{{cite news |last1=Kerr |first1=Emma |title=How to Write a Financial Aid Appeal Letter |url=https://www.usnews.com/education/best-colleges/paying-for-college/articles/2019-04-10/how-to-write-a-financial-aid-appeal-letter |publisher=U.S. News & World Report |date=April 10, 2019}}] It provides current and future borrowers with free services,[{{cite news |last1=Hawkins |first1=Phil |title=Woodburn Celebrates 2019 Graduating Class |url=https://pamplinmedia.com/wbi/152-news/430804-338762-woodburn-celebrates-2019-graduating-class |publisher=Woodburn Independent |date=June 11, 2019}}] and employs an ombudsman to assist with complaints and disputes, questions, and to clarify processes.[{{cite news |last1=Rosso May |first1=Anne |title=Debt Neutrality |url=http://online.collector.com/collectormagazine/201808/index.php#/p/10 |publisher=Collector |date=August 2018}}] It also provides free assistance with financial aid forms to students through college access centers known as The College Place,[{{Cite web|last=Kerr|first=Emma|date=November 18, 2020|title=How to Get FAFSA Completion Help During COVID-19|url=https://www.usnews.com/education/best-colleges/paying-for-college/articles/how-to-get-fafsa-completion-help-during-coronavirus|url-status=live|website=U.S. News & World Report|archive-url=https://web.archive.org/web/20201119113055/https://www.usnews.com/education/best-colleges/paying-for-college/articles/how-to-get-fafsa-completion-help-during-coronavirus |archive-date=2020-11-19 }}] as well as scholarships to students in the ECMC Scholars program in Oregon, Virginia and Connecticut.[{{Cite news|date=June 22, 2021|title=Buckingham Students Receive Scholarships|work=The Farmville Herald|url=https://www.farmvilleherald.com/2021/06/buckingham-students-receive-scholarships/}}] 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.[{{cite news |title=ECMC Foundation Pledges $1.5 Million for COVID-19 Relief for Students |url=http://philanthropynewsdigest.org/news/ecmc-foundation-pledges-1.5-million-for-covid-19-relief-for-students |publisher=Philanthropy News Digest |date=April 19, 2020}}] |
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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.[{{cite news |last1=Kerr |first1=Emma |title=How to Write a Financial Aid Appeal Letter |url=https://www.usnews.com/education/best-colleges/paying-for-college/articles/2019-04-10/how-to-write-a-financial-aid-appeal-letter |publisher=U.S. News & World Report |date=April 10, 2019}}] It provides current and future borrowers with free services,[{{cite news |last1=Hawkins |first1=Phil |title=Woodburn Celebrates 2019 Graduating Class |url=https://pamplinmedia.com/wbi/152-news/430804-338762-woodburn-celebrates-2019-graduating-class |publisher=Woodburn Independent |date=June 11, 2019}}] and employs an ombudsman to assist with complaints and disputes, questions, and to clarify processes.[{{cite news |last1=Rosso May |first1=Anne |title=Debt Neutrality |url=http://online.collector.com/collectormagazine/201808/index.php#/p/10 |publisher=Collector |date=August 2018}}] It also provides free assistance with financial aid forms to students through college access centers known as The College Place,[{{Cite web|last=Kerr|first=Emma|date=November 18, 2020|title=How to Get FAFSA Completion Help During COVID-19|url=https://www.usnews.com/education/best-colleges/paying-for-college/articles/how-to-get-fafsa-completion-help-during-coronavirus|url-status=live|website=U.S. News & World Report|archive-url=https://web.archive.org/web/20201119113055/https://www.usnews.com/education/best-colleges/paying-for-college/articles/how-to-get-fafsa-completion-help-during-coronavirus |archive-date=2020-11-19 }}] as well as scholarships to students in the ECMC Scholars program in Oregon, Virginia and Connecticut.[{{Cite news|date=June 22, 2021|title=Buckingham Students Receive Scholarships|work=The Farmville Herald|url=https://www.farmvilleherald.com/2021/06/buckingham-students-receive-scholarships/}}] 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.[{{cite news |title=ECMC Foundation Pledges $1.5 Million for COVID-19 Relief for Students |url=http://philanthropynewsdigest.org/news/ecmc-foundation-pledges-1.5-million-for-covid-19-relief-for-students |publisher=Philanthropy News Digest |date=April 19, 2020}}] |
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ECMC Group, the parent company for ECMC, also operates ECMC Education and ECMC Foundation.[{{Cite web|title=ECMC Group - About Us|url=https://www.ecmcgroup.org/about-us.html|url-status=live|website=ECMC Group|archive-url=https://web.archive.org/web/20161105062113/http://www.ecmcgroup.org:80/about-us.html |archive-date=2016-11-05 }}] ECMC Education maintained three campuses under the name Altierus.[{{Cite web|date=20 July 2017|title=Everest College Changes Name to Altierus Two Years After Turning Nonprofit|url=https://consumerist.com/2017/07/20/everest-college-changes-name-to-altierus-two-years-after-turning-nonprofit/}}] Its campuses in [[Tampa, Florida]], [[Atlanta, Georgia]], and [[Houston, Texas]] focus on career and technical education.[{{Cite web|title=Our Schools|url=https://www.zenith.org/schools/index.html}}] |
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ECMC Group, the parent company for ECMC, also operates ECMC Education and ECMC Foundation.[{{Cite web|title=ECMC Group - About Us|url=https://www.ecmcgroup.org/about-us.html|url-status=live|website=ECMC Group|archive-url=https://web.archive.org/web/20161105062113/http://www.ecmcgroup.org:80/about-us.html |archive-date=2016-11-05 }}] ECMC Education maintained three campuses under the name Altierus.[{{Cite web|date=20 July 2017|title=Everest College Changes Name to Altierus Two Years After Turning Nonprofit|url=https://consumerist.com/2017/07/20/everest-college-changes-name-to-altierus-two-years-after-turning-nonprofit/}}] Its campuses in [[Tampa, Florida]], [[Atlanta, Georgia]], and [[Houston, Texas]] focus on career and technical education.[{{Cite web|title=Our Schools|url=https://www.zenith.org/schools/index.html}}] |
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In February 2021, [[New Mexico State University]] (NMSU) launched a financial literacy platform for its students as part of ECMC's Project Success, which is a three-year project to retain and graduate students at NMSU.[{{Cite news|last=Acosta|first=Tiffany|date=February 6, 2021|title=NMSU's new financial literacy platform offers resources to money questions|work=Las Cruces Sun News|url=https://www.lcsun-news.com/story/news/education/nmsu/2021/02/06/nmsus-new-financial-literacy-platform-offers-resources-money-questions/4419823001/}}] In February 2021, ECMC Group released the results of a new survey of high school students.[{{Cite news|last=Burt|first=Chris|date=February 24, 2021|title=Gen Z leery of 4-year degree paths, surveys show|work=University Business|url=https://universitybusiness.com/gen-z-leery-of-4-year-degree-paths-surveys-show/}}] In |
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In February 2021, [[New Mexico State University]] (NMSU) launched a financial literacy platform for its students as part of ECMC's Project Success, which is a three-year project to retain and graduate students at NMSU.[{{Cite news|last=Acosta|first=Tiffany|date=February 6, 2021|title=NMSU's new financial literacy platform offers resources to money questions|work=Las Cruces Sun News|url=https://www.lcsun-news.com/story/news/education/nmsu/2021/02/06/nmsus-new-financial-literacy-platform-offers-resources-money-questions/4419823001/}}] In February 2021, ECMC Group released the results of a new survey of high school students.[{{Cite news|last=Burt|first=Chris|date=February 24, 2021|title=Gen Z leery of 4-year degree paths, surveys show|work=University Business|url=https://universitybusiness.com/gen-z-leery-of-4-year-degree-paths-surveys-show/}}] In |
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In March 2021, ECMC worked with the [[Virginia College]] Access Network to launch a program to provide free assistance with the Free Application for Federal Student Aid (FAFSA) for students in Virginia.[{{Cite news|last=Lilly|first=Shannon|date=March 25, 2021|title=Fewer students apply for college financial aid amid pandemic: 'It's like walking in blind'|work=WTVR-TV|url=https://www.wtvr.com/news/local-news/va-organizations-help-high-school-seniors-apply-for-college-financial-aid}}] I > In March 2021, ECMC Foundation launched the Transformational Partnerships Fund, a fund said to be focused on education partnerships.[{{Cite news|last=Seltzer|first=Rick|date=March 18, 2021|title=New Fund Aims to Help Colleges Pay for Merger Explorations|work=Inside Higher Ed|url=https://www.insidehighered.com/quicktakes/2021/03/18/new-fund-aims-help-colleges-pay-merger-explorations}}] |
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In March 2021, ECMC worked with the [[Virginia College]] Access Network to launch a program to provide free assistance with the Free Application for Federal Student Aid ([[FAFSA]]) for students in Virginia.[{{Cite news|last=Lilly|first=Shannon|date=March 25, 2021|title=Fewer students apply for college financial aid amid pandemic: 'It's like walking in blind'|work=WTVR-TV|url=https://www.wtvr.com/news/local-news/va-organizations-help-high-school-seniors-apply-for-college-financial-aid}}] I > In March 2021, ECMC Foundation launched the Transformational Partnerships Fund, a fund said to be focused on education partnerships.[{{Cite news|last=Seltzer|first=Rick|date=March 18, 2021|title=New Fund Aims to Help Colleges Pay for Merger Explorations|work=Inside Higher Ed|url=https://www.insidehighered.com/quicktakes/2021/03/18/new-fund-aims-help-colleges-pay-merger-explorations}}] |
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== Zenith Educational group == |
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== Zenith Educational group == |
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In February 2015, the company's newly created subsidiary Zenith Education Group acquired 56 [[Everest College]] and [[WyoTech]] campuses from [[Corinthian Colleges|Corinthian Colleges Inc]]. Zenith transitioned the schools from for-profit to nonprofit status. It also eliminated some programs with poor completion and job placement rates.[{{cite news|last=Douglas-Gabriel|first=Danielle|date=3 February 2015|title=Here's how a debt collector plans to turn around failing for-profit colleges|newspaper=Washington Post|url=https://www.washingtonpost.com/news/business/wp/2015/02/03/heres-how-a-debt-collector-plans-to-turn-around-failing-for-profit-colleges/|access-date=22 May 2015}}] The deal included the forgiveness of $480 million in loans Corinthian students took out, earning praise from federal agencies and some consumer groups.[{{cite news|last1=Fain|first1=Paul|date=February 4, 2015|title=Corinthian Sale Goes Through|publisher=Inside Higher Ed|url=https://www.insidehighered.com/news/2015/02/04/guaranty-agency-buys-half-corinthian-colleges-and-forgives-480-million-student-debt}}] ECMC Group reported a loss of $100 million for [[Zenith Education Group]] in 2015. In 2016, Zenith maintained 24 [[Everest College]] and [[Wyotech]] campuses, having consolidated, closed or begun teaching out 32 campuses. In 2016, ECMC Group gave $250 million to Zenith to maintain the remaining schools.[{{Cite web|title=Zenith Education gets a new leader, $250 million as it seeks to turn around former Corinthian programs|url=https://www.insidehighered.com/news/2016/07/28/zenith-education-gets-new-leader-250-million-it-seeks-turn-around-former-corinthian}}] In September 2017, the remaining schools became Altierus Career College.[{{cite web|title=Everest University Becomes Altierus Career College|url=https://www.zenith.org/news/everest-university-becomes-altierus-career-college/index.html|access-date=24 March 2021|website=/www.zenith.org|publisher=Zenith Education}}] |
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In February 2015, the company's newly created subsidiary Zenith Education Group acquired 56 [[Everest College]] and [[WyoTech]] campuses from [[Corinthian Colleges|Corinthian Colleges Inc]]. Zenith transitioned the schools from for-profit to nonprofit status. It also eliminated some programs with poor completion and job placement rates.[{{cite news|last=Douglas-Gabriel|first=Danielle|date=3 February 2015|title=Here's how a debt collector plans to turn around failing for-profit colleges|newspaper=Washington Post|url=https://www.washingtonpost.com/news/business/wp/2015/02/03/heres-how-a-debt-collector-plans-to-turn-around-failing-for-profit-colleges/|access-date=22 May 2015}}] The deal included the forgiveness of $480 million in loans Corinthian students took out, earning praise from federal agencies and some consumer groups.[{{cite news|last1=Fain|first1=Paul|date=February 4, 2015|title=Corinthian Sale Goes Through|publisher=Inside Higher Ed|url=https://www.insidehighered.com/news/2015/02/04/guaranty-agency-buys-half-corinthian-colleges-and-forgives-480-million-student-debt}}] ECMC Group reported a loss of $100 million for [[Zenith Education Group]] in 2015. In 2016, Zenith maintained 24 [[Everest College]] and [[Wyotech]] campuses, having consolidated, closed or begun teaching out 32 campuses. In 2016, ECMC Group gave $250 million to Zenith to maintain the remaining schools.[{{Cite web|title=Zenith Education gets a new leader, $250 million as it seeks to turn around former Corinthian programs|url=https://www.insidehighered.com/news/2016/07/28/zenith-education-gets-new-leader-250-million-it-seeks-turn-around-former-corinthian}}] In September 2017, the remaining schools became Altierus Career College.[{{cite web|title=Everest University Becomes Altierus Career College|url=https://www.zenith.org/news/everest-university-becomes-altierus-career-college/index.html|access-date=24 March 2021|website=/www.zenith.org|publisher=Zenith Education}}] |
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In 2016, the [[Associated Press]] reported that the remaining colleges continued to recruit students through [[telemarketing]] and advertisements on daytime TV [[talk shows]], and had not made substantive changes to its curriculum.[{{Cite web |url=http://bigstory.ap.org/article/44a2dafaa35c4b75ae640a8a423080c3/education-department-replaces-career-college-chain-monitor |title=Education Department replaces career college chain monitor |access-date=2016-06-27 |archive-date=2016-05-28 |archive-url=https://web.archive.org/web/20160528203752/http://www.bigstory.ap.org/article/44a2dafaa35c4b75ae640a8a423080c3/education-department-replaces-career-college-chain-monitor |url-status=dead }}] A new federal monitor was instituted after it was revealed that there was a conflict of interest between the monitor and ECMC. |
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In 2016, the [[Associated Press]] reported that the remaining colleges continued to recruit students through [[telemarketing]] and advertisements on daytime TV [[talk shows]], and had not made substantive changes to its curriculum.[{{Cite web |url=http://bigstory.ap.org/article/44a2dafaa35c4b75ae640a8a423080c3/education-department-replaces-career-college-chain-monitor |title=Education Department replaces career college chain monitor |access-date=2016-06-27 |archive-date=2016-05-28 |archive-url=https://web.archive.org/web/20160528203752/http://www.bigstory.ap.org/article/44a2dafaa35c4b75ae640a8a423080c3/education-department-replaces-career-college-chain-monitor |url-status=dead }}] A new federal monitor was instituted after it was revealed that there was a [[conflict of interest]] between the monitor and ECMC. |
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In 2016, ECMC Group gave $250 million to Zenith to maintain the remaining schools.[{{Cite news|date=November 27, 2018|title=Altierus Career College Launches Nursing, Computer Information Technology and Dental Assistant Programs|work=Higher Ed Dive|url=https://www.highereddive.com/press-release/20181127-altierus-career-college-launches-nursing-computer-information-technology-a/}}] In March 2019, Altierus Career College launched its Refrigeration Technician and Heating, Ventilation and Air Conditioning (HVAC) Technician programs.[{{cite news|date=February 13, 2019|title=Altierus Career College Launches New Trades Programs to Meet Need for Skilled Labor|publisher=Education Dive|url=https://www.educationdive.com/press-release/20190213-altierus-career-college-launches-new-trades-programs-to-meet-need-for-skill/}}] Other programs offered include, Dental Assistants, Medical Assistant, Pharmacy Technician, Surgical Technologist, Electrical, Nursing, and Medical Coding and Billing.[{{cite web |title=Alterius Career College programs |url=https://www.altierus.edu/}}] |
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In 2016, ECMC Group gave $250 million to Zenith to maintain the remaining schools.[{{Cite news|date=November 27, 2018|title=Altierus Career College Launches Nursing, Computer Information Technology and Dental Assistant Programs|work=Higher Ed Dive|url=https://www.highereddive.com/press-release/20181127-altierus-career-college-launches-nursing-computer-information-technology-a/}}] In March 2019, Altierus Career College launched its Refrigeration Technician and Heating, Ventilation and Air Conditioning (HVAC) Technician programs.[{{cite news|date=February 13, 2019|title=Altierus Career College Launches New Trades Programs to Meet Need for Skilled Labor|publisher=Education Dive|url=https://www.educationdive.com/press-release/20190213-altierus-career-college-launches-new-trades-programs-to-meet-need-for-skill/}}] Other programs offered include, Dental Assistants, Medical Assistant, Pharmacy Technician, Surgical Technologist, Electrical, Nursing, and Medical Coding and Billing.[{{cite web |title=Alterius Career College programs |url=https://www.altierus.edu/}}] |
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