South Dakota Education Access Foundation
Clark Wold, President of Education Assistance Corporation, today announced the forming of the South Dakota Education Access Foundation. The Foundation was created to receive a contribution in excess of $30M, representing a combination of existing EAC assets and future value. The contribution is made as a result of the affiliation of EAC with Great Lakes Higher Education Corporation.
The new foundation will promote access to postsecondary education, and will serve South Dakota students and South Dakota postsecondary institutions by promoting improvement in the rates of entry and success in education beyond high school. Wold said that the emphasis of the Foundation will be on serving low income students, students facing other barriers to postsecondary education, and students from other underrepresented backgrounds.
"SDEAF will carry out its mission by making grants to students and to educational institutions for awarding to students," said Wold. "The Foundation may also make grants to other non-profit agencies that support access to postsecondary education."
It is the goal of the Foundation to implement its programs prior to the 09-10 academic year.
The mission of South Dakota Education Access Foundation (SDEAF) is to expand access to postsecondary education. SDEAF seeks to serve South Dakota students and South Dakota postsecondary institutions by promoting improvement in the rates of entry and success in education beyond high school. SDEAF will accomplish this mission by focusing on, though not limiting itself to students of low income, students facing other barriers to postsecondary education, and students from other underrepresented backgrounds.
EAC, a private nonprofit corporation located in Aberdeen, South Dakota, is dedicated to providing financial access to post-secondary education through a service-oriented approach to students, parents, schools, and lenders. EAC is a guarantor in the FFEL Program, provides financial aid information, and offers student loan servicing through its subsidiary, EASCI.
About Great Lakes
Great Lakes Higher Education Corporation and Affiliates works with schools, lenders, and community organizations to change lives for the better through higher education. Great Lakes supports these partners with financial, educational, and operational resources that help students and families pay for college and build bright futures. As a leading guarantor, originator, and servicer of student loans for over forty years, Great Lakes serves more than 2,700 schools and 1,400 lenders across the nation. One of the nation's largest integrated providers of student loan services, Great Lakes services student loans for more than two million borrowers and holds guarantees on more than $47 billion in FFELP loans. Great Lakes serves as the designated guarantor for Minnesota, Ohio, Wisconsin, Puerto Rico, and the U.S. Virgin Islands under the Higher Education Act. Great Lakes is headquartered in Madison, Wisconsin, with operating centers in Ohio, Minnesota, and Wisconsin. For additional information, visit mygreatlakes.org.