Share |

American Student Assistance (Massachusetts Higher Education Assistance Corporation)

 100 Cambridge Street, Suite 1600
 Boston, MA 02114
[P] (617) 728-4631
[F] --
Allesandra Lanza
Facebook Twitter
 Printable Profile (Summary / Full)
EIN 04-2254705

LAST UPDATED: 05/24/2018
Organization DBA American Student Assistance
Former Names --
Organization received a competitive grant from the Boston Foundation in the past five years Yes



Mission StatementMORE »

To assist students and parents in accessing and completing a program of higher education financing and repayment

Mission Statement

To assist students and parents in accessing and completing a program of higher education financing and repayment

FinancialsMORE »

Fiscal Year July 01, 2014 to June 30, 2015
Projected Income $165,000,000.00
Projected Expense $131,000,000.00

ProgramsMORE »

  • College Planning Centers
  • College Planning Outreach Services

Revenue vs. Expense ($000s)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

Expense Breakdown 2014 (%)

For more details regarding the organization's financial information, select the financial tab and review available comments.


Mission Statement

To assist students and parents in accessing and completing a program of higher education financing and repayment

Background Statement

American Student Assistance is a private nonprofit whose public purpose mission is to empower students to successfully complete a program of higher education financing and repayment. Our history spans several decades, from our origins in 1956 as primarily a community fundraiser to create an insurance pool for guaranteed student loans, to our work as a guarantor in the federal student loan program, to our current role as a provider of education and engagement services that help students navigate the process of planning, financing and repaying higher education.

These days, we’re sparking a movement to address college affordability and student debt by revolutionizing how students, families, and alumni finance and repay their higher education. Through our “SALT” financial empowerment program, we’re providing student loan education and enabling the development of financial competencies through the use of innovative web-based tools and trusted, neutral advice – all free of charge to students and alumni.SALT teaches people how to borrow less for higher education, borrow wisely, repay student loans successfully and build money skills for life.

Additionally, in 2012 ASA assumed management of a series of local College Planning Programs to ensure they continue as a vital community service. Based in local schools, libraries and community centers throughout Boston, Chelsea and Brockton, Mass.,these Programs help young people and adults from all backgrounds navigate the process of applying to and paying for and successfully completing higher eudcation programs. These services improve college preparation, enrollment, and success, with a particular emphasis on students often underrepresented in higher education. The College Planning Services are a natural extension of ASA’s public purpose work to help students make better college financing and student loan decisions.

Also, we continue to fulfill our obligations as an administrator of the Federal Family Education Loan Program, assisting the U.S. Department of Education to avert federal education loan defaults, recover defaulted education loan funds, maintain FFELP records and other duties associated with managing our portfolio of approximately $35 billion in FFELP loans and 1.3 million student loan borrowers.

ASA is based in Boston and employs approximately 500 associates and has been recognized by the Boston Business Journal and the Boston Globe as one of the region’s best places to work.


Impact Statement

2012 Accomplishments

  • Launched multi-channel financial empowerment membership program (SALT) for aspiring, current and former college students.
  • Through proactive outreach and counseling for borrowers preserved the individuals’ credit, improved their ability to participate in other consumer activities that fuel the U.S. economy.
  • Helped nearly 20,000 defaulted student loan borrowers rehabilitate their loans and repair their credit.
  • Through our College Planning Services, assisted 20,000 adults and students in Greater Boston and Brockton plan for and apply to postsecondary eduaction programs and identify and apply for sources of financial aid for higher education.

2013 Goals

  •  Give families someplace to turn for open and well-informed conversations about college financing options.
  • Help academically prepared students and their families make the college of their dreams the college of their means.
  • Use the student loan process as a teachable moment to raise the financial IQ of the next generation: Take students from “I don’t know” to “I’m in control” on their student loans.
  • Ensure every student borrower has an advocate—throughout college and beyond—for counsel or advice on their loans.
  • Deliver quality advice and assistance on planning and paying for college.



Needs Statement

In 2012 ASA assumed management of a series of local College Planning Programs to ensure they continue as a vital community service. Based in local schools, libraries and community centers throughout Boston, Chelsea and Brockton,these Programs help young people and adults from all backgrounds navigate the process of applying to and paying for higher education. These services improve college preparation, enrollment, and success, with a particular emphasis on students often underrepresented in higher education. Our most pressing needs are associated with the following programs:

·        Success Boston –$145,000 needed to provide transition support to Boston Public School graduates as they move on from high school to Boston-area colleges, including individual assistance with the financial aid process, course registration, and other challenges.

·        College Planning Centers –$125,000 needed to provide free one-on-one guidance and resources to help students prepare for standardized tests, select and apply to colleges, and find financial aid resources.

CEO Statement


Board Chair Statement


Geographic Area Served

Throughout the United States

American Student Assistance helps aspiring, current and former students nationwide navigate the financing and repayment of higher education. However, our local College Planning Programs are currently limited to Boston, Brockton and Chelsea, Massachusetts.

Organization Categories

  1. Education - Higher Education
  2. Education - Scholarships & Student Financial Aid
  3. Public & Societal Benefit - Financial Institutions/ Services (Non-Government Related)

Independent research has been conducted on this organization's theory of change or on the effectiveness of this organization's program(s)

Under Development


College Planning Centers

Provides free one-to-one college planning advice and assistance in multiple languages to young people and adults, targeting individuals from low-income backgrounds, who are first generation to college and under-represented in programs of postsecondary education. Specific assistance includes: completing admissions and financial aid applications for postsecondary education programs, the Free Application for Federal Student Aid (FAFSA), CSS Profile, and scholarships; helping those individuals wishing to reenter and complete postsecondary education including handling outstanding student loan debt, helping those wishing to gain secondary school credentials so they can pursue postsecondary education, and providing SAT, ACT, and college application fee waivers for eligible individuals. Main location: Boston Public Library and Brockton. Clients also seen by appointment at numerous libraries and community-based centers throughout the Boston and Brockton. Serves approximately 10,000 annually.

Budget  550,000
Category  Education, General/Other Educational Programs
Population Served Poor,Economically Disadvantaged,Indigent Adults Adolescents Only (13-19 years)
Program Short-Term Success 

Short Term Success – 80% interested in postsecondary enrollment complete the FAFSA, 80% intereted in postsecondary enrollement complete applications, 50% of those enroll in postsecondary programs

Program Long-Term Success 

Long Term Success – 50% of clients seeking to enroll or reenroll in postsecondary education programs will graduate.

Program Success Monitored By  Demographic information is captured for each client through a sign-in
database, and an application for services, an individual plan of action based on the client’s specific needs is developed and a copy is provided to the client. Advisors create a client file, documenting in writing each meeting and the services provided. All follow up appointments build on previous visits and are documented in the client’s file. FAFSA completions are verified by a copy of the FAFSA confirmation page, postsecondary applications are verified through client notes, and postsecondary enrollment is verified through the national
Student Clearinghouse database Student Tracker. The Center Director regularly monitors client files.
Examples of Program Success 

Just to give you an update, I passed my GED test (it was incredibly easy). I also obtained a full ride scholarship from City Year to Bunker Hill covering all my school expenses. You may feel as if your role in this was minimal. I want you to know you had a huge impact in making me realize
college was not only optional but necessary. I will be sure to keep you posted. in the coming years on my progress. Thank you”



College Planning Outreach Services

Provides free workshops, group, and individual advising sessions on planning and paying for college throughout greater Boston and Brockton
through participation at college and job fairs, community and church events, local schools, branch libraries, and community and civic organizations. Experienced financial aid advisors provide free telephone assistance with financial aid questions via a toll-free education hotline 1-877-ED-AID-4U. An annual financial aid awareness campaign is undertaken in January reminding families that it is time to complete the Free Application for Federal Student Aid (FAFSA) and directing them to call the toll free number or visit the College Planning Center for assistance. Provides free ebook: Attend Your Dream College - a college planning guide for students in 9th-12th grades; How To Make College Affordable a guilde for financial aid, and Apply On Time Details and Deadlines for Massachusetts Colleges an annual publication that includes deadlines and admissions requirements for each Massachusetts public and private college and university.

Budget  $150,000.00
Category  Education, General/Other
Population Served Poor,Economically Disadvantaged,Indigent Adolescents Only (13-19 years) Adults
Program Short-Term Success 

Short term success - 80% FAFSA completion rate , 80% application completion rate, 50% enrollment rate among those interested in postsecondary enrollment

Program Long-Term Success 

Long term success – clients make better informed decisions regarding choosing and paying for postsecondary education programs. Decrease in student loan debt over-burden and default rates.

Program Success Monitored By  Sr. Manager of Education Advising and Outreach maintains monthly reports on number and type of outreach contacts as well as the number of clients served and the type of services received. Outreach activities are logged by requesting organization and type of services provided; a monthly tally is taken and compared to the number of outreach activities for the month from the previous year. Outreach workshop participants complete a brief survey identifying a new fact they learned in the workshop, indicating a next action step toward postsecondary enrollment and reporting their level of satisfaction with the service. Calls to the toll free number are logged identifying services requested; a monthly tally is taken and compared to the number and type of calls for the month from the previous year. A call line notes section allows the advisors to record special circumstances which can show developing trends.
Examples of Program Success 
Outreach includes annual visits to area prisons.  A young man who participated in one outreach visits at the Norfolk County House of Correction enrolled at the University of Massachusetts-Boston upon his release.  Each year he returned to the Center for help with his financial aid and classes at
UMASS-Boston. He was an honor student all 4 years and participated in a Study Abroad program in Australia.  When last seen (at a professional conference just a couple of years ago) he was enrolled in master's degree program at UMass-Boston, and working as a Youth Advocate for a local agency.

CEO/Executive Director/Board Comments



CEO/Executive Director Ms. Jean Eddy
CEO Term Start Nov 2016
CEO Email
CEO Experience

Jean Eddy is currently serving as interim CEO of American Student Assistance. She most recently held the position of Chief Operating Officer at Rhode Island School of Design. Initially recruited to RISD as a result of her 25 years of demonstrated success in the higher education environment, Eddy became RISD’s first Senior Vice President for Students and Enrollment in 2010 before being tapped as COO in 2013. Jean’s career encompasses roles in academic affairs, finance and administration, and student affairs at Johnson and Wales University, Brandeis University and Northeastern University. An accomplished enrollment manager known for her ability to create and execute successful recruitment and retention strategies, she also enjoys a reputation for building significant organizations at leading institutions.

Co-CEO --
Co-CEO Term Start --
Co-CEO Email --
Co-CEO Experience --

Former CEOs and Terms

Name Start End
-- -- --

Senior Staff

Name Title Experience/Biography
Brian Curtis Vice President of Information Services & CIO --
Barbara Matez Senior Vice President, Finance, Chief Financial Officer and Treasurer --
Sue Nathan Senior Vice President, Chief Operating Officer --
Michael Ryan Vice President, Borrower Services --
J. Christopher Sheehan Vice President, General Counsel and Clerk --


Award Awarding Organization Year
-- -- --


Affiliation Year
-- --
Member of state association of nonprofits? No
Name of state association --

External Assessments and Accreditations

External Assessment or Accreditation Year
-- --



CEO/Executive Director/Board Comments


Foundation Comments


Staff Information

Number of Full Time Staff 342
Number of Part Time Staff 12
Number of Volunteers 0
Number of Contract Staff 0
Staff Retention Rate % --

Staff Demographics

Ethnicity African American/Black: 105
Asian American/Pacific Islander: 63
Caucasian: 336
Hispanic/Latino: 35
Native American/American Indian: 0
Other: 0
Other (if specified): 13 - 2 or more races
Gender Female: 271
Male: 281
Not Specified 0

Plans & Policies

Organization has Fundraising Plan? Under Development
Organization has Strategic Plan? Under Development
Years Strategic Plan Considers --
Management Succession Plan --
Business Continuity of Operations Plan --
Organization Policies And Procedures Yes
Nondiscrimination Policy Yes
Whistle Blower Policy No
Document Destruction Policy --
Directors and Officers Insurance Policy --
State Charitable Solicitations Permit --
State Registration --

Risk Management Provisions


Reporting and Evaluations

Management Reports to Board? Yes
CEO Formal Evaluation and Frequency Yes Annually
Senior Management Formal Evaluation and Frequency Yes Annually
Non Management Formal Evaluation and Frequency Yes Annually


Board Chair Mr. Donald J. Reaves
Board Chair Company Affiliation Retired
Board Chair Term Oct 1999 -
Board Co-Chair --
Board Co-Chair Company Affiliation --
Board Co-Chair Term -

Board Members

Name Company Affiliations Status
Randy Behm Senior Vice President and Director of Student Lending for Liberty Bank Voting
John R. Currier Massachusetts Institute of Technology Voting
Jean Eddy Senior Vice President for Students and Enrollment at Brandeis University Voting
Carol Fulp Vice President for Community Relations at John Hancock Financial Services Voting
Lawrence H. Gennari Gennari Aronson, LLP Voting
Dr. Andy S. Gomez Assistant Provost and Senior Fellow at the Institute for Cuban and Cuban-American Studies at the University of Miami Voting
Thomas Graf Executive Director of the Massachusetts Educational Financing Authority Voting
Dione D. Kenyon President of The Jewelers Board of Trade Voting
Donald J. Reaves Chancellor at Winston-Salem State University Voting
Peter Segall Chief Executive Officer of HealthCareSource HR Voting

Constituent Board Members

Name Company Affiliations Status
-- -- --

Youth Board Members

Name Company Affiliations Status
-- -- --

Advisory Board Members

Name Company Affiliations Status
-- -- --

Board Demographics

Ethnicity African American/Black: 2
Asian American/Pacific Islander: 0
Caucasian: 7
Hispanic/Latino: 1
Native American/American Indian: 0
Other: 0
Other (if specified): 0
Gender Female: 3
Male: 7
Not Specified 0

Board Information

Board Term Lengths --
Board Term Limits --
Board Meeting Attendance % --
Written Board Selection Criteria No
Written Conflict Of Interest Policy Yes
Percentage of Monetary Contributions 0%
Percentage of In-Kind Contributions --
Constituency Includes Client Representation No

Standing Committees

  • Audit
  • Board Governance
  • Compensation
  • Executive
  • Finance
  • Marketing

CEO/Executive Director/Board Comments


Foundation Comments



Revenue vs. Expense ($000s)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

Expense Breakdown 2014 (%)

Prior Three Years Total Revenue and Expense Totals

Fiscal Year 2016 2015 2014
Total Revenue $164,797,110 $176,374,512 $265,705,373
Total Expenses $124,142,289 $138,603,816 $169,255,963

Prior Three Years Revenue Sources

Fiscal Year 2016 2015 2014
Foundation and
Corporation Contributions
-- -- --
Government Contributions $1,944,082 $1,893,118 $1,825,909
    Federal -- -- --
    State -- -- --
    Local -- -- --
    Unspecified $1,944,082 $1,893,118 $1,825,909
Individual Contributions $31,250 $60,000 $100,000
Indirect Public Support $0 $0 $0
Earned Revenue $154,075,134 $171,572,457 $262,587,578
Investment Income, Net of Losses $8,746,644 $2,848,937 $1,191,886
Membership Dues $0 $0 $0
Special Events $0 $0 $0
Revenue In-Kind -- -- --
Other $0 $0 $0

Prior Three Years Expense Allocations

Fiscal Year 2016 2015 2014
Program Expense $107,944,242 $121,723,481 $150,968,002
Administration Expense $15,727,943 $16,880,335 $18,287,961
Fundraising Expense $470,104 $0 $0
Payments to Affiliates -- -- --
Total Revenue/Total Expenses 1.33 1.27 1.57
Program Expense/Total Expenses 87% 88% 89%
Fundraising Expense/Contributed Revenue 24% 0% 0%

Prior Three Years Assets and Liabilities

Fiscal Year 2016 2015 2014
Total Assets $511,519,912 $471,225,108 $438,151,601
Current Assets $86,068,064 $149,515,081 $258,321,737
Long-Term Liabilities $0 $0 $0
Current Liabilities $55,504,324 $40,624,726 $50,151,465
Total Net Assets $456,015,588 $430,600,382 $388,000,136

Prior Three Years Top Three Funding Sources

Fiscal Year 2016 2015 2014
1st (Source and Amount) -- --
-- --
-- --
2nd (Source and Amount) -- --
-- --
-- --
3rd (Source and Amount) -- --
-- --
-- --

Financial Planning

Endowment Value --
Spending Policy --
Percentage(If selected) --
Credit Line No
Reserve Fund No
How many months does reserve cover? --

Capital Campaign

Are you currently in a Capital Campaign? No
Capital Campaign Purpose --
Campaign Goal --
Capital Campaign Dates -
Capital Campaign Raised-to-Date Amount --
Capital Campaign Anticipated in Next 5 Years? --

Short Term Solvency

Fiscal Year 2016 2015 2014
Current Ratio: Current Assets/Current Liabilities 1.55 3.68 5.15

Long Term Solvency

Fiscal Year 2016 2015 2014
Long-term Liabilities/Total Assets 0% 0% 0%

CEO/Executive Director/Board Comments


Foundation Comments

Financial summary data in the charts and graphs above is per the organization's IRS Form 990s. Contributions from foundations and corporations are listed under individuals when the breakout was not available.


Other Documents

No Other Documents currently available.


The Impact tab is a section on the Giving Common added in October 2013; as such the majority of nonprofits have not yet had the chance to complete this voluntary section. The purpose of the Impact section is to ask five deceptively simple questions that require reflection and promote communication about what really matters – results. The goal is to encourage strategic thinking about how a nonprofit will achieve its goals. The following Impact questions are being completed by nonprofits slowly, thoughtfully and at the right time for their respective organizations to ensure the most accurate information possible.

1. What is your organization aiming to accomplish?


2. What are your strategies for making this happen?


3. What are your organization’s capabilities for doing this?


4. How will your organization know if you are making progress?


5. What have and haven’t you accomplished so far?