Based in Helena, the Montana Higher Education Student Assistance Corporation (MHESAC) began helping students and their families to obtain financing for post-secondary education in 1983. Today, the organization serves its borrowers by safeguarding the integrity of its financial structure to ensure ongoing funding for Reach Higher Montana and other public benefits.
The 501(c)(3) not-for-profit issued both tax-exempt and taxable bonds prior to 2010 and in 2012 restructured its entire bond portfolio into taxable bonds. Prior to 2010, MHESAC used the capital raised to acquire and originate Montana and non-Montana loans through the FFELP student loan market.
The surplus from this business line was used to enhance MHESAC’s programs and generate additional borrower benefits for Montana students. As of the end of Fiscal Year 2014-15, MHESAC had delivered $52.7 million in such benefits to Montana borrowers through debt forgiveness, interest rate reductions and fee reductions. Its student loan portfolio totals $613.1 million.
MHESAC has no employees. Its day-to-day business is managed by Student Assistance Foundation (SAF), also located in Helena, Montana.
MHESAC receives no funding from the state of Montana.
|Mike Green||Board Chair|
|Terry Cosgrove||Helena, MT|
|Kim Cunningham||Anchorage, AK|
|George Olsen||Helena, MT|
|Brianne Rogers||Helena, MT|
|Shannon Stober||Bozeman, MT|
|Wendy Wigert||Bozeman, MT|
|Ron Muffick||Vice President|
|Scott Todorovich||MHESAC CEO|
|Jolene Selby||MHESAC CFO|
|Kelly Cresswell||Reach Higher Montana|