About MHESAC

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.

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 $53.2 million in such benefits to Montana borrowers through debt forgiveness, interest rate reductions and fee reductions. Its student loan portfolio totaled $1.26 billion.

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.

Board of Directors

Mike Green
Board Chair
Helena, MT
Bill Thomas
Board Vice Chair
Great Falls, MT
Terry Cosgrove
Helena, MT
Kim Cunningham
Anchorage, AK
Casey Lozar
Helena, MT
George Olsen
Helena, MT
Shannon Stober
Bozeman, MT
Clayton Christian
Ex-Officio
Helena, MT

Corporate Officers

Mike Green
President
Helena, MT
Ron Muffick
Vice President
Helena, MT
George Olsen
Secretary/Treasurer
Helena, MT
Scott Todorovich
MHESAC CEO
Helena, MT
Jolene Selby
MHESAC CFO
Helena, MT

Recent Public Meetings

Date Name Time and Place Notice Agenda Summary
October 24, 2018

MHESAC Board Meeting

11:30 am
303 Irene Street, Helena
PDF PDF PDF
October 8, 2018

MHESAC Audit Committee Conference Call

3:00 pm
303 Irene Street, Helena
PDF PDF PDF
July 23, 2018

MHESAC Audit Committee Conference Call

9:00 am
303 Irene Street, Helena
PDF PDF PDF
June 21, 2018

MHESAC Board Meeting

9:00 am
Radisson Colonial Hotel, Helena
PDF PDF PDF
See All Public Meetings

Recent Financial Information

Year Form 990 Audited Financial Statement Annual Report
2018 PDF PDF
2017 PDF PDF PDF
2016 PDF PDF PDF
2015 PDF PDF PDF
See All Financial Information