Massachusetts Higher Education Assistance Corporation

Organization Overview

Massachusetts Higher Education Assistance Corporation, operating under the name American Student Assistance, is located in Boston, MA. The organization was established in 1958. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2021, American Student Assistance employed 127 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Student Assistance is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 12/2021, American Student Assistance generated $124.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.0%) each year. All expenses for the organization totaled $79.9m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (6.1%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.

Since 2015, American Student Assistance has awarded 105 individual grants totaling $24,530,489. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990T Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

PROVIDE ACCESS TO AND CONDUCT ACTIVITIES IN FURTHERANCE OF HIGHER EDUCATION.

Describe the Organization's Program Activity:

MASSACHUSETTS HIGHER EDUCATION ASSISTANCE CORPORATION (MHEAC) RELIEVES THE BURDENS OF GOVERNMENT AND ASSISTS STUDENTS AND PARENTS IN SUCCESSFULLY COMPLETING A PROGRAM OF HIGHER EDUCATION BY CONTINUING TO ACT AS A GUARANTOR OF STUDENT LOANS MADE BY LENDERS, IN CONNECTION WITH THE FEDERAL HIGHER EDUCATION ACT OF 1965. IN ADDITION, MHEAC ENGAGES IN A VARIETY OF ACTIVITIES IN FURTHERANCE OF HIGHER EDUCATION, INCLUDING HELPING STUDENTS EXPLORE ALTERNATIVE EDUCATION PATHWAYS IN PURSUIT OF SUCCESSFUL AND FULFILLING CAREERS.


MIDDLE AND HIGH SCHOOL ACTIVITIES: MHEAC ENGAGES IN A VARIETY OF ACTIVITIES IN FURTHERANCE OF HIGHER EDUCATION. THE MISSION IS TO HELP STUDENTS KNOW THEMSELVES, KNOW THEIR OPTIONS, AND MAKE INFORMED DECISIONS TO ACHIEVE THEIR EDUCATION AND CAREER GOALS. ASA IS COMMITTED TO HELPING STUDENTS EXPLORE EDUCATION AND CAREER OPTIONS STARTING IN MIDDLE SCHOOL, EXPERIMENT THROUGH HANDS-ON OPPORTUNITIES, AND EXECUTE A PLAN TO MEET THEIR GOALS. ASA'S INNOVATIVE PROGRAMS AND PARTNERSHIPS, COMBINED WITH A ROBUST RESEARCH AGENDA AND ADVOCACY PLATFORM, ENABLE ASA TO PROVIDE MEANINGFUL IMPACT TO YOUNG PEOPLE ON A NATIONAL SCALE.


COLLEGE ACCESS PROGRAMS - MHEAC OFFERS FREE COMPREHENSIVE INFORMATION, GUIDANCE AND PRACTICAL HELP TO ASSIST UNDERSERVED AND UNDER-REPRESENTED INDIVIDUALS GAIN ACCESS TO AND SUCCEED WITHIN THE POST-SECONDARY EDUCATION SYSTEM. HIGH SCHOOL STUDENTS ARE ABLE TO PARTICIPATE IN SCHOOL-BASED PROGRAMS THAT INCLUDE COLLEGE CAMPUS TOURS, SUMMER COLLEGE PREPARATORY PROGRAMS, STANDARDIZED TEST PREPARATION, SCHOLARSHIP SEARCH, COLLEGE SELECTION AND THE APPLICATION PROCESS. INDIVIDUALS WITHOUT ACCESS TO SCHOOL-BASED PROGRAMS ARE PROVIDED SERVICES AT SEVERAL DEDICATED COLLEGE PLANNING CENTERS (CPCS) BASED IN URBAN COMMUNITIES. THE SERVICES INCLUDE INDIVIDUALIZED COUNSELING ON THE COLLEGE PLANNING, APPLICATION AND FINANCING PROCESSES.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Allied Interstate Llc
Debt Collection Assistance
$2,214,656
Delta Management Associates
Debt Collection Assistance
$2,492,189
Ecmc
Guarantor Services
$8,957,297
Devito Verdi Inc
Consulting Services
$2,182,134
Pioneer Credit Recovery Inc
Debt Collection Assistance
$1,825,336
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $3,274,977
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$3,274,977
Total Program Service Revenue$99,159,065
Investment income $21,137,292
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $515,964
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $124,087,298

Grants Awarded

Over the last fiscal year, Massachusetts Higher Education Assistance Corporation has awarded $11,366,196 in support to 22 organizations.

Grant RecipientAmount

NEW VENTURE FUND - CATALYZE CHALLENGE

Org PageRecipient Profile

Washington, DC

PURPOSE: EDUCATION AND CAREER EXPLORATION

$3,500,000

THE NATIONAL MENTORING PARTNERSHIP

Org PageRecipient Profile

Boston, MA

PURPOSE: EDUCATION AND CAREER EXPORATION

$1,100,000

NETWORK FOR TEACHING ENTREPENEURSHIP

Org PageRecipient Profile

New York, NY

PURPOSE: EDUCATION AND CAREER EXPLORATION

$900,000

BIG PICTURE LEARNING

Org PageRecipient Profile

Providence, RI

PURPOSE: CAREER EXPLORATION

$850,000

CITIZEN SCHOOLS INC

Org PageRecipient Profile

Boston, MA

PURPOSE: CAREER DEVELOPMENT

$750,000

JOBS FOR THE FUTURE

Org PageRecipient Profile

Boston, MA

PURPOSE: EDUCATION RESEARCH

$650,000
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Massachusetts Higher Education Assistance Corporation has recieved totaling $561,286.

Awarding OrganizationAmount
$561,286
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$158,237,174
Net Contributions-$158,237,174

Peer Organizations

Organization NameAssets
Andrew W Mellon Foundation
New York, NY
$505,890,143
Stephen Siller Tunnel To Towers Foundation
Staten Island, NY
$264,017,854
Alfred P Sloan Foundation
New York, NY
$192,527,982
Massachusetts Higher Education Assistance Corporation
Boston, MA
$124,087,298
Mastercard Impact Fund
Purchase, NY
$96,050,288
N H Higher Education Loan Corporation
Concord, NH
$60,034,018
Arcus Foundation
New York, NY
$35,703,685
Edward P Evans
Andover, MA
$13,916,833
The Childrens Scholarship Fund
New York, NY
$24,710,520
Math For America Inc
New York, NY
$20,036,646
Ja Worldwide Inc
Boston, MA
$21,801,943
The Posse Foundation Inc
New York, NY
$44,739,225

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