New Mexico Educational Assistance Foundation

New Mexico Educational Assistance Foundation Overview

New Mexico Educational Assistance Foundation, operating under the name New Mexico Student Loans, is located in Albuquerque, NM. The organization was established in 1981. 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 06/2020, New Mexico Student Loans employed 91 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.

For the year ending 06/2020, New Mexico Student Loans generated $20.0m in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $19.7m during the year ending 06/2020. As we would expect to see with falling revenues, expenses have declined by (1.7%) per year over the past 5 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2020

Describe the Organization's Mission:

Part 3 - Line 1

PROMOTE THE PUBLIC WELFARE AND PROSPERITY OF THE PEOPLE OF NEW MEXICO BY STIMULATING THE AVAILABILITY OF FINANCIAL ASSISTANCE FOR POST-SECONDARY EDUCATION SO AS TO GIVE GREATER HIGHER EDUCATION OPPORTUNITY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

STUDENT LOAN PROGRAMS: ORIGINATE, PURCHASE AND SERVICE STUDENT LOANS. PROGRAM SERVICE EXPENSE AMOUNTS INCLUDE COST OF INTEREST ON DEBT ISSUED TO FUND LOANS. THE NUMBER OF OUTSTANDING LOANS ON 06/30/2020 WAS 60,418.


STUDENT LOAN PROGRAMS: PROVIDE ADMINISTRATIVE SERVICE FOR THE NEW MEXICO STUDENT LOAN GUARANTEE CORPORATION, FUNCTIONING AS THE GUARANTY AGENCY UNDER THE GUARANTEED STUDENT LOAN PROGRAM (FEDERAL FAMILY EDUCATION LOAN PROGRAM).


STUDENT LOAN PROGRAMS: ORIGINATE, PURCHASE AND SERVICE STUDENT LOANS. PROGRAM SERVICE EXPENSE AMOUNTS INCLUDE COST OF INTEREST ON DEBT ISSUED TO FUND LOANS. THE NUMBER OF OUTSTANDING LOANS ON 06/30/2020 WAS 60,418.


STUDENT LOAN PROGRAMS: PROVIDE ADMINISTRATIVE SERVICE FOR THE NEW MEXICO STUDENT LOAN GUARANTEE CORPORATION, FUNCTIONING AS THE GUARANTY AGENCY UNDER THE GUARANTEED STUDENT LOAN PROGRAM (FEDERAL FAMILY EDUCATION LOAN PROGRAM).


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New Mexico Educational Assistance Foundation Board, Officers & Key Employees

New Mexico Educational Assistance Foundation Vendors

Vendor Name (Service)Compensation
Avtex Solutions Llc
Telephone System
$259,812
It1 Source Llc
Computer Software
$255,867
Dataprint Services Llc
Oustide Mail Serv
$248,617
Ontario Systems
Computer Software
$103,667
Dell Marketing Lp
Computer Software
$100,319
It1 Source Llc
Computer Software
$255,867
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$3,000
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$3,000
Total Program Service Revenue$19,367,047
Investment income $585,241
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $19,955,288

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