Northwest Education Loan Association

Organization Overview

Northwest Education Loan Association, operating under the name Nela, is located in Madison, WI. Nela 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 12/2018, Nela generated $13.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (7.2%) each year. All expenses for the organization totaled $10.1m during the year ending 12/2018. As we would expect to see with falling revenues, expenses have declined by (16.4%) per year over the past 2 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2018

Describe the Organization's Mission:

Part 3 - Line 1

NELA'S MISSION IS TO ENHANCE POST-SECONDARY EDUCATION PREPAREDNESS, ACCESS AND SUCCESS BY PROVIDING AND SUPPORTING FINANCIAL AND OTHER VALUED SERVICES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

NELA GUARANTEES STUDENT LOANS AND PROVIDES A FULL-RANGE OF SERVICES. ONE ASPECT OF THE FULL-RANGE GUARANTY SERVICES IS TO PROVIDE COLLECTION ASSISTANCE TO LENDERS FOR DELINQUENT LOANS. THIS INCLUDES CONTACTING THE BORROWER TO ATTEMPT TO RESTORE THE LOAN TO A CURRENT STATUS THROUGH VARIOUS OPTIONS. THIS CONTACT ALSO INVOLVES EDUCATING AND/OR COUNSELING BORROWERS. IN ADDITION, NELA PROVIDES DIRECT SUPPORT OF PERSONAL FINANCIAL MANAGEMENT EDUCATION, FINANCIAL AID AWARENESS AND COLLEGE ACCESS INITIATIVES, AND GUIDANCE AND COUNSEL ON CONSOLIDATION LOANS AND LOAN REHABILITATION UNDER THE FEDERAL HIGHER EDUCATION ACT OF 1965, AS AMENDED.


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Board, Officers & Key Employees

Name (title)Compensation
Mary Burke 1
Director
$3,550
Linda Hoeschler 1
Director
$5,917
David J Hanson 1
Director/secretary
$0
Alex Pollack 1
Director
$5,917
Joan Prince 1
Director
$5,250
Richard A Weiss 1
Director
$3,550

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Navient
Guarantor Services
$16,155,285
United Student Aid Funds Inc
Administrative Fees
$110,760
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$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$13,127,403
Investment income $45,179
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 $13,172,642

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