The Fishers-based not-for-profit announced Wednesday that it will transfer ownership of two affiliates—United Student Aid Funds and Northwest Education Loan Association—to Madison, Wisconsin-based Great Lakes Higher Education Corp. on Jan. 1.
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USA Funds’ business is dying. But the Fishers-based not-for-profit with nearly $600 million in annual revenue is determined to find new life helping students pay for college degrees.
Read MoreWilliam D. Hansen, 53, served as Deputy U.S. Secretary of Education from 2001 to 2003. He'll replace current CEO Carl C. Dalstrom, who is retiring after more than a decade leading Indianapolis-based USA Funds.
Carl C. Dalstrom says he will leave the student-loan guarantor on June 30, 2013. He has led the locally based not-for-profit since July 2000.
Lucrative incentives paid to federal student-loan collectors are sparking criticism that not-for-profit loan-guaranty agencies are reaping a bonanza from the troubles of former students. USA Funds, the largest guaranty agency, is based in Indianapolis.
Gift from USA Funds will allow organization to help more high-achieving, low-income teens prepare for college.
