Massachusetts Higher Education Assistance Corporation
Also known as American Student Assistance
Massachusetts Higher Education Assistance Corporation reported $153.6 million in revenue and $114.9 million in expenses for calendar year 2024. Of every $100 it spent, $78.91 went to program services, $21.09 to management and general costs and $0.00 to fundraising. Its largest source of revenue was investment income: 50.2% of the total. The highest compensation it reported for one person was $581,339 (PRESIDENT/CEO/DIRECTOR). 62 people received more than $100,000 in reportable compensation. Revenue rose 21% between 2019 and 2024. Source: Form 990, 2024.
Where $100 of spending went
Calendar year 2024 · Form 990, Part IX, line 25 · total expenses $115MFor context, the median across 2,433 covered unclassified charities: $88.27 programs, $11.68 management, $0.05 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
Calendar year 2024 · Form 990, Part VIII · total revenue $154MThe 990 scorecard · same measures for every charity, no grades
| Measure | 2024 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 78.9% | 86.7% |
| Management & general Part IX 25(C) ÷ 25(A) | 21.1% | 11.5% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.0% | 0.0% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.00 | $0.01 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 0.3% | 29.9% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.3% | 3.8% |
| Program service revenue share Part VIII 2g ÷ 12 | 49.4% | 58.9% |
| Highest reported compensation Part VII-A, columns D–F | $581,339 | $301,601 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.51% | 1.38% |
| People paid over $100,000 Part VII, line 2 | 62 | 6 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 103.1 | 6.8 |
| Independent voting board members Part VI 1a–1b | 10 of 11 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
2024 · Form 990, Part III · the three largest programs by expenseMassachusetts 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…
Highest reported compensation
2024 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| PRESIDENT/CEO/DIRECTOR Director/trustee, officer, 40.00 hrs/week | $543,395 | $0 | $37,944 | $581,339 |
| VP MISSION IMPACT INVESTING Key employee, 40.00 hrs/week | $328,463 | $0 | $67,872 | $396,335 |
| COO/CHIEF PEOPLE OFFICER Officer, 40.00 hrs/week | $313,565 | $0 | $69,948 | $383,513 |
| CMO & SVP DIGITAL STRATEGY Key employee, 40.00 hrs/week | $297,573 | $0 | $61,350 | $358,923 |
| VICE PRESIDENT OF TECHNOLOGY Key employee, 40.00 hrs/week | $281,700 | $0 | $53,897 | $335,597 |
| VP & GENERAL COUNSEL (UNTIL 12/31/24) Officer, 40.00 hrs/week | $297,658 | $0 | $36,607 | $334,265 |
| SVP PRODUCT OPERATIONS Highest compensated employee, 40.00 hrs/week | $267,636 | $0 | $64,565 | $332,201 |
| SVP ADVOCACY & CORP RESP Key employee, 40.00 hrs/week | $258,824 | $0 | $63,573 | $322,397 |
62 people received more than $100,000 in reportable compensation from Massachusetts Higher Education Assistance Corporation (Part VII, line 2). Compensation of current officers, directors and key employees totaled $5.6M (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
2024 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b11 · 10 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4No
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 593
Largest outside contractors
2024 · Form 990, Part VII, Section B · businesses only| ECMC Guarantor services | $27,913,253 |
| WUNDERMAN THOMPSON LLC Data engineering | $3,596,552 |
| ALLIANTS LIMITED Data engineering | $3,251,752 |
| TIKTOK INC Social media | $2,083,613 |
| PA CONSULTING GROUP Consulting services | $1,244,221 |
Individuals listed as contractors are left out. 47 contractors were paid more than $100,000 in all.
Correct a figure or respond
Every number above is copied from Massachusetts Higher Education Assistance Corporation's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Massachusetts Higher Education Assistance Corporation, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Massachusetts Higher Education Assistance Corporation spent in 2024, $78.91 went to programs. The full breakdown, from its IRS Form 990:
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All unclassified charities · Largest charities in Massachusetts
Questions people ask
How much of Massachusetts Higher Education Assistance Corporation's spending goes to programs?
In calendar year 2024, Massachusetts Higher Education Assistance Corporation reported that 78.9% of its $114.9 million in expenses went to program services, 21.1% to management and general and 0.0% to fundraising (Form 990, Part IX).
How much does Massachusetts Higher Education Assistance Corporation pay its top executive?
The largest total compensation Massachusetts Higher Education Assistance Corporation reported for one person in calendar year 2024 was $581,339, for the role of PRESIDENT/CEO/DIRECTOR (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Massachusetts Higher Education Assistance Corporation get its money?
Of $153.6 million in revenue in calendar year 2024, 0.3% came from contributions and grants (including 0.3% from government grants) and 49.4% from program service revenue (Form 990, Part VIII).
Is Massachusetts Higher Education Assistance Corporation a registered charity?
The IRS lists EIN 04-2254705 as a 501(c)(3) organization (publicly supported organization (509(a)(2))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- 2024: Form 990 for calendar year 2024, object 202513169349302006 · read the filing · XML
- 2023: Form 990 for calendar year 2023, object 202423209349303967 · read the filing
- 2022: Form 990 for calendar year 2022, object 202342849349301964 · read the filing
- 2021: Form 990 for calendar year 2021, object 202233069349302113 · read the filing
- 2020: Form 990 for calendar year 2020, object 202143059349301529 · read the filing
- 2019: Form 990 for calendar year 2019, object 202003119349301105 · read the filing
All filings for EIN 04-2254705: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.