The organization began when a group of people approached Massachusetts local businesses for philanthropic donations with the idea of creating a pool of money to guarantee loans for higher education.
ASA's Wellness program was designed to deliver debt management information to borrowers at critical points along the life of their loan in order to prevent repayment problems before they start.
Results of these Wellness activities proved that the proactive approach to giving student loan borrowers the right information at exactly the right time were effective in preventing repayment problems.
The organization continues to fulfill its obligations as a student loan guarantor to the U.S. Department of Education for its remaining FFELP portfolio, which stands at approximately $35 billion and 1.3 million borrowers.
[10] In April 2024, American Student Assistance announced its intention to invest $25 million in mission-aligned funds, companies with diverse founders, and in businesses focused on fostering innovation in career-focused education, postsecondary pathways, and workforce development.