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Guaranteed
Student Loan Programs - Financial Statements, March 31, 2002 and 2001 (index)State Fiscal Year Summary of Operations
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| 2002 | 2001 | % Change | ||||
| Loan purchases | $ | 230,902,347 | $184,184,787 | 25.36% | ||
| Defaulted loan collections: | ||||||
| Borrower payments | 109,892,224 | 128,403,779 | (14.42%) | |||
| HESC Operating Fund revenue | 26,566,990 | 31,168,610 | (14.76%) | |||
| Loan rehabilitations | 17,750,628 | 22,606,537 | (21.48%) | |||
| HESC Operating Fund revenue | 3,141,739 | 3,736,774 | (15.92%) | |||
| Lender consolidations | 5,830,116 | 20,605,533 | (71.71%) | |||
| HESC Operating Fund revenue | 946,990 | 3,326,326 | (71.53%) | |||
| Direct loan consolidations | — | — | — | |||
| HESC Operating Fund revenue | 23,192,552 | 18,462,047 | (25.62%) | |||
| Total collections related revenue retained | $ | 53,848,271 | 56,693,757 | (5.02%) | ||
| Investment income: | ||||||
| All Funds (Operating, Federal
Student Loan Reserve and Federal Reserve Refund Restricted) |
$ | 8,282,155 | 16,962,648 | (51.17%) | ||
| HESC Operating Fund revenue | 2,721,996 | 4,671,278 | (41.73%) | |||
| Administrative and Program Fee income: | ||||||
| Default Aversion Fee | 776,825 | 8,380,966 | 11.14% | |||
| Loan Processing and Issuance Fee | 11,134,944 | 9,846,868 | 13.08% | |||
| Account Maintenance Fee | 16,239,120 | 14,821,435 | 9.57% | |||
| Total Administrative and Program Fees | $ | 28,150,889 | 33,049,269 | 11.01% | ||
| Selected Administrative Expenses: | ||||||
| Personal service | $ | 37,316,272 | 38,220,298 | (2.37%) | ||
| Contract collection expenses | 15,292,939 | 17,665,496 | (13.43%) | |||
| General and administrative expenses | 24,786,078 | 20,934,240 | 13.40% | |||
| Total | $ | 77,395,289 | 76,820,034 | 0.61% |
Activity of the Federal Fund is not shown in the Guaranteed Student Loan Programs Statement of Revenue, Expenses and Changes in Fund Balances. The Federal Fund balance is restricted in use and is not the property of NYHESC and accordingly is shown as a liability to the U.S. Department of Education. The purpose of this summary of operations is to present the total activity for selected Federal Family Education Loan program functions, and the net effect of that activity on the combined Federal Fund and Operating Fund balances. Only the activity of the Operating Fund is presented in the Statement of Revenue, Expenses and Changes in Fund Balance.
Figures in italics represent activity for the combined Operating and Federal funds, figures in bold face type represent HESC Operating Fund revenue or expense.