Mission: The trust serves as a source of guarantee funds for student loans under the tax-exempt loan programs administered by accesslex institute for the benefit of the supported schools, which are tax-exempt institutions described in section 509(a)(1) or (2) of the internal revenue code.
Programs: The purpose of this trust is to aid law school students, law school graduates who are preparing for the bar examination, other graduate and professional school students and certain undergraduate students in attaining an education. The trust is a supporting organization for post-secondary educational institutions described in section 509(a)(1) or (2) of the internal revenue code. The trust carries out its purpose by serving as a source of guarantee funds for student loan programs conducted by accesslex institute, which is exempt under section 501(c)(3). The trust provides a reserve for supplemental loans made by accesslex institute that are not part of the federal family educational loan program (ffelp), covering the default of such loans. Supplemental loans are typically needed by students whose education is more expensive than the limits set under federal programs. Without the existence of a guarantee, commercial lenders would not have been willing to make loans to many borrowers of supplemental loans under the accesslex institute programs, because such students typically do not have the credit record, current assets or current income generally required by commercial lenders for unguaranteed loans. Thus, by making the guarantees referenced above, the trust directly and materially aided students in attaining an education. The trust received net student loan recoveries in the amount of $338,271.