DeVilla named NELA executive director, new board elected

NELA joins USA Funds as affiliate organization

INDIANAPOLIS — USA Funds®, and Northwest Education Loan Association® (NELA), two nonprofit guarantors of federal education loans, have announced the completion of a precedent-setting affiliation that promises enhanced education-loan services for postsecondary institutions, students and parents in the Northwest.

As part of the transaction, NELA, formerly an affiliate of Seattle-based Education Assistance Foundation, becomes an affiliate of USA Funds, the nation’s leading education-loan guarantor. The USA Funds-NELA relationship is analogous to a parent-subsidiary relationship in the for-profit sector.

USA Funds and NELA also announce the selection of Karen deVilla as NELA executive director to oversee day-to-day activities of the guarantor. DeVilla has 22 years of education-loan experience in guarantor, secondary-market and loan-servicing activities with NELA and affiliated organizations. Her most-recent responsibilities included business development and partnerships, new-product development and oversight of operations, information technology, corporate communications, facilities, research and human resources. DeVilla received her bachelor's degree from the University of Puget Sound, Tacoma, Wash. She will continue to be based in Seattle.

"By combining NELA's expertise in meeting the unique education-finance needs of customers in the Northwest with USA Funds' industry-leading products and services, this arrangement holds the promise of significant benefits to our customers," deVilla said.

DeVilla will work closely with Tony Bright, who leads a team of NELA Services representatives, to ensure that NELA customers continue to receive the attentive service that they have come to expect.

DeVilla will report to the NELA board of trustees, which recently was elected by the USA Funds board of trustees. The NELA board will be chaired by Carl C. Dalstrom, president and CEO of USA Funds. The other trustees include:

  • The Rev. E. William Beauchamp, president of the University of Portland, Ore., and a member of USA Funds' board of trustees.
  • David B. Boodt, vice president and general counsel of USA Funds.
  • Karen deVilla, executive director of NELA.
  • Denise B. Feser, vice president, customer relations, USA Funds.

As a USA Funds affiliate, NELA will continue to guarantee new education loans, operate as a separate legal entity and retain its name and identity in the marketplace.

"This groundbreaking transaction offers a model by which the natural consolidation of education-loan-service providers can take place in a fashion that strengthens service to higher education while protecting the federal fiscal interest," said Dalstrom.

Northwest Education Loan Association, a not-for-profit company, assists students and parents in planning for college and understanding financial aid by providing information, training and outreach activities. For 25 years, NELA has successfully administered the Federal Family Education Loan Program (FFELP) and guaranteed student loans against default. Currently, the company manages an outstanding loan portfolio of $5.1 billion and serves as the designated guarantor for Idaho and Washington state. Since 1978, NELA has helped nearly 800,000 students reach their dreams of higher education. More information is available at www.nela.net.