Andrew Davis, President
Andrew Davis joined the Board of The Illinois Student Assistance Commission (ISAC) in 2006 after a twenty-five year career in capital markets trading. ISAC is the State of Illinois’s student financial aid agency. In 2007 on the eve of the financial crisis that led to the demise of Lehman Brothers and Bear Stearns, ISAC was an under-capitalized five billion dollar student lender and manager of Illinois’s Monetary Award Program. Davis was named “Captain” of this financial Titanic. During the crisis prominent financial institutions went bust and most student lenders ceased making loans. ISAC utilized creative partnerships with Illinois Credit Unions and the US Treasury to continue making loans to Illinois students. ISAC also earned taxpayers over $100 million by selling non-Illinois assets and repurchasing the agency’s previously issued bonds at a discount.
In 2012 Davis entered the private sector and formed Education Equity, Inc. EEI was an early adopter of so called ISAs or Income Sharing Agreements. ISA funding protects students by not requiring them to pay back when their incomes fall below pre-agreed levels. ISAs allow students to pursue higher cost/higher benefit degree programs without fear of financial failure. This funding while viable has not proven to be scaleable.
In May 2020 Davis founded Education Equity Fund, NFP an Illinois Not For Profit Corporation and IRS approved 501(c) (3). EEF focuses on providing financial-aid to risk-averse K-12 educators who need funding to enroll and complete excellent degree programs. EEF utilizes elements of ISA student protections but in more traditional loan configuration. He continues to serve as EEF’s President.
Other Volunteer service:
Board of Trustees of Beloit College, seventeen years. The last five as Board Chair.
Board of Directors Planned Parenthood of Illinois, six years . Five as Treasurer.