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INVESTING IN THE REGION
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By Debra Solomon Baker
Before a baby’s first birthday, some parents have already begun to fret over how they will ever manage to finance their child’s college education. Regardless of how aggressively they save money, many will still be unable to meet the high costs of college and will require assistance from the Missouri Higher Education Loan Authority (MOHELA).
 MICHAEL CUMMINS
executive director and CEO,
MOHELA
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Michael J. Cummins, executive director and CEO of St. Louis-based MOHELA, helps make college education a financial reality. “Not every company can say that it has a benevolent mission,” says Cummins, a native St. Louisan. “We are out there making a difference in the lives of students and their families.”
MOHELA is a self-supporting public agency, created by state statute in 1981. As the nation’s largest non-profit secondary market for student loans, the MOHELA mission is simple: assure that all eligible post-secondary education students have access to student loans. As such, it has helped hundreds of thousands of student borrowers in its more than 20 years of existence. MOHELA has been recognized by NBC News, the Wall Street Journal, US News and World Reports, and BusinessWeek for its borrower
benefits and low student loan repayment rates.
Overseeing an organization with $4.53 billion in assets and loan
purchase activity in excess of $1.2 billion annually makes for challenging days, but Cummins is not complaining. He feels passionate about the work he does in ensuring that college is financially feasible for anyone who seeks it.
Looking back 10 years ago, however, he never would have predicted being in such a massive leadership role. He assumed he would continue as a practicing attorney. “I am truly blessed that
I had the confidence of the board of directors,” Cummins says.
Although MOHELA experienced a steady increase in loan volume in 2003, Cummins says he does not believe they have reached critical mass yet. “There is still room for more growth,” he says.
When Cummins opted to officially take the helm of MOHELA in March, he had no illusions about how enormous his responsibilities would become. Cummins had served as interim head since November of last year and, prior to that, had served in a variety of positions within MOHELA, including general counsel.
Despite all his responsibilities, Cummins still takes time to serve his community through outreach work. He currently serves on the board of directors of the National Council of Higher Education Loan Programs in Washington, and the St. Louis-based nonprofit Lori Shelton Alliance for Colon Cancer Awareness.
LEADERSHIP CIRCLE INSIGHTS
If you were to choose another leader to whom you would most like to be compared, which person would that be and why?
“There are many fine leaders that I admire, but I would most like to be compared to Ronald Reagan. He was a man of strong values who possessed a clear vision of where he wanted to take the country, and he was very effective at communicating this vision. He was upbeat and optimistic and he believed in the knowledge and ability of the American people.”
ALLAN IVIE IV
president,
The Private Bank
“I would love to be compared to Peter Schutz, former CEO of Porsche. His passion for the company was embraced by the employees and enabled Porsche to not only survive...but also...excel into one of our world’s most respected companies. One of Peter’s most renowned management methods was to convene the entire company and allow any employee to ask any question they wanted.”
NATHANIEL S. WALSH, ESQ.
president,
Cendant National Commercial Services
“It would be Ronald Reagan. He came into a very difficult situation (high interest rates, high inflation, hostages in Iran, tension high with the Soviet Union over the invasion of Afghanistan, etc.,) and with popular opinion very negative about the potential to meaningfully overcome these problems. However, by the strength of his convictions and his positive approach to solving any problem he gained the confidence of the nation, won over many enemies and produced results beyond what anyone expected or anticipated. The problems we face in the business world are clearly much smaller by comparison, but I do try to keep his example in mind as I deal with any difficult situation.”
ANDY PUZDER
CEO,
Hardee's Food Systems
For more information on the Leadership Circle, please contact John Diefenbach, associate vice president-membership, (314) 444-1184 or jdief@stlrcga.org.
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