Elsa M. Magee has been appointed senior vice president of corporate operations at the New York State Higher Education Services Corp. (HESC), President James C. Ross announced today.

Magee will oversee the agency’s grants, scholarships, and loan operations, as well as its collections and default management function.

HESC’s default recovery rate has vaulted to 13th among guaranty agencies in four years. This stellar rise in national ranking is a testament to the effectiveness of HESC’s reorganization of its collections and default management operation, which Magee will now administer.

Magee will also oversee the administration of the state’s Tuition Assistance Program (TAP) which provided $831 million in scholarships to New York students last year. In its 33rd year, TAP continues to be the largest need-based student grant program in the country.

Serving most recently as principal budget examiner in the state Division of the Budget (DOB), Magee brings 17 years experience in budget and financial analysis to HESC.

At DOB, she monitored the budget of the $1.7 billion operating budget and the $1.9 billion capital budget of the City University of New York (CUNY), along with the $174 million in operating and categorical assistance for the six CUNY community colleges. She also developed the $558 million state operations budget and monitored program activities for the state Education Department.

“We welcome Elsa and are pleased to have someone with her expertise and involvement with higher education join the agency,” said HESC President Ross.

“Her high degree of experience with financial analysis, along with a great deal of involvement in both state and federal government processes, will be a great asset to HESC and the students and families this agency serves,” he said.

Magee graduated with a bachelor’s of science degree in business administration from the University at Albany. She earned a master’s of science degree in urban and environmental studies from Rensselaer Polytechnic Institute in Troy, NY.

HESC administers 25 student financial aid programs, making it the most comprehensive financial aid agency in the nation. The agency guarantees more than $4.5 billion student loans annually. During 2006-07, HESC awarded nearly $5.5 billion in aid to more than 700,000 students.

FOR EDITORS ONLY: FOR MORE INFORMATION, Contact Ronald S. Kermani, HESC’s senior vice president for communications, at (518) 473-1264. His home phone is (518) 456-5160 and beeper is (518) 422-3906. Kermani’s e-mail is rkermani@hesc.org.

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