Low Cost Student Loan Initiative Will Help Students Bridge the Financing Gap
Your college-bound high school seniors and juniors and their families are undoubtedly thinking about how they will pay for a college education.
The challenging economic times are causing some students to adjust their college selections; some others may be considering postponing college a year or more for fear of not being able to afford a college education.
The reality is, however, even a $10 or $12 an hour job today requires some kind of post high school education.
Governor Paterson gets it.
The Governor recently announced a new initiative to help students bridge the gap between college costs and state and federal student loans. The New York Higher Education Loan Program (NYHELPs) is the first new higher education initiative to help expand college access for New York’s students in 35 years.
NYHELPs will provide state residents attending New York public and private colleges and their families with access to low-cost education loans not currently available in the private loan market. The program will provide up to $10,000 annually in fixed rate loans to cover college expenses not covered by state or federal loans, scholarships or grants. Interest rates could average 8 percent, compared to the typical 12 to 17 percent in today’s private student loan market. If passed by the state legislature, NYHELPs will make available $350 million in affordable fixed rate loans to thousands of New York students.
Public and private college administrators get it.
Already, many presidents and financial aid administrators see the value of this new, innovative program and have voiced their support for it. In a letter to the Syracuse Post-Standard recently, the presidents of several New York colleges including Clarkson, SUNY-Potsdam, St. Lawrence University, SUNY-Canton, Keuka College, and LeMoyne College voiced their support. Also voicing their support are the presidents of Canisius College, New York University, Syracuse University, The College of Saint Rose, Saint Bonaventure University, Utica College, and the New York Community College Association of Presidents (NYCCAP), among others. Administrators at Dutchess County Community College and Marist College are also applauding the initiative.
Parents and students get it…click here to read some comments we’ve received.
Now your state legislators need to get it.
NYHELPs can make the difference in going to college and attaining dreams and skills necessary for 21st century jobs; the program will help the doors stay open for thousands of New York students.
State lawmakers are considering passage of the program as part of the Governor’s 2009-10 budget proposal. Let them know how much you value support of this landmark program and what it means to you, your students and their futures. Encourage your colleagues, school administrators, students and families, too.
Go to the HESC Web site and follow the link to the NYHELPs Facebook page, become a fan and tell your state representatives we need NYHELPs.