Following is the text of the March 11, 2008 communication to college presidents from HESC President James C. Ross regarding access to student loans:
Recent news stories regarding the impact of the credit crunch on the financial services industry have raised concerns about access to student loans. I am writing to you today to reassure you that Federal Family Education Loans (FFEL) will continue to be available through our lending partners.

With more than 100 originating lenders committed to providing reliable and sound sources for federal loans, we will continue to guarantee and provide FFEL loans to students and families without interruption.

Students who require additional loans through the federal PLUS or private (alternative) programs should also have their needs met. News accounts that some states have discontinued their loan programs do not apply to New York, because HESC is not a lender of student loans. Although some lenders have had difficulty, private education loans continue to be available across the country to help meet the needs of borrowers.

At HESC, we share with you a commitment to work with your financial aid office to ensure that students and families will continue to receive the best possible student loan products and exemplary service. If you have any questions, please do not hesitate to contact me.

Cordially,

James C. Ross