Activists win meeting with big private lender; report calls on NJ to help make higher-ed more affordable
By Tara Nurin
Bad times loom for many New Jersey college students as federal loan interest rates are scheduled to double on July 1 and state aid programs cover less and less of rising higher-education costs.
But yesterday, at least, was a good day for the state’s college students, as efforts to make college more affordable advanced on two fronts.
Students scored a major victory when executives of Sallie Mae, the nation’s largest student-loan financing agency, agreed to meet with representatives of the U.S. Student Association (USSA) lobbying organization to discuss the company’s political activities. The announcement came as USSA representatives from around the country – including about 50 students and faculty from New Jersey — staged a protest at a shareholder meeting in Newark, DE, against lobbying efforts they say are designed to keep them from getting grants and low-interest loans.
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“Sallie Mae profits exorbitantly by making students take on more debt than they need at rates that are not necessary,” said Tim Haresign, president of the College Council, which represents 10,000 New Jersey state-school faculty and professional staff, who attended yesterday’s proceedings.
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