The President of the Eastern Association of Student Financial Aid Administrators (EASFAA), Larry Chambers, defends the ethical standards of financial aid administrators in a letter to New York Attorney General Andrew Cuomo in response to Cuomo's recent allegations.
"We are proud of the high ethical standards exhibited by our members," Chambers writes.
Chambers also notes that it is unfortunate that Cuomo has begun to paint a picture in the minds of students and parents that aid administrators may not be trusted and may not put student's interest first because it undermines the valuable work that aid administrators perform. Chambers encourages Cuomo to "enter into dialogue with as many aid administrators as possible" to learn how and why institutions develop preferred lender lists.
EASFAA denounces anyone who breaks the law and encourages efforts to identify and prosecute those law breakers, according to Chambers. However, he expresses confidence that Cuomo's investigation will find that "student needs are put first."
The text of the letter is below.
The Honorable Attorney General Andrew M. Cuomo
Attorney General of the State of New York
The Capitol
Albany, NY 12224-0341
Dear Attorney General Cuomo:
As the president of the Eastern Association of Student Financial Aid Administrators (EASFAA), an organization representing over 1600 financial aid professionals in states (including NY) along the east coast as well as Puerto Rico and the US Virgin Islands, I wanted to share with you my thoughts on your recent outreach to postsecondary institutions, high schools and the general public regarding your concerns within the student loan industry.
EASFAA denounces any individual or organization within our profession who violates the law and we support any effort to identify and prosecute those who do break the law. The members of EASFAA have a long standing history of helping students achieve their financial goal of funding higher education costs, through grants, loans, scholarships and work programs.
Our members, representing 11 states and three commonwealths, also have state associations that also carry similar ethical standards and do an enormous amount of great work promoting financial aid, access to education, community service, and loan default prevention programs to name but a few.
It is unfortunate that you have begun to paint a picture in the minds of those we serve that aid officers and lenders may not be trusted and may not be putting student interests first. It undermines the outstanding work that most all in our profession do - which is finding the appropriate resources for students to meet higher education costs.
I trust that your ongoing investigation will ultimately find that student needs are put first and I encourage you to enter into dialogue with as many aid administrators as possible to see the practices and polices that guided the development of an institution's preferred lender list, should it use one.
We join with our colleagues from the National Association of Financial Aid Administrators (NASFAA) in stating:
"And so we invite Mr. Cuomo to visit financial aid administrators in New York and around the country to talk to them about their practices. He will find committed professionals with the highest ethical standards whose only concern is for their financial aid recipients and not padding their or their school's pockets."
I would be happy to discuss this issue and/or answer any questions that you may have. Feel free to contact me by phone, email or letter at the information provided below.
Sincerely,
Larry R. Chambers
Director of Financial Aid
President, Eastern Association of Student Financial Aid Administrators Ithaca College Office of Financial Aid
Posted 03/21/07 to www.NASFAA.org. Please submit Web Site questions or comments to Web@NASFAA.org
