Governor David A. Paterson's leadership in supporting a proposal by the Governor's Commission on Higher Education to develop a student loan program for New York students was praised today by James C. Ross, president of the New York Higher Education Services Corp. (HESC).

"The report issued by the Commission lays the foundation for Governor Paterson's priority to expand access to the quality education New York delivers to our students," said Ross.

"New York provided the model for the very first federal student loan program in the late 1950's. The federal loan, known then as the Guaranteed Student Loan (GSL) program, was created under the 1965 Higher Education Act. The GSL later developed into today's Federal Family Education Loan (FFEL) program, allowing college access to hundreds of thousands of students nation wide."

"Today, under Governor Paterson's leadership, New York is once again poised to lead the nation in developing a new loan program providing unparalleled access for students to go to college," Ross continued.

"HESC is working with Governor Paterson and the Division of the Budget to develop a proposal for a New York student loan. We are currently considering several models for consideration and will work with the Legislature to bring the governor's blueprint for increased college access for New York's students to reality."

Posted 07/23/08 to www.NASFAA.org. Posting of press releases is done as a service to Members and does not imply endorsement or support by NASFAA. NASFAA does not review this information for content or accuracy.