Paterson supports proposed student loan program
Yesterday, the Governor endorsed two proposals that were put forward by the state’s higher education commission’s report. The proposals include a low-interest subsidized loan for private and public schools for full-time students as well as some deregulation of the SUNY system. Paterson’s administration is in the process of working out the details for such a program.
Via the D&C:
“We are the largest urban state that doesn’t have these loans. We are the only large state in the union that doesn’t have them, the only state in the Northeast that doesn’t have them,” he said.
Paterson said his administration is considering whether the state would grant loans directly to students, or if they would be private loans backed by the state. The program would pay for itself long term because interest and administration costs could be passed on to borrowers while still achieving a lower interest rate than the private market.
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