Hey all...I was checking MYSGU today and I saw this memo from the Chancellor - I haven't heard of the loan problem, can anyone else elaborate on it?

Here is the memo:

Dear Dean Sis, Faculty and Students,

This note is in response to your request, as well as the SAAVMA representative's request, for further information concerning the student loan crisis. I feel the timing of tonight's meeting is ideal in terms of our current grasp of the overall problem. I am returning from a series of meetings in Washington D.C. with a few Members of Congress and I had the opportunity to see, first hand, the concern and awareness they have for this problem. While it may have emerged due to a mortgage crisis, it has now created a serious problem for many others including students. I have also just finished a lengthy telephone call on this subject that included our Director of Financial Aid as well as our Chief Financial Officer.

Having served as Chancellor for over thirty years I have had the occasion to deal with other events that had a great impact on our students as well as their ability to concentrate on their studies during these times. I have learned that the best way to deal with such situations is to do so with candor in acknowledging the issues and conviction in dealing with them. We have had a good record of solving problems and moving forward. I trust that this will be another such example of our ability to do so. I know students and faculty would like to have all the answers as soon as possible. The extent of the current situation is such that we must wait for the loan industry to settle down first.

The most important point I want to make is that the University will be making an effort to address this problem in a timely fashion that may take some time to complete but will result in a viable solution. We must not allow interim solutions to create a "good news effect" that cannot be sustained. In the meantime please try to concentrate on your studies until we have found a pathway to success. I am highly confident that the university will be able to arrange for a private student loan program, or programs, that are as similar to our existing programs as can be achieved under these new market conditions. In the meantime the Financial Aid Office will be contacting you to prepare students for dealing with the expected increased creditworthiness that will be necessary.

Our job is to create a pathway for success that will not interrupt your studies. Again, I am highly confident that the university will be able to arrange for a private student loan program, or programs, that are as similar to the existing ones as can be achieved in these new market conditions. It is our goal to do this for all current students.

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