State Senator Joseph J. Crisco, Jr.
September 10, 2008
Crisco Evaluates Impact of Mortgage Crisis on Accessibility of College Loans
State Senator Joseph J. Crisco, Jr. (D-Woodbridge), vice chair of the legislature’s Banks Committee, today took part in an invitational forum to explore any potential negative impact of the national home mortgage crisis on the availability of funds for college loans in Connecticut. Today’s joint forum was convened by the Banks Committee and the Higher Education and Employment Enhancement Committee.
Senator Crisco said his committee was determined to hear from officials of financial institutions as well as those from the state’s higher education community in order to get a clear picture of how the pool of available funds for student loans might be affected by the rash of bad loans and foreclosures in the world of real estate.
“The American dream of providing a college education for our children has potentially been jeopardized for many families by the federal government’s failure to adequately regulate the nation’s mortgage industry, and I want an assurance that lending institutions will continue to provide adequate funding for Connecticut students who are determined to pursue their college aspirations, but need financial assistance to do so,” Senator Crisco said. “This week’s federal bailout of the nation’s huge mortgage providers should help shore up the prospects for housing loans, but I hope not at the expense of college loans.”
Senator Crisco said it has become increasingly clear in recent years that a college degree is essential for young people entering the 21st century job market. He said the state has an obligation to ensure accessibility to students loans — from either public or private sources — in order to help prepare tomorrow’s workforce and ensure a stable economy going forward.
“The presentations we heard today underscore significant instability in our financial institutions but it was gratifying to hear from so many experts that for the time being, anyway, the availability of college loans in Connecticut should remain largely unaffected by that instability,” Senator Crisco said. “Student loans are always granted on an as-needed basis; the key to this critical component of higher education is ensuring adequate funds for all qualified borrowers who need help paying for college.”
|
Senator Crisco’s |
Listing of Senator Crisco’s recent press releases and a Press Kit with official head shots and bio. |
Press Aide Laurence Grotheer |
