TRENTON — Established in 1959 as the Higher Education Assistance Authority, HESAA helps students and families with informational and financial resources to assist with paying for college.
According to a release, HESAA has assisted an estimated 5 million students with approximately $18 billion in State and Federal financial aid towards realizing their dream of a college education. This past year, through its 26 grant, scholarship, loan, and loan redemption programs, HESAA delivered financial aid to 260,000 students. “It’s remarkable when you consider the sheer number of students HESAA has assisted, how their lives have benefitted, and what successes they’ve achieved,” Michael Angulo, Executive Director of HESAA said.
With the strong support of Gov. Jon S. Corzine and the Legislature, New Jersey’s grant and scholarship programs, including TAG and Part-time TAG for County College Students, places New Jersey among the top states in aid dollars per student. Additionally, NJSTARS and STARS II, the Edward J. Bloustein Distinguished and Urban Scholars Programs, and the NJBEST 529 College Savings plan provide significant resources to New Jersey students. The highly regarded NJCLASS loan program is one of the most affordable supplemental loans offering the lowest interest rate in the nation. Each year, HESAA distributes to hundreds of thousands of high school students a variety of informational materials. Our popular Going to College in New Jersey and Life 101 magazines encourage college attendance while advising students how to pay for their education. This past year, HESAA presented at events attended by over 100,000 individuals, and provided financial literacy and default avoidance education to hundreds of young adults. Collectively, HESAA assisted over 1 million people last year.
HESAA is proud of its outstanding record of service. However, HESAA recognizes that it must do more to meet the ever growing demand for financial aid. Most notably, HESAA does not rely on taxpayer assistance to support the administration of its crucial programs and comprehensive services. Instead, HESAA generates federal revenue through its participation in the Federal Family Education Loan (FFEL) Program as a guarantor of federal student loans. HESAA competes locally and nationally for federal guaranty business. “As a non-profit entity, HESAA utilizes its revenues to support financial aid delivery and outreach, as well as provide direct borrower benefits for students. This includes saving students more than $44 million, to date, in federal default fees, and leveraging revenue to capture the lowest possible interest rates for the NJCLASS program,” Director Angulo stated. “To ensure that HESAA is paying the default fee on your federal loan, contact your financial aid office and ask for a federal loan with a HESAA guaranty,” he added.
Given the critical importance of financial aid, and without burdening taxpayers, HESAA is in a unique position to help students, families, colleges, and the State. Sustaining New Jersey’s highly educated workforce is the key to our economic recovery and future prosperity, Director Angulo concluded.
As it has for the last 50 years, HESAA looks forward to continuing its proud tradition of helping students and families afford and access higher education.
Dennisville – The DEP as a "good neighbor"? That might be a first given the treatment they gave the East Point Lighthouse.
