While the contracting credit market has taken a toll on the student loan industry, state and college officials told lawmakers Monday New Jersey’s loan program remains in better health than those in other states.
A turbulent market over the past year has made access to capital to fund student loans "entirely too difficult, if not impossible," which has led to more expensive loans, said Michael Angulo, executive director for the state Higher Education Student Assistance Authority.
Testifying before the Assembly Higher Education Committee, Angulo said there are also fewer lenders competing in New Jersey because of the lack of available capital, which severely limits access to the loans families and students need to pay for school. Read full story. (APP.com)