To meet Governor Taft’s call for increased access to college education, the State of Ohio allocated $244 million in low-cost bond funding to KnowledgeWorks Foundation to support Student Lending Works.
During a visit to the University of Cincinnati, Governor Bob Taft today announced that Ohio students can now apply for low-interest loans through Student Lending Works, a nonprofit, public-private supported student lending program. Taft called for a new low-interest program during his 2005 State of the State address.
“Student Lending Works is a major step forward in our efforts to help more Ohioans earn a college degree,” said Taft. “In today’s global economy, the good jobs we’re competing for require more workers with education beyond high school. At the state level we’re working hard to increase the number of college-educated Ohioans. Offering these new low-interest loans will help make higher education more affordable for our students and families.”
To meet Governor Taft’s call for increased access to college education, the State of Ohio allocated $244 million in low-cost bond funding to KnowledgeWorks Foundation to support Student Lending Works and provide low-interest loans to Ohio students and recent college graduates with school debt. Students have been consolidating loans through Student Lending Works since October of 2005 and can now apply for in-school Stafford and Parent PLUS loans for the coming school year. The loans are federally guaranteed, have flexible repayment terms and offer significant savings on loans available through other financial institutions.
“We are an organization that has long been committed to growing Ohio’s future through education,” said Chad Wick, President and CEO of KnowledgeWorks Foundation. “KnowledgeWorks Foundation and Student Lending Works want to ensure that Ohio has a well-trained and better-educated workforce, a necessary component to improving Ohio’s competitiveness.”
The launch of Student Lending Works is the latest step the Taft administration has taken to make higher education more affordable. The new Ohio College Opportunity Grant, also proposed by Taft in 2005, expands need-based financial aid for low and middle-income families. By raising the family income cap from $39,000 to $75,000, grants will reach an additional 11,000 students and align with federal standards. Since Governor Taft took office in 1999, need-based financial aid for Ohio college students has increased by almost 50 percent.
“It’s clear that if Ohio is to succeed as a state, we need more Ohio students enrolling in and completing college,” said Taft. “Student Lending Works is good for the state, it is good for our institutions of higher education and most importantly, it is good for any Ohioan who wants to further his or her career goals through higher education.”
For more information on Student Lending Works, please call 1-877-338-3328 or visit www.studentlendingworks.org
KnowledgeWorks Foundation is Ohio's largest public education philanthropy. KnowledgeWorks Foundation provides funding and leadership for education initiatives throughout the state and is focused on creating and improving educational opportunities. The Foundation is committed to sharing knowledge gained and lessons learned with others in Ohio and across the nation to help inform public policy. Learn more about KnowledgeWorks Foundation at www.kwfdn.org.