For Immediate Release
November 8, 2013
Contact: Tara Payne
Email Media Inquiry
Concord, NH - Nonprofit college planning and student loan servicing agency, Granite State Management & Resources (GSM&R), recently held a roundtable discussion in Concord, NH about the findings of the student debt study prepared by local researcher Brian Gottlob of PolEcon Research. Why Is Student Debt So High In New Hampshire? (And What Can We Do About It?) explains the factors, forces, and policy decisions that have made New England the most expensive higher education region in the country and specifically addresses why students at New Hampshire-based colleges and universities have historically accrued the highest amount of student loan debt in the nation.
According to GSM&R President & CEO, René Drouin, “Legislators in New Hampshire are offered limited research about the nature of college costs when faced with difficult budget and policy decisions related to higher education. GSM&R hopes to offer facts steeped in credible research specific to New Hampshire.” Gerald Little, chair of the GSM&R student debt committee added, “When President Obama declared that college costs and student debt would be a focus for our national agenda, we wanted to do our part to better understand New Hampshire’s especially high levels of debt.”
Highlights of the report and discussion include:
According to Gottlob, “There are many factors that contribute to New Hampshire’s high student debt levels, but perhaps the most compelling is that the primary strategy for New Hampshire families to reduce costs - attending a four-year, in-state campus - is not working.” Gottlob also described his own hope that colleges will be seen as part of the solution rather than part of the problem. “New England and New Hampshire face demographic challenges and rely upon the importation of young talent via its colleges. As the region with the highest college costs, New England must embrace a new, more affordable higher education paradigm to continue to thrive.”
Over thirty college administrators, legislators, financial aid counselors and higher education advocates participated in the roundtable discussion about the implications of the study and ideas for reaching mutual goals of 1) increasing postsecondary school degree attainment and 2) preparing students for the job market with a reasonable and responsible amount of student loan debt that more closely mirrors the national average. GSM&R welcomes the public to download the report and provide feedback at www.NHStudentDebtStudy.com.
Granite State Management & Resources (GSM&R), one of the nonprofit NHHEAF Network Organizations, was established in 1986 to assume administration and loan servicing of federal and private student loan programs. GSM&R contracts with NH Higher Education Assistance Foundation (NHHEAF) and New Hampshire Higher Education Loan Corporation (NHHELCO) to provide financial management, data processing and personnel/facilities administration. Most recently, GSM&R became a federal not-for-profit contractor for the U.S. Department of Education to service the Federal Direct Student Loan Program. Its nationally recognized loan servicing expertise is a source of pride.