9/13/2005
Knoxville, TN - Student loan providers Edamerica and the Louisiana Education Loan Authority (Lela), in conjunction with Edfinancial Services, have created a $300,000 fund to aid displaced financial aid professionals in areas affected by the devastation of Hurricane Katrina. The money will be allocated according to need, in amounts up to $2,500 per family.
“This suffering is happening right in our backyard, and our hearts go out to our friends and associates in Louisiana, Mississippi and Alabama,” says Tony Hollin, Edamerica chairman & CEO. “Edamerica has longtime relationships in the financial aid community. These people are like family, and we want to help.”
In affected states, Edamerica, Lela and Edfinancial Services will work closely with financial aid associations, LASFAA, MASFAA and AASFAA, to facilitate the distribution of these support funds. Eligible financial aid administrators may apply online or contact Ron Gambill at 615.771.8505.
“We’re pleased to take part in this joint initiative. We want to expedite aid for our displaced friends and colleagues with dire need. We’re committed to helping those most impacted by this disaster,” says James W. Parks, II, president & CEO of the Louisiana Public Facilities Authority. Lela is the student loan division of LPFA.
In addition to the $300,000 FAA Relief Fund sponsored by Edamerica, Lela and Edfinancial Services, student loan secondary market Edsouth is instituting an interest waiver for students who are residents in impacted areas. The waiver means interest will not accrue on unsubsidized Stafford loans during the waiver period.
Together, the Ed Group of companies and the Louisiana Education Loan Authority seek to alleviate financial stress in order to facilitate recovery for students, families and financial aid administrators in the aftermath of Hurricane Katrina.
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Edamerica is the 9th largest provider of education loans in the United States. Edamerica has helped over a million students and families realize their dreams of higher education by offering low-cost postsecondary student loan and benefit programs nationwide. Edamerica and Lela are Edfinancial Services lenders.