By Omar Guzman |Staff Writer|
CSUSB’s financial aid is in the hands of newly elected chair of the Edfund Board of Directors, Dr. Enrique G. Murillo Jr.
Edfund is a non-profit public-benefit auxiliary organization that works alongside with California Student Aid Commission (CSAC) which administers all activities associated with participation in the federal student loan program.
“My responsibilities and commitment are to maintain high quality, uninterrupted services for the groups we serve,” said Murillo.
In August of 2010 the U.S. Department of Education selected Educational Credit Management Corporation (ECMC) to assume the responsibilities such as federal student loans.
Now CSAC is selling Edfund to ECMC, with expectations that there will be no problems during the transaction process.
According to PR Newswire, the transition included commitments by ECMC to support Cal Grants with $100 million in the 2010 fiscal year and at least $42 million in the 2011 fiscal year, as well as the anticipated funding for Cal Grants in future years.
“I was an education professor and researcher in higher education, access, affordability, and outcomes. I was elected chair of the board because there is a high level of confidence in my skills to maneuver Edfund, and since the stakes are so high right now we cannot afford to have any setbacks or disruptions,” said Murillo.
Murillo stressed how crucial it was that the transition go as planned. He said that if ECMC didn’t fulfill their guarantees, there would be hundreds of thousands of students that will not get financial aid and consequently won’t be able to complete their college education. Ultimately, he said that there would be more people making less money over the course of their lifetimes and less money and resources going back to the infrastructure of our state.
Throughout the transition, Edfund will be providing systems and web services to ECMC. Once the transition is complete ECMC will resume the guarantor responsibilities and all federal and student loans guaranteed by CSAC and serviced through Edfund will be transferred to ECMC for ongoing servicing.
To Murillo, in the grand scheme of things, the higher education system is in danger of being dismantled. He said that the state of the economy and budget are factors that we have to fight through to keep Cal Grants and financial aid for students.
“Financial aid is an investment and education is an economic development. That’s why this transition is so important, because we are trying to sustain the viability of Cal Grants. This will benefit everyone if it transitions well,” said Murillo.