Letter to the New York Times from Director of Student Financial Services Caesar Storlazzi

Dear Editor,

Your Friday story on the proposed Direct Loan program for college students unfortunately contained an inaccurate reflection of Yale University’s position on the matter. Yale is in the process of joining the Direct Lending program.  Yale is also on record supporting the Student Aid and Fiscal Responsibility Act of 2009 and continues to hope that Congress will enact it in time for the next academic year.

A few ill-chosen words of mine were taken out of context from a much-longer conversation, and I would therefore like to clarify my views. My comments were intended to explain why Yale was in the Federal Family Education Loan Program previously and why Yale decided to switch to Direct Lending in advance of any final legislation.

Providing access to higher education is of paramount importance to us and we fully support using the savings from a complete national conversion to Direct Lending to increase Pell Grants as well as Perkins Loans – and thus college access and affordability.  Yale’s undergraduate financial aid program, fully need-based, enables students from all walks of life to attend without concern about paying for college. Over 50 percent of our undergraduates receive some form of financial aid directly from the University and more than 60 percent receive aid from a variety of sources. The average Yale aid package totals some $35,000 yearly and we are maintaining our support even in these trying financial times.

Sincerely,
Caesar T. Storlazzi
University Director of Student Financial Services
& Chief Financial Aid Officer
Yale University