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SOURCE Ceannate Corporation
Pushes for overhaul of student loan system
CHICAGO, Jan. 16, 2014 /PRNewswire/ -- Balaji "Raj" Rajan, president and CEO of Ceannate Corporation, a leading business process outsourcing firm focused entirely on the students and institutions in the post-secondary education sector, today applauded the White House for convening college presidents, nonprofit and business leaders at a summit to discuss strategies for improving college completion rates in America. Among issues discussed at the summit is the tie between education and income equality, the idea of raising students out of poverty by obtaining a college degree. In response to this approach, Rajan issued the following statement:
"As the founder of a company that has helped more than a two million current and former students to avoid delinquency and default on their loans, and as a parent who has put children through college, I understand the financial obstacles that face students and their parents. Lifting students out of poverty through higher education is only half the equation; keeping them financially afloat during their college and post-graduate years is perhaps an even greater challenge.
Student debts can hobble graduates for the rest of their lives, making it more difficult to get new and better jobs, form families and own homes. Student debt now totals more than $1 trillion, and students are borrowing some $113 billion a year. With this year's college graduates owing $32,500 on average, these debts threaten to be dead-weights on their financial futures.
Fixing the student loan system is an investment in their futures – and America's. Businesses such as Loanlook, a Ceannate company, are developing new and innovative solutions that are web-based, user-friendly, money-saving and can help students and their families successfully manage their loans. And, to further decrease the odds of default and delinquency, the entire student loan system must stress servicing student loans from origination rather than at the point of repayment, a point I recently stressed in an opinion piece featured in the Washington, DC publication The Hill.
I applaud the White House for bringing together leaders from both the public and private sector to discuss ways in which to improve our higher education system, and I am hopeful that this is the beginning of many opportunities for students, recent graduates, parents, adult learners, colleges and universities, bankers, loan servicers and federal agencies to work together to develop a new system to make higher education achievable and affordable for all."
CEANNATE Corp. is an outperformer for business process outsourcing services, providing key expertise in the financial environment surrounding higher education in the United States. The company maintains its corporate offices in Rolling Meadows, Illinois and will staff over 350 of its 800+ employees at its branch locations in Rockford and Buffalo Grove, Illinois. The CEANNATE companies include Financial Management Systems, The i3 Group, and Loanlook, Inc. For more information visit www.ceannate.com.
Contact: Emily Pappas
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