CINCINNATI — Ohio students and families who borrow to pay for higher education will now be able to take advantage of reduced-rate student loans, thus lowering the cost of higher education, through a new partnership between the state of Ohio and KnowledgeWorks Foundation.
"We know that Ohioans with a college education earn higher salaries, experience greater job satisfaction, and have more employment opportunities. No Ohioan should be denied a college education because they cannot afford it. I thank KnowledgeWorks Foundation for their leadership in forming nonprofit student loan companies for the state of Ohio and look forward to this expanding college access partnership."
Nonprofit student lending organizations are designed to lower the cost of higher education for students and their families and, in Ohio, fund the growth and development of initiatives to improve the ability of our children to succeed in higher education and the 21st century economy.
"There is a critical need to increase the state's rates of participation, retention, and attainment in higher education - all critical components of growing Ohio's economy," said Chad P. Wick, president and CEO of KnowledgeWorks Foundation. "In order to meet the goal of strengthening the competitiveness of Ohio's workforce to attract and retain businesses in the state, KnowledgeWorks Foundation, in partnership with the state of Ohio, is seeking to provide access to high-quality education at an affordable cost to those in need of financial aid."
The formation of these organizations will deliver many benefits to Ohio students and families.
KnowledgeFunding Ohio, Inc, a subsidiary of KnowledgeWorks Foundation, will finance student loans for Ohioans with tax-exempt debt, allowing them to offer the loans at reduced interest rates for students.
This partnership with the state will ensure 100 percent of any net revenues generated from the student loan activities will be reinvested in Ohio and remain dedicated exclusively to charitable activities that further the State's educational goals.
KnowledgeWorks Foundation is making a $3.5 million capital investment to expand its student lending operations in Ohio, resulting in job creation in southwest Ohio.
View the related
Student Lending Fact Sheet.
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Contact Info:
Emily Hedrick: (513) 929-1132
KnowledgeWorks Foundation is Ohio's largest public education philanthropy. KnowledgeWorks Foundation provides funding and leadership for education initiatives throughout the state and is focused on creating and improving educational opportunities. The Foundation is committed to sharing knowledge gained and lessons learned with others in Ohio and across the nation to help inform public policy. Learn more about KnowledgeWorks Foundation at
www.kwfdn.org.