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May 15, 2009, 09:43 AM ET
Financial-Aid Administrators' Group Announces Layoffs
Faced with declining revenues, the National Association of Student Financial Aid Administrators has laid off five employees, including its longtime lobbyist, Larry Zaglaniczny.
Philip R. Day, the group’s president, said in a news release that the economic downturn had “made our current and future budget unsustainable.” The association, known as Nasfaa, had seen a sharp reduction not only in the value of its investments, but also in revenue from its annual conference, he said.
“This has forced us to make some tough decisions, including laying off some valuable employees who have dedicated their lives to removing financial barriers to higher education,” he said.
Nasfaa did away with lender sponsorship of social events and meetings at its annual conference two years ago, after an investigation by New York’s attorney general, Andrew M. Cuomo, uncovered conflicts of interest between lenders and student-aid administrators. The move cost the association $80,000 in revenue in 2007.
Mr. Day emphasized that membership in the association “remains stronger than ever” and reached a record high this year.
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