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June 28, 2004

Mayor Cites Need for Aid Boost to State's Military Reservists, National Guard

Woodbridge Township Council has passed a resolution requesting President Bush and Congress to develop and implement a comprehensive, federal financial aid program for military reservists and National Guard members deployed in the global war on terrorism.

"Earlier this year Governor James E. McGreevey created the Freedom Loan Program to help returning New Jersey veterans stabilize their financial footing," says Mayor Frank G. Pelzman. "We are finding that additional funding is required, and we are asking the federal government to contribute in a meaningful way to the long-term financial aid opportunities our citizen soldiers have earned with their service."

New Jersey's Freedom Loan Program offers mobilized New Jersey National Guard or Reserves a 5-year, 6% interest loan of up to $10,000. During the service member's deployment, interest payments will be deferred up to one year.

"The Council's resolution specifically asks President Bush and Congress to work with federal agencies to create an expanded financial aid program that offers long-term, deferred loan repayment plans," says Councilwoman Caroline Ehrlich, who sponsored the resolution.

The resolution has been sent to every municipality in Middlesex County encouraging them to pass similar resolutions and forward them to the President and Congress.

"Having a federal loan program tailored to the unique circumstances of today's veterans makes good economic sense," says Mayor Pelzman. "With nearly 200,000 National Guard and Reserves across America currently called to active duty, their financial well-being will have an enormous impact on the economy for years to come."