SCSU narrows presidential field to three

By Scott Miller , Staff Writer

South Carolina State University narrowed its presidential field to three candidates Tuesday after inviting five applicants to its campus last week.

The search committee and the university’s board of trustees have placed emphasis on a leader who can boost academic performance and raise more money for the school, both criticisms of ousted President Andrew Hugine.

The three finalists are:

· Johnson O. Akinleye, associate vice chancellor for academic programs at the University of North Carolina-Wilmington.

· George E. Cooper, deputy administrator for science and education resources development at the U.S. Department of Agriculture.

· Juanita P. Fain, vice president for planning at the University of Nevada.

The two finalists out of the running are Juliette B. Bell, provost and vice chancellor for academic affairs at Fayetteville State University in North Carolina, and Lawrence F. Davenport, interim president of the nonprofit Paragon Foundation in West Palm Beach, Fla. All five candidates met with students, faculty, staff, alumni and community members last week.

They were among 42 to apply to be the university’s fifth president in 20 years. The university intends to hire a president by July 1.

“If the right candidate is not in the mix as the board will ultimately determine, we will reopen the process and do what is necessary to get the right person,” said board Chairman Maurice Washington. “That July 1 deadline only applies if the right candidate is in that pool.”

Defense contractor picks permanent location

By Dan McCue , Staff Writer

Systems Applications and Solutions LLC, a provider of security systems used by defense contractors, has a permanent home in Hanahan.

The company purchased a 7,700-square-foot office building for an undisclosed amount. With the purchase of the building and the 1.14-acre lot on which it sits, SAS makes the transition from Lowcountry renter to full-blown property owner.

Paul Cone, owner and president of the SAS, said he’d been trying to find a permanent home for his 10-year-old company for the last four to five years, but found the perfect site difficult to come by.

“Location is very important to my business, and this location is prime not only because of its proximity to other defense contractors, but also because of its proximity to the Port of Charleston,” he said.

The company, which provides services to contractors affiliated with SPAWAR and other military facilities in the area, employs 80 and is expected to move into the new location July 1.

Mary L. Gannon, the broker at Kennerty, Ratner & Tezza who represented both SAS and property seller Manuel Cohen, said the deal indicates that there’s been no downturn in defense contractors’ interest in “second-generation space” in the area.

“Given the nature of their work, which involves a competitive bid process, defense contractors are tremendously budget conscious and are looking for sites that won’t require a lot of additional investment before they can move in,” Gannon said.

In this case, the building SAS purchased at 1019 Bankton Drive had previously been a local office for AT&T and came partially furnished with existing telephone and Internet connectivity.

Lenders putting more limits on student borrowing

By Scott Miller , Staff Writer

Borrowing for college has gotten harder as some private lenders have quit writing student loans and others are imposing stricter credit requirements and higher fees.

The effect of the student credit crunch won’t be realized until the summer when students receive their financial aid offers for the upcoming school year, but more than 14% of the private student-loan market has opted out of the federal guaranteed student-loan program.

Students who need private loans on top of federal loans will be the hardest hit. The federal Stafford Loan, for example, has a $3,500 maximum borrowing limit.

“That’s not sufficient to pay tuition for a year, so they have to look for alternatives,” said Don Griggs, director of financial aid at the College of Charleston, where tuition costs more than $7,500 a year.

Fearing some high school students may be unable to attend college, Congress on May 1 increased borrowing limits on federal unsubsidized loans by $2,000. President George Bush is expected to sign the bill. But even that won’t be enough for some students to pay for tuition without the help of a private loan.

In-state tuition is more than $10,000 a year at Clemson University and more than $8,000 a year at the University of South Carolina and does not include room and board, which can raise the cost to $17,000 a year.

At the College of Charleston, nearly 67% of the college’s 9,400 students borrow to pay for their education, Griggs said. Of those, more than 600 have taken out loans from private lenders to cover the gap between federal loans and actual tuition costs.

“Mostly it’s the middle-income family that has not been able to save for college and are extended to their limit on consumer indebtedness, so the students are having to resort to these alternative loans to pay what the family can’t afford to pay,” Griggs said.

Read more about college financing and student loans in the May 12 issue of the Charleston Regional Business Journal.

Voting open for business idea contest

By Daily Journal Staff

Cast your vote in the largest business idea contest in South Carolina and help a fellow resident realize a business dream.

Palmetto State residents are invited to vote for their favorite business idea in the Wildcard category of the “New Ideas for a New Carolina” contest. Residents may cast their votes today through May 14, and the winners will be announced at the ThinkTEC Innovation Summit in Charleston on June 4.

The winner in the Wildcard category will receive $2,500 and is eligible for the $5,000 grand prize. The runner-up will receive $1,000 to cultivate the idea, but both will receive a scholarship toward FastTracSC entrepreneurial training programs. 

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