Archive for Thursday, May 10, 2007
House passes new rules to govern college lending
May 10, 2007
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Washington, D.C. — With the student loan industry coming under harsh criticism, the House on Wednesday easily approved a bill aimed at curbing conflicts of interest and corrupt practices in college lending.
New York Attorney General Andrew Cuomo has been leading an investigation into the $85 billion industry that has turned up evidence that some colleges received a percentage of loan proceeds from lenders given preferred status by the schools - a practice Cuomo calls "kickbacks." He also said some college loan officers received gifts from lenders to encourage them to steer borrowers their way.
"We will not allow this to continue," Miller said, before the House approved the bill on a vote of 414-3. The matter now goes to the Senate, where similar legislation is pending.
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10 May 2007
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Confrontation (Anonymous) says…
I used to have a student job in a financial aid office while attending college. These preferred lenders would bring in all kinds of gifts throughout the year. This included candy and all sorts of office supplies (with the lender's name on them). I never saw anything bigger than that, but they did stay on the good side of the director of financial aid.