Politicians and schools resist unfair student loan practices
July 4, 2007
Photo by Whitney Little.
Andrew Cuomo, New York Attorney General, discovered student-loan arrangements between certain colleges and lenders, making it more difficult for students to obtain better loans and giving the colleges kickbacks.
A recent investigation led by New York Attorney General Andrew Cuomo found that a "significant number of lenders" determine eligibility for private loans based in large part on the colleges students attend rather than individuals' credit worthiness.
Prior to this finding, New York passed the Student Lending Accountability, Transparency and Enforcement (SLATE) Act of 2007 to protect college-bound students from aggressive loan industry practices. Cuomo also drafted a code of conduct for student loan schools and organizations to abide by.
[HTML_REMOVED] [HTML_REMOVED][HTML_REMOVED] The student loan industry makes $85 billion per year.
[HTML_REMOVED] Private lenders currently control 20% of the student loan market and continue to grow.
Find out about student loans, rights, the Code of Conduct and settlements at this [HTML_REMOVED]link[HTML_REMOVED].
[HTML_REMOVED] [HTML_REMOVED]
Comments
Post a comment
You are not currently logged in. You must log in using your Facebook account to post a comment. It's fast, easy, and we don't store any of your personal information, except your first and last name when you post a comment.
Why?
Our old comment system was abused to leave racist, sexist, fradulent, or simply useless comments. We're hoping this verification step will improve the quality of our comments.
I don't have a Facebook account. I'd like to verify my identity using my MySpace/Google/Yahoo!/OpenID/SSN/주민등록번호/MasterCard.
Let us know. We're open to suggestions. Over the next few weeks, we'll be testing other authentication methods.
The FBI/CIA/TSA/CoS/Emmert is out to get me! I need to stay anonymous!
We're working on a way to allow this. If you have any ideas, email us.
I think this website is ugly.
It's going to be a work in progress all summer, so it may look and act differently from week to week. If you want to influence this process, email us. We read every email, and respond to most of them.