The Department of Education wants you to know that they’ve sent warning letters to 921colleges and universities warning them not to limit students in their choice of lenders, according to the Chicago Tribune.
Jeff Baker, policy liaison at the Education Department’s federal student aid office, said a search of a student loan database showed that a vast majority of students at each of 921 campuses chose the same lender.
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The 7 myths of college financial aid (p.s. WSJ is free online today) [WSJ via AllFinancialMatters] (Photo: elle_rigby)
The National Association of Student Financial Aid Administrators is too paranoid about the recent student loan scandal to allow Wachovia to splash its logo all over the nylon bags it ordered for its annual conference, according to the Chicago Tribune.
The group, which represents about 12,000 college-aid officials across the country, didn’t want to appear to be acting improperly by accepting money from Wachovia in exchange for the marketing opportunity. The association also ditched lanyards and pens from other businesses — and even cut off the bottom of notepads that featured the name of a financial-services company — forfeiting about $200,000 in sponsorship fees paid by various vendors.
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How to claim the interest on your college loan as a tax deduction.
The RIAA’s campaign contributions are hard at work this week as members of Congress threaten to cut off federal funding to educational institutions if they don’t stop file sharing on their networks.
Life as a Boomerang Kid [Kiplinger’s] “Dirt-cheap housing. Home-cooked meals. A full-time housekeeper. The catch: sleeping in your old room.”
With the recent fallout about educational institutions accepting all matter of filthy payola in exchange for letting private lenders get exclusive access to students, it’s apparent borrowers need to take Student Loan Shopping 1000. NYT goes into how you can look for a better deal:
What was the most helpful piece of advice you received after graduating? Tell us in the comments. — CAREY GREENBERG-BERGER
From the Technician Online:
Pam Gerace, the director of Student Legal Services at the University, is fighting the lawsuits for her student clients. She advises that the students should remain anonymous.
If an Internet user notified decides not to pay the settlement, the music association will ask the university for its computer logs so it can pursue legal action. University spokeswoman Jeanne Norberg said the university would comply with the requests.
Unfortunately for the students who have been targeted (a group that apparently includes both downloaders and sharers), minimum damages that the RIAA can request under the Digital Millennium Copyright Act is $750 per infringement. For students who have hundreds of songs on their computer, that could mean hundreds of thousands of dollars in fines.
The RIAA is sending what amounts to a cease and desist letter to 400 college students at 13 universities. The letter encourages students to confess and pay a “settlement” at an RIAA website: P2PLawsuits.com. The website suggests using Mastercard, Visa or Discover to pay your fines.
Why is it that some snot nosed punk can get over $5 million in credit upon being accepted to college but I, a grown adult, can’t get my credit limit raised by a few hundred bucks to fit a Macbook Pro into the slim wedge of non-debt still imbued into my Hustler Store credit card? Ten years of paying my credit card off only when I happen to remember is probably the answer. The sort of muffed financial sense that makes it all the more absurd that I work for an irreverent consumerist blog.
It’s campus book buy-back time which means one thing: tons of students getting screwed over across the nation.
T’is a pity for the flower of youth to be wrinkled by the radioactive belch of credit card debt. Yesterday, we asked the readers about how college boy L.S. should get out of his $2150 in credit card debt set at exorbitant rates and here’s what we think he should do.
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