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.
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.
What criteria do student loan companies use when determining which students to give loans to and how much to give? Don’t know? Neither does New York Attorney General Andrew Cuomo, but we’re pretty sure he’s going to find out. From the NYT:
“What criteria are they using in the underwriting of these loans?” Mr. Cuomo asked. “Parental income? Student income? Student creditworthiness? How about the school you attend? How is that weighted?”
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