student loans

Sallie Mae Sues Potential Buyers As Deal Evaporates

Sallie Mae Sues Potential Buyers As Deal Evaporates

By 10.9.07

Back in April, we told you that Sallie Mae was going to be sold to JP Morgan Chase and Bank of America for around $25 billion. Now JP Morgan Chase and Bank of America want to bargain, and Sallie Mae is now suing its potential buyers in an attempt to force them to honor the original deal.

Sallie Mae’s potential buyers gave the nation’s largest student lender until Tuesday to consider their reduced buyout offer in light of what they said was “the new economic and legislative environment that faces the company.”

Bush Will Sign Bill Increasing Pell Grant Funding

Bush Will Sign Bill Increasing Pell Grant Funding

By cwalters 9.7.07

In a not-too-surprising announcement after all the recent bad news about student loan firms—and in an apparent “victory” for both Bush and Congress—the White House said today that President Bush intends to sign into law a bill that reduces federal subsidies to those firms, including Sallie Mae, by $20.9 billion over the next five years, and will instead use that money to increase funding for Pell Grants (which recipients don’t have to pay back).

Department Of Education: Student Loan Oversight Is Overrated

Department Of Education: Student Loan Oversight Is Overrated

By consumeristcarey 8.3.07

Remember that whole student loan scandal, where lenders illegally gave gifts to financial aid officers? The Department of Education doesn’t! A damning GAO report claims that the DOE:

The Senate's New Student Loan Plan: Give Aid To Students, Not Corporations

The Senate's New Student Loan Plan: Give Aid To Students, Not Corporations

By consumeristcarey 7.28.07

Hey kids, good news! Student loans will become cheaper under a bill approved last week by the Senate. H.R. 2669, passed 78-17, will recast the Department of Education as Robin Hood, diverting money from lending companies to students.

By consumerist.com 7.10.07

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The 7 myths of college financial aid (p.s. WSJ is free online today) [WSJ via AllFinancialMatters] (Photo: elle_rigby)

Student Loan Consolidation Deadline Is July 1

Student Loan Consolidation Deadline Is July 1

By 6.29.07

Just a reminder to you recent grads, the loan consolidation deadline is July 1. Why is this important? Because if you wait to consolidate your loans until after July 1, you will pay more interest.

It's Time To Think About Loan Consolidation

It's Time To Think About Loan Consolidation

By 6.20.07

We know you just graduated and you don’t want to think about your student debt. Really. We understand. Sadly, you need to think about it, and you need to think about it before July 1st.

Private Student Loans Are Potentially Evil

Private Student Loans Are Potentially Evil

By 6.12.07

The New York Times has an article explaining some of the reasons that private loans are both more popular and more risky that they really ought to be.

Bankruptcy Protection For Students?

Bankruptcy Protection For Students?

By 6.11.07

In 2005 congress changed the law to exclude student loans (private or public) from bankruptcy protection, meaning that it is almost impossible to discharge your student loan by filing for bankruptcy.

Cuomo Goes After Student Lending Criteria, Is So Not Bored Of This Investigation Yet

Cuomo Goes After Student Lending Criteria, Is So Not Bored Of This Investigation Yet

By 6.7.07

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?”

Department Of Education Busts Student Loan Party Once And For All

Department Of Education Busts Student Loan Party Once And For All

By consumeristcarey 6.2.07
  • Loan companies cannot contribute to school-affiliated groups, like alumni associations.

    • Columbia University Settles With NY Attorney General

    Columbia University Settles With NY Attorney General

    By 6.1.07

    The New York Times is reporting that Columbia University will pay $1.1 million into a fund to educate students about loans, and will have its student loan office monitored by the state of New York for 5 years under the terms of a settlement that NY Attorney General Andrew Cuomo announced yesterday.

    Personal Finance Roundup

    Personal Finance Roundup

    By consumerist.com 5.23.07

    Life as a Boomerang Kid [Kiplinger’s] “Dirt-cheap housing. Home-cooked meals. A full-time housekeeper. The catch: sleeping in your old room.”

    Student Loan Advice For New Graduates

    Student Loan Advice For New Graduates

    By 5.17.07

    Graduation is coming and soon you will need to pay back your Student Loans. Thankfully for you, Make Your Nut has compiled a lengthly post full of advice for you new grads.

    Shop Around for Student Loans

    Shop Around for Student Loans

    By consumerist.com 5.2.07

    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:

    Sallie Mae To Be Sold To JP Morgan Chase, Bank of America

    Sallie Mae To Be Sold To JP Morgan Chase, Bank of America

    By 4.16.07

    … Currently, the company is carrying $142 billion in private and guaranteed loans on its books, about 27 percent of American student loans in the United States.

    Student Lending Investigation Could Lead To Criminal Charges

    Student Lending Investigation Could Lead To Criminal Charges

    By 4.11.07

    An investigation into student lending practices by New York Attorney General Andrew Cuomo could lead to criminal charges being filed, he says.

    College Officials Profited By Selling Stock In Lending Companies They Recommended To Students

    College Officials Profited By Selling Stock In Lending Companies They Recommended To Students

    By consumerist.com 4.5.07

    The financial aid directors at Columbia University, the University of Texas at Austin and the University of Southern California profited from selling stocks in a student loan company on the “preferred lender list” at each of the universities.

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