Eight universities agreed to stop accepting kickbacks from Citibank for private loan referrals, and five agreed to refund a total of $3.27 mil to thousands of students, following an investigation by NY Attorney General Andrew Cuomo (pictured).
student loans
Sallie Mae Is Still Ruining Your Life!
By 3.27.07
The FDSL just sent me a loan cancellation letter. They have decided that they will only take federal loans now to consolidate and Sallie Mae is primarily a private lender, and that is what they report my loan as. What the difference between a federal guaranteed loan and what they consider a federal loan through a private company is beyond me.
Lawsuit: US Department Of Education Overcharging On Student Loans?
By 3.20.07
Has the US Department of Education been unfairly overcharging millions of Americans despite “repeated warnings that it was breaking the law?” According to a lawsuit filed yesterday, the Department of Education may have some explaining to do.
New York Takes Deeper Look Into Student Lending
By 3.1.07
Concerned that guidance offered to students is tainted by conflicts of interests, Cuomo’s office asks schools to disclose if there are financial relationships with lenders and if any favors were offered to individual financial aid officers.
Help Sallie Mae is Ruining My Life!
By 2.15.07
I was hoping that I could get my interest rate down and also my monthly payments down considerably. Not a chance. They even get belligerent if you dare trying to make payment arrangements. I even tried to send $600 one month hoping they would take it in good faith and they just sent it back. It’s either payment in full, or nothing so they can charge you late fees.
Does anyone out there have some advice for this guy? .—MEGHANN MARCO
Borrowed Time for Student Loans?
By 2.6.07
Ever since the Democrats took control of Congress last fall, investors have worried that the government might start trimming the largesse it gives educational lenders such as Sallie Mae. On Jan. 17, the House of Representatives passed legislation that would trim rates on need-based subsidized federal student loans by 50% over five years. The Senate has yet to move on the measure, but President Bush weighed in Feb. 5 with a proposed 2008 budget that aims to bolster grant funds, partly with a huge cut for federal loan subsidies. Stunned Wall Street players quickly unloaded shares of lenders such as Sallie Mae.
BusinessWeek suggests the cuts might be so deep that private lenders would stop issuing student loans altogether. An analyst at Morningstar says:
1,000,000-plus Students’ Personal Data Lost in Texas
By 6.2.06
Poof. The records of over a million customers at Texas A&M’s largest student loan provider have been lost. The records contained personal information about the borrowers.
