student loan scandal continued...
Andrew Cuomo on the student loan industry: "``Our investigation has revealed an unholy alliance between lenders and many trusted institutions of higher education. Part of the reason the practices we have uncovered have been able to flourish nationwide over the past several years is because the U.S. Department of Education has been asleep at the switch." From The New York Times `Our investigation has revealed an unholy alliance between lenders and many trusted institutions of higher education. Part of the reason the practices we have uncovered have been able to flourish nationwide over the past several years is because the U.S. Department of Education has been asleep at the switch.''
If you have followed the Sallie Mae scandal, you'll see that the Federal Government was Sallie Mae's biggest backer in the early nineties. Sallie Mae earned $1.95 billion dollars in interest on student loans it made last year.
Here is the very lame proposed "code of conduct" that Congress hopes to pass, "The code would ban lenders from paying colleges in exchange for being designated a preferred lender. It also would ban lenders from paying for trips for financial aid officers and other college officials. Lenders also would not be allowed to pay college employees to serve on advisory boards."
How about not making higher education costs a source of speculative income for carpetbaggers profiting from middle class students yearnings for higher learning?
If you have followed the Sallie Mae scandal, you'll see that the Federal Government was Sallie Mae's biggest backer in the early nineties. Sallie Mae earned $1.95 billion dollars in interest on student loans it made last year.
Here is the very lame proposed "code of conduct" that Congress hopes to pass, "The code would ban lenders from paying colleges in exchange for being designated a preferred lender. It also would ban lenders from paying for trips for financial aid officers and other college officials. Lenders also would not be allowed to pay college employees to serve on advisory boards."
How about not making higher education costs a source of speculative income for carpetbaggers profiting from middle class students yearnings for higher learning?
Labels: higher education
2 Comments:
Better yet, redirect that profit so someone other than middle class students can get an education and lessen the post-graduation term of indentured servitude for all. Also, since I am paying for a piece of paper that will eventually allow me to enter a low-paying, largely female profession, I would like to direct your attention to the libraries act of 2007 which would ammend the 1965 higher education act to include loan forgiveness to librarians working in low income communities. Write to your congressmen!
loan forgiveness for librarians...yes...
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