Senator reveals new student lender abuses
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Calling for swift reforms in the $85 billion student loan industry, Sen. Edward Kennedy released a report on Tuesday, alleging further instances of marketing misconduct among lenders and universities.
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New York Attorney General Andrew Cuomo urged Congress on Wednesday to legislate a clean-up of the student loan industry, including the fast-growing private loan market.
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US Education Secretary Margaret Spellings, criticized for her oversight of the $85 billion-a-year student-loan industry, proposed banning company gifts to colleges and establishing rules for how schools recommend lenders.
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Profits are up, but recently, a number of for-profit colleges have faced inquiries concerning the way they pursue federal funds.
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The government puts more money towards having 50% of young people being students, amid renewed criticism.
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Lawmakers want to know why the agency let a student loan company keep $278 million in subsidies that an audit found improper.
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Internal student loan industry documents unveiled Tuesday provide further evidence of conflicts of interest between banks and colleges or school officials.
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New York Attorney General Andrew Cuomo, investigating whether lenders encourage colleges to steer students their way, expanded the probe by sending letters to more than 50 educational institutions, a person familiar with the matter said on Thursday.
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A US Senate committee chaired by Senator Edward M. Kennedy looking into potential conflicts of interest in the student loan industry cited Citizens Bank yesterday for the "lavish meetings" it funded for the members of its advisory board on student loans, which included representatives of several prominent local and national universities.
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As tuition has soared past the limits on federal aid, more students are relying on barely regulated private loans.
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Democrats in Congress are pushing to overhaul the nation's student loan system with legislation that would cut federal subsidies to lending companies by as much as $19 billion, channel most of those savings to student aid and ease repayment rules for borrowers.
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New York Attorney General Andrew Cuomo has expanded a probe of whether lenders encourage colleges to steer student borrowers their way, sending letters to more than 50 educational institutions, a person familiar with the matter said on Thursday.
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Chancellor of the Exchequer Alistair Darling criticised banks and financial institutions for lending money too freely to customers who might be unable to pay the loan back, in an interview published Thursday.
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The chairman of the U.S. Senate Banking Committee unveiled legislation on Wednesday that would prohibit mortgage brokers and lenders from steering borrowers to high-cost loans.
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Two Democratic members of Congress and New York Attorney General Andrew Cuomo have asked the biggest student lenders for information on criteria used to price college loans.
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The government says it is raising financial help available to part-time higher education students.
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Barney Frank, chairman of the House Financial Services Committee, yesterday unveiled legislation aimed at curbing abusive lending practices that, he said, have fueled an alarming rise in foreclosures.