Word: lenders
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...goal is certainly worthy, but some of the practices of student-loan firms are anything but. For instance, how about manning a college's financial-aid hotline with employees of a lender that is vying for the callers' business? Sallie Mae, the nation's largest student loan company, used to do such things, but apparently no more. The company agreed Wednesday to abide by a code of conduct, devised by New York State attorney general Andrew Cuomo, that prohibits lenders from giving universities "anything of value," including call-center staffing...
...Cuomo's code of conduct also bans gifts or trips from lenders to university employees. After allegations surfaced this month that Student Loan Xpress had given stock grants or paid consulting fees to financial-aid officers at six schools who were recommending the lender to their students, those employees were placed on leave pending internal investigations. Likewise, a senior manager at the Department of Education was suspended for allegedly holding stock in the parent company of Student Loan Xpress while he oversaw lenders in the federal student loan program...
...Harvard Law School (HLS) offers international students direct loans through the HLS Loan Program, the CitiAssist loan through the Harvard Education Loan Program and Citibank Stafford loans are also advertised prominently on the HLS Web site, with this statement in small print: “There are many other lenders (such as Access Group, Nellie Mae, and Wells Fargo) available for your Stafford loans that we are not able to outline here...the incentives vary according to the lender...
...negotiating a preferred lender agreement does not excuse financial aid offices from fully informing students about their options and the different incentives that various lenders offer. When asked why more comprehensive loan comparison data isn’t available in a brochure or on the HLS Web site, Ryan cited time and space limitations, saying that “we just don’t have it put together,” while dismissing the University’s preferred lender agreement with Citibank as irrelevant. Moreover, University Financial Aid Liaison Officer Laurie A. Hogan told The Crimson that...
...fact stands that the only private lender listed by many of Harvard’s schools on their financial aid Web sites is Citibank. Harvard should offer its students a more comprehensive picture of the range of options available to them, and in this spirit, the University should take action on two fronts: First, the graduate schools ought to compile and distribute data about private lenders unprivileged by preferred status; and second, a written policy should be published on financial aid Web sites stating that the University and its officials will reject kickback payments and other gifts as part...