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...governmental means, such as NGOs or non-profits.” Victoria Bjorklund, a leading nonprofit tax lawyer, said that the difficulty of regulating non-profits and the inadequacy of laws governing non-profits can lead to scandals such as the one that engulfed student loan giant Sallie Mae earlier this spring that resulted in the company agreeing to pay a $2 million settlement. “In the IRS, we have 180 agents, who are underpaid and under-trained, and are attempting to regulate almost 1 million charities—they just don’t understand the subtle...
...lenders 0.5%, which should save $12.4 billion over five years and leave the industry with less funny money. But lenders claim such a move could force them out of the market. "We make less than half a percent on a guaranteed loan," says Tom Joyce, spokesman for Sallie Mae, the nation's largest student-loan company. "You do the math." And there is a renewed effort to get more schools into direct lending, which costs taxpayers an estimated $7.50 less for every $100 disbursed, compared with private loans. Massachusetts Senator Edward Kennedy is pushing a bill that rewards colleges...
...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...
...Sallie Mae spokesman told TIME that although his company had been approached by several institutions in recent years about starting revenue-sharing deals, it declined to engage in this activity. "No schools are being asked to return money as a result of their relationship with Sallie Mae," the company said in a statement released Wednesday. However, Sallie Mae and Citibank have agreed to contribute $2 million apiece to a new fund administered by Cuomo's office to educate college-bound students about their loan options...
...desire to encourage lending to minorities. "The point of that study was never to say, 'Let's go out and lend to people who aren't going to be able to carry the debt,'" Munnell argues. Sure enough, federally supervised banks and S&Ls and mortgage buyers Fannie Mae and Freddie Mac seem to have avoided big hits...