Questionable Student Loan Practices: Round Two
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Last year, NY Attorney General Andrew Cuomo raised a stink about under-the-table gifts from student loan companies to college financial aid offices. Now the schools are afraid of seeming too close to any lenders. But the billion dollar student loan business is too big to resist, so this year, there’s an explosion of lenders who want to bypass the schools and market loans directly to students. TV ads by MyRichUncle and others now hawk “easy” loans of tens of thousands of dollars to students. One of them, LendingTree.com, has attracted new scrutiny from the young Mr. Cuomo, who says that the company’s pitch that it lets multiple banks compete for your business isn’t quite truthful, and that it’s really pushing all applicants to a single lender. There are several new websites starting up that claim to provide students with honest, unbiased information on where they can get the best loans to pay for college, but so far it looks like most of them are just a shady as the lenders they’re covering.
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[…] Gharl wrote an interesting post today onHere’s a quick excerptLast year, NY Attorney General Andrew Cuomo raised a stink about under-the-table gifts from student loan companies to college financial aid offices. Now the schools are afraid of seeming too close to any lenders. … […]
Pingback by Student Loans » Blog Archive » Questionable Student Loan Practices: Round Two — October 28, 2007 @ 11:55 pm
[…] Student Loan Practices: Round Two Bob Sullivan added an interesting post on Questionable Student Loan Practices: Round TwoHere’s a small excerptLast year, NY Attorney General Andrew Cuomo raised a stink aboutunder-the-table gifts from student loan companies to college financial aid offices. Now the schools are afraid of seeming too close to any lenders. … […]
Pingback by Boink Blogs — October 29, 2007 @ 12:06 am