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Spellings Urges Colleges and Lenders to Comply with New Loan Rules
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In a conference call with reporters, Spellings stated that the letter urged for:
- Full disclosure of information about loans to parents and students and disclosure of criteria used in the selection of preferred lenders
- No acceptance any kind of gifts or benefits from lenders in exchange for being included on schools' preferred lenders lists
- Lender employees not to identify themselves as school employees. They should not work in higher education institutions' financial aid offices unless the work is done at fair market value
- Restriction of access to the National Student Loan Database System (NSLDS) that contains data on 60 million student borrowers
- Providing preferred lists only for the best interests of student or parent borrowers
Spellings said that the department was currently "monitoring" marketing practices, but it could use tools like compliance agreements, loss of federal funding, and "everything in between" if it found violations by colleges or lenders. She said that the department was waiting for final congressional action on federal student lending and was preparing its own regulations. Spellings said the department would undergo a nationwide search for a new federal student aid chief. Currently, Larry Warder is the acting chief.
The numerous steps taken by Spellings are answers to critics who have blamed her for her laxity toward student lending issues.
On the Net :
Embrace Student Loan Reforms, Spellings Urges
www.insidehighered.com/news/2007/08/10/spellings
Education Dept. Seeks Early Compliance on Loan Rules
www.nytimes.com/2007/08/10/education/10education.html?_r=1&ref=us&oref=slogin
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The Healthcare Career Resources column is presented by HealthcareCrossing, America's leading job search site dedicated to getting jobs for healthcare professionals.
Save Money with a Private Student Loan Consolidation from Medical School Loans By Brooke Heath Even as a young child practicing medicine on your stuffed animals, you knew that you were destined to become a physician. But the road to obtaining your medical degree takes more than just the ability to mend the imaginary wounds of a teddy bear. + read more |
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