Small, Minority Student Loan Providers Cry Foul Over Subsidy Cuts
Officials at Urban Ed. Express, a minority-owned newcomer to the student loan industry, say legislation before Congress designed to make college more affordable hurts their efforts to help minority students fund their college educations.
http://diverseeducation.com/artman/publish/article_8876.shtml
July 26th, 2007 at 3:51 pm
Of course the loan industry does not like the cuts. However, since most of the money is going right back to the students in grants and interest reduction, I think the students come out ahead in the long run.
I wonder if there is really a need to have 2000 lenders to choose from in the FFELP program. I am sure that there will be other lenders to step in if some of the smaller lenders don’t survive.
Perhaps if financial literacy is one of the missions, they should apply for the new CAP grant that this could fund.
July 27th, 2007 at 4:29 pm
Student loans were never supposed to be about the lenders, they are supposed to benefit students. If lenders can’t adjust to the long over due upgrades to the federal financial aid program then they are a victim of their own business model. At the end of the day, the ecomonic consequences of the reform will leave a few small business owners broke but will help far more college graduates avoid the same fate.
July 27th, 2007 at 10:30 pm
This is so stupid of the government they can’t see the larger picture. It’s all smoke to make the students think that they are doing them good, but at the end of the day the government wants all the money. For example, the government offers no borrower benefits where the private companies offer interest rate reductions to cash rebates. Why doesn’t the government step up an offer something for the students on the back end of these loans then blow smoke all day. Call the DOE and see what they can offer and campare it to the private companies who you receive mail from daily. Furthermore, can somebody please tell me one goverment ran operation that operates smoothly and well? (Post Office).. disaster (DMV)…joke (DOE)…the worst do I need to say more? Good luck people the DOE is a joke!
July 28th, 2007 at 1:18 am
Pete what is the “larger picture?” The DOE doesn’t make money off of student loans and it intends not to. The process is smooth on the government’s end, universities are where most of the errors occur. Perhaps you should consult a financial aid advisor at a university if you need an explanation as to why the unsolicited loans you are offered in the mail are the equivelant of the variable rate mortgages that have ensnared so many Americans.
July 31st, 2007 at 2:07 am
Did Small answer when you told him about the student loans?
December 10th, 2007 at 11:35 pm
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