Congress tackles student loans as new abuses cited

[Eugene]

Source: Reuters

Congress tackles student loans as new abuses cited
Tue Sep 4, 2007 4:59PM EDT

By Kevin Drawbaugh

WASHINGTON (Reuters) - With Congress poised to act within
days on reforming the $85-billion student loan industry, Sen.
Edward Kennedy released a report on Tuesday alleging more
instances of marketing misconduct among lenders and colleges.

The Massachusetts Democrat, chairman of the Senate
Education Committee, said the panel's investigative report
details improper ties among lenders, universities and alumni
groups focused on winning preferential treatment for lenders.

"The findings of the report underscore the urgent need for
reform of the student loan system," he said in a statement.

Senate and House of Representatives negotiators are getting
closer to finalizing a student loan bill to send to the White
House based on measures approved earlier this year by both
chambers. Senate Majority Leader Harry Reid said on Tuesday
he expects the Senate to finish the bill by the end of the week.

-snip-

Read more: http://www.reuters.com/article/politicsNews/idUSN0441475820070904

[Mnemosyne]

1. Needs a

:kick:

[msongs]

2. now if congress would just do something to end the illegal occupation/destruction of Iraq nt

[brer cat]

3. This is so important!

Too many middle class and poor young people cannot possibly afford college or voc/tech schools without grants and LOW cost student loans. They deserve the chance to improve their skills, and move into better paying jobs, and we as a country will benefit. The * administration deficit cannot be repaid by people flipping hamburgers or pizza for minimum wage. GIVE THESE STUDENTS A FAIR CHANCE. Quit allowing universities and their faculty/staff to rip the students off.

end of shouting. end of message.

[adarling]

4. this is important especially for people like me

who just graduated and is paying back. I remember when Sallie Mae took over the loans from Indiana University, we were NEVER given a choice about who we could get loans from. I got mine from the government and everything was taken care of and it was easy. when sallie mae got ahold of everything,everything went to hell. I hate that company. thank god i got my interest rates locked in at 2.4% or less. I can't remember.