Senate cuts college student lender subsidies
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The U.S. Senate voted on Friday to cut federal subsidies to college student loan firms, such as Sallie Mae, by $18.3 billion, redirect savings to student grants and ease some student loan repayment terms.
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One student loan company took university financial aid directors on a junket to Disney World. Another paid $500 to be placed on a school's list of recommended lenders. And others showered tequila, wine and golf outings on college aid officers.
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The parent company of Sallie Mae, the student lender, cut its profit forecast for 2008 on Wednesday and said that its offer to strike a new deal with a group of investors had been rejected.
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Many schools could lose millions of dollars in state subsidies as a result of the unexpected drop in enrollment.
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The trade group for university financial aid officers said yesterday that it would no longer allow student loan companies to court its members with gifts or sponsor its conferences, responding to a spate of revelations of conflicts of interest in the $85  billion-a-year industry.
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The Senate overwhelmingly approved a wide-ranging overhaul of student loan programs early today that would pay for more than $17 billion in grants and other student aid by slashing subsidies to lending companies.
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Democrats in Congress are pushing to overhaul the nation's student loan system with legislation that would cut federal subsidies to lending companies by as much as $19 billion, channel most of those savings to student aid and ease repayment rules for borrowers.
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Legislation overhauling U.S. college student aid by slashing subsidies to lenders and using the money to boost student assistance by $20 billion was approved by Congress on Friday.
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Athletes attending college through 2012-13 will find fewer restrictions to determine reimbursement for educational expenses.
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The chairman of the U.S. Senate Banking Committee unveiled legislation on Wednesday that would prohibit mortgage brokers and lenders from steering borrowers to high-cost loans.
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The government should stop guaranteeing lenders of student loans.
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President Bush on Thursday signed legislation designed to make college more affordable for students from poor and middle-class families
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The 79-12 roll call Friday by which the Senate passed a student loan bill.
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The legislation combines the budgets of 13 Cabinet agencies with increases in aid for lower-income college students, while cutting some of President Bush's funding requests
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he secretary of education called on senior members of Congress yesterday to close a loophole that has allowed student loan companies to collect more than a billion dollars in excess federal
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The Vanguard Group said on Tuesday it has lowered expense ratios on six portfolios in its 529 College Savings Plan sponsored by the state of Nevada.
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A consortium planning to buy the student loan giant Sallie Mae said that legislation aimed at reducing subsidies to lenders might harm the $25 billion deal.