August 10, 2007
Education Department's Oversight of Lenders Has Been Lax, Report Says
The U.S. Education Department has failed in its oversight of the student-loan industry, a new report from the Government Accountability Office concludes.
According to the report, released last week, the department has done little to identify instances in which colleges and lenders may have violated federal borrower-protection laws.
Among other things, those laws bar lenders from offering "inducements" to students or colleges in exchange for loan applications, and require
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