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"Some college administrators seem so distracted with fund raising, academic infighting, and community initiatives that they set up their emergency communications departments very poorly. Training is poor to nonexistent, secretaries are pressed into service with tremendous responsibilities for running 'notification systems' 24/7 and on weekends because no one else knows how to do it and the administration won’t pay for additional staff. Procedures are seat-of-the-pants and dependent on HIPPO (highest paid person’s opinion), except when something like Virginia Tech happens and there is some sort of scramble to do something different." --Donna
Most Colleges Avoid Risk Management, Report Says
New Allegations in Admissions Controversy at U. of Illinois Suggest Ex-Provost Played a Role
Linda P.B. Katehi, the incoming chancellor of the University of California at Davis, has insisted she knew nothing of the admission of politically connected applicants at Illinois.
Sonoma State U. Foundation May Lose $350,000 on Loan to Former Board Member
The foundation will be forced to issue fewer scholarships in the 2010-11 academic year because of a diminished endowment, a university official said.
Court Overturns $2-Million Verdict for Former Coach at U. of Louisiana-Lafayette
The coach, one of the few African-Americans in big-time college football, was fired after three losing seasons. He sued, saying he had been dismissed because of his race.
The notorious vermin have forced Colorado State University at Fort Collins to cancel its annual Great Sofa Roundup, which allows students to donate unwanted couches.
Water-Main Break Damages Library at University in St. Louis
Summer classes at Harris-Stowe State University resumed today, but the library remains closed.
College Suspends Student for Working in Gay Pornography | 58
President Obama's Visit to Notre Dame Carries Barely a Hint of Controversy That Preceded It | 58
Drug Sting Nabs 21 Students at U. of Illinois | 57
Faculty Members and Union Protest Staff Layoffs at Temple U. as 'Cruel' | 57
North Dakota Board's Vote Puts 'Fighting Sioux' Mascot on Thinner Ice | 57
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January 31, 2008
College Loan Corporation Quits Federal Loan Program
The College Loan Corporation, the eighth largest originator of federally guaranteed student loans, announced today that it would stop making loans in the federal program on March 1.
In a letter explaining the decision, Cary Katz, the company’s chief executive officer, said that recently enacted cuts in the subsidies the government pays on such loans, coupled with disruptions in the credit markets, were “making it impossible for midsized companies like College Loan Corporation to participate in the federal-loan marketplace.”
The College Loan Corporation is the largest lender to leave the guaranteed-loan program since Congress passed legislation in September that slashed the subsidy rate for for-profit lenders by 0.55 of a percentage point. Lenders and other critics had warned that the cuts would drive some companies out of the federal student-loan program or force them to eliminate borrower benefits.
Several smaller lenders have since announced that they will stop making federally backed loans, and even Sallie Mae, the nation’s largest student lender, has become more selective about the education loans it will make.
Mr. Katz said the College Loan Corporation would continue to make private student loans and manage its existing federal-loan portfolio. —Kelly Field
Posted on Thursday January 31, 2008 | Permalink |Comments
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These companies were given a free ride for years by the Republicans in power at the expense of students. Katz should give back the millions he’s profited on the backs of poor and middle-income Americans.
— Russ Hudson Feb 4, 01:30 AM #
Late last week SLX announced they were joining the masses and getting out of FFELP consolidation business. Sallie, NELNET, GOAL, CLC and Affinity have all dropped out.
Indications tell us that we should be bracing for another recession in the coming months, which usually indicates that many out-of-work individuals may return to school to sharpen their skills. With a pullback in private student loans – and in some cases, federal student loans – I think we have reason to be concerned.
— peter Feb 8, 01:43 AM #