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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
U. of Georgia Paid 2 Fraternities $2.4-Million to Relocate, Contracts Show
The two were among five that houses on property where the university plans to build new academic facilities.
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.
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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June 25, 2008
FTC Issues Consumer Guide on Deceptive Student-Loan Marketing
Washington — The Federal Trade Commission, under pressure from Congress to step up its scrutiny of the largely unregulated market in private student loans, has released a consumer guide to deceptive marketing.
The guide, which was jointly issued with the Department of Education, offers students advice on how to spot deceptive marketing and tips on how to navigate the loan-consolidation market. It also provides information on how to file a complaint against a lender.
Rep. George Miller, the Democrat of California who is chairman of the education committee in the U.S. House of Representatives, said the guide would “help students steer clear of manipulative or shady loan offers.”
“For too long, students have had virtually no protection from the confusing, misleading, and even predatory marketing materials used by many private lenders,” Repreentative Miller said.
Last year his committee passed a bill to renew the Higher Education Act that would require private lenders to provide borrowers with multiple disclosures about terms and conditions, and notify them that they may qualify for lower-cost federal loans.
The bill, which is being reconciled with the Senate’s version, would also require private lenders to obtain from a borrower’s college certification of his or her enrollment status and cost of attendance before issuing any loan funds. —Kelly Field
Posted on Wednesday June 25, 2008 | Permalink |Comments
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Licensed Plumbers, Bonded Electricians, FDIC Banks —- Why Not Have Licensed/Certified Student Lenders? —- Licensing/Certification Would Require Mandatory Disclosures, —- And Prohibit Manipulative/Shady Practices.
— zahid Jun 26, 09:41 AM #
What about the millions of dollars Cuomo collected? Wasn’t that going toward these efforts as well? Funny how we read all about his “victories” against schools and lenders, but nothing has been published about how the money is being used. I wonder how much interest that fund has earned so far…
— KidRock Jun 26, 06:19 PM #
The FTC’s guide could have probably gone a few steps further, but I at least applaud the intent.
The direct to consumer marketing of student loans is a problem not confined to the fly-by-night shysters the FTC seems to be focusing on. “Legitimate” lenders also employ deceptive marketing techniques with seductive “get $40,000 right now! No need to file a confusing FAFSA!” ads. No phony Federal-looking letterhead, no identity theft, no fake sweepstakes prizes, just lenders you can find vending at any financial aid conference pushing what may well be unnecessary private loans.
All loans should be certified by the financial aid office, at the very least because tax and bankruptcy laws (for better or worse) treat educational debt differently than other types. If a loan is available that bypasses the school, where’s the assurance that the borrower is actually a student?
— DS Jun 27, 08:00 AM #