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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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October 3, 2008
Bailout Bill, With Benefits for Student Lenders, Passes Congress
Washington — The U.S. House of Representatives today passed the $700-billion financial-system bailout bill that was approved on Wednesday by the Senate. The plan would let the federal government ease credit markets by purchasing bank assets, involving primarily mortgages but also other types of assets, including student loans.
Congress acted five months after it approved an earlier bailout bill that helped student-loan companies by allowing the Education Department to purchase assets derived from loans that the banks had issued as part of the government-subsidized student-loan program.
The $700-billion bailout package approved today, while aimed mainly at helping banks that hold many failed mortgages, also will let the government purchase a range of assets related to student loans.
The new legislation, which passed on a vote of 263 to 171, raises the possibility that student-loan providers will be allowed to go beyond the terms established by May’s bailout and sell assets to the government that are based on older federal loans, as well as assets involving the private student loans that banks issue outside the government system of federal subsidies.
That authority was opposed last week by a coalition of 13 groups, including the American Association of State Colleges and Universities. The groups said that if private student loans were made eligible for government purchase in the mortgage-bailout plan, then Congress should provide student-loan borrowers with the same protections given to homeowners, including the right to discharge the debt through bankruptcy.
The bailout bill was supported, however, by President Bush and the American Council on Education, which wrote on Wednesday to Congress, arguing that the nation’s credit crisis was beginning to have adverse effects on many colleges and universities.
Mr. Bush and like-minded lawmakers repeatedly cited the possible effects on colleges as one of the justifications for passing the bailout bill. As a result of today’s vote, Mr. Bush said afterward, “More families will be able to get loans for cars and homes and college education.” —Paul Basken
Posted on Friday October 3, 2008 | Permalink |Comments
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The reason that the Department of Education was only supposed to purchase this year’s student loans was so that the banks would not bundle only older delinquent loans for sale. The rationale for the Department buying them back at all was to free up money to lend, not to eliminate all lender risk.
— collegeloanconsultant Oct 3, 06:05 PM #