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Resource ID: #20900
Subject: Loan Scams
Source: U.S. News & World Report
Date: October 27, 2003



This story details how private lenders lure schools out of the federal government's cost - effective direct loan program and into exclusive contracts in the more expensive bank - based Federal Family Education Loan Program. Private lenders use questionable tactics that border on bribery to convince schools that they should switch programs. 62 colleges have entered this program since 2000, at a cost of roughly $250 million to the Treasury.

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