Big Money on Campus: How Taxpayers are Getting Scammed by Student Loans

Number 20900
Subject Loan Scams
Source U.S. News & World Report
State DC
Year 2003
Publication Date October 27, 2003
Summary 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.
Pages 14
Keywords Sallie Mae
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