Lenders Sought Edge Against U.S. In Student Loans – New York Times

It amazes me to no end, the practices of certain business sectors to keep a grip on their revenue stream and to lock out competition, even at the expense of the American family. What is even more disgusting, are the schools themselves, who say that they are about education and contributing to a better good, while their intent  is nothing more than being a business. To Indiana University, just go ahead and incorporate yourself, and be what you truly are.

Lenders Sought Edge Against U.S. In Student Loans – New York Times In a fierce contest to control the student loan market, the nation’s banks and lenders have for years waged a successful campaign to limit a federal program that was intended to make borrowing less costly by having the government provide loans directly to students. The companies have offered money to universities to pull out of the federal direct loan program, which was championed by the Clinton administration. They went to court to keep the direct program from becoming more competitive. And they benefited from oversight so lax that the Education Department’s assistant inspector general in 2003 called for tightened regulation of lender dealings with universities. At Indiana University in 2004, for example, Sallie Mae, the nation’s largest student lender, offered $3 million that the university could use for “opportunity loans” to some students if it left the direct loan program. Indiana left the direct loan program but said the $3 million was not the reason; Sallie Mae currently administers their loan program.