Colleges Caught Red Handed Taking Kickbacks from Banks
In response to this fiasco, the Department of Education has come down hard. New rules in place prevent financial aid offices from taking any gifts greater than $10.00 from banks or other financial institutions. These include things such as gifts, cash, prizes, trips and the like. Financial aid offices will also have to put at least 3 preferred lenders on their student loan marketing material and tell their students why those preferred lenders were chosen.
A number of different colleges have taken individual actions to clean up their financial aid offices. For example, the financial aid directors of Columbia University and Johns Hopkins University have both been fired. Since colleges are under very close watch right now, chances are the financial aid offices will treat you a little bit better and make sure that you're getting a good deal.
If you're going to apply for a Federal Stafford Loan, make sure to research the banks you're choosing from thoroughly. Don't just look at the 3 options your financial aid office will give you, look around online and see if you can't get a better deal. Find one that won't charge you an origination fee and one that will give you a discount for paying on your loan on time after you graduate. Make sure you're going with a reputable bank that hasn't had any string of complaints about how they treat their student loan holders. Do your due diligence to make sure you're getting a high-quality and low-fee student loan.
Published by Matthew Paulson
I am a very busy undergraduate, I'm involved with nine different campus organizations and work five different jobs. Most notably, I am the editor-in-chief of DSU's Trojan Times. View profile
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4 Comments
Post a CommentSigh. Good article. Thank you for being so thorough.
Please if you can list Clark Atlanta University in Atlanta Ga as being one of the worst schools to have a bad reputation of dealing with students and financial aid. The employees at this school are very ignorant when it comes down to educating the students about student loans and what banks to use. The schools takes advantage of the freshmans in particular. I just graduated and they did not even offer a sit-down financial aid exit review. I was told to go on-line.
Please if you can list Clark Atlanta University in Atlanta Ga as being one of the worst schools to have a bad reputation of dealing with students and financial aid. The employees at this school are very ignrant when it comes down to educating the students about student loans and what banks to use. The schools takes advantage of the freshmans in particular. I just graduated and they did not even offer a sit-down financial aid exit review. I was told to go on-line.
Please if you can list Clark Atlanta University in Atlanta Ga as being one of the worst schools to have a bad reputation of dealing with students and financial aid. The employees at this school are very ignrant when it comes down to educating the students about student loans and what banks to use. The schools takes advantage of the freshmans in particular. I just graduated and they did not even offer a sit-down financial aid exit review. I was told to go on-line.