Cuomo: Fed Ed Dept. “asleep at the switch”
Former Clinton cabinet member turned New York Attorney General Andrew Cuomo told a Congressional committee today he feels the federal Department of Education “has been asleep at the switch” in addressing deceptive practices in student lending.
Read our report from Washington “here.”:http://www.lohud.com/apps/pbcs.dll/article?AID=/20070425/UPDATE/704250446
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Over at CollegeLoanSearch, we’re not so impressed with Andrew Cuomo. We don’t agree with financial aid officers owning stock of their student loan partners. But we’re not convinced that revenue sharing affiliate partner programs are such a bad thing at all. Now, if the financial aid officer didn’t explain to students that they had a choice of which lender they can do business with….that’s the financial aid officer’s problem. But paying a commission to the university for referring business—that’s just how affiliate marketing programs work. It’s our understanding that the university’s in question used the funds from the revenue sharing arrangements to benefit the university (scholarships, building funds, general funds, etc). No big whoop.
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