College Loan Scandal Update
An update to my May 2 Blog on corruption in the college-student loan industry. The House of Representatives May 9 approved legislation that would ban gifts from lenders to schools and also require schools that provide lists of approved lenders to report any business dealings with those lenders. The vote was 414-3. It’s a shame it takes a law to ensure colleges do what they should have been doing all along.
posted by Joe Zelnik @ 9:34 AM
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1 Comments:
NBC News reported on this scandal last night. Lisa Meyers' report can still be seen at msnbc.com.
Meyers reported, "In internal bank documents, obtained by NBC News, students are referred to as 'the target.'"
This single piece of information changed the whole story for me -- made it personal. Suddenly, another routine report on corporate greed and corruption took on a face -- the faces of our children.
These banks and colleges (the NBC report names JPMorgan Chase and Columbia University among the guilty) targeted our nation's children as much as Seung-Hui Cho targeted the students of Virginia Tech.
New laws and regulations may help prevent this from happening again, but that is not enough. What about the targets who fell victim and are now saddled with higher interest rates on their student loans?
Those who have profited should have to reimburse every extorted penny to their targets, their victims. Our children.
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