| You have probably seen news stories about
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| | the ones their school recommends. That
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| the preferred lender lists that most
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| | would be fine except this investigation
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| colleges have and alleged misconduct by
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| | has shown the names on that list may not
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| some lenders and financial aid officers.
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| | all be there because they are the best
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| There have been a lot of accusations and
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| | option for the student. A few financial
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| some admissions, but what does this all
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| | aid officers and schools have received
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| mean to you? What if your school is one
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| | financial benefits from a few lenders
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| of the ones being investigated?
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| | (called inducements) for encouraging
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| The majority of people who work in the
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| | their students to use them. As an example
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| financial aid office of your school are
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| | some lenders have allegedly contributed
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| on your side and work very hard to make
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| | to the school's scholarship funds, paid
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| sure their students receive the best loan
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| | for officers to travel to island resorts
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| information possible. But just like any
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| | for "meetings", given officers high
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| other industry, there will always be a
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| | paying consultation jobs, provided gifts
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| couple bad apples. So far 6 colleges have
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| | and cash bonuses to officers, paid a
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| suspended or fired their financial aid
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| | percentage of the loans generated back to
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| directors over inappropriate
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| | the school, given officers stock in the
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| relationships with lenders. Several
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| | lender's company. There is currently a
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| lenders have agreed to pay into a fund
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| | congressional summit going on to discuss
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| set up to educate students and their
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| | these lender inducements, preferred
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| families about their financial aid
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| | lender lists, and any other issues left
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| options, some of them up to two million
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| | unresolved from the last summit.
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| dollars. Financial aid officers from more
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| | There has already been a profound effect
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| than 100 schools have been questioned.
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| | within the higher educational community.
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| The general manager of the Department of
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| | Many schools have voluntarily ended
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| Education's financial partners services
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| | lender agreements that could be seen as
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| has been suspended. What exactly is all
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| | biased, adopted the new guidelines for
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| the fuss over?
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| | conduct drafted by New York Attorney
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| Almost all colleges and universities have
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| | General Andrew Cuomo and repaid any money
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| a preferred lender list available for
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| | received from lenders to their students
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| their students. The purpose of the list
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| | through scholarships and student benefits
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| was to give students several options of
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| | programs. The NY Attorney General's
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| companies that the college has found to
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| | office has announced one intended lawsuit
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| be fair and honest in their dealings.
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| | already and several other states
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| Even though you are not required to
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| | Attorneys General have started their own
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| choose a lender off of the list - federal
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| | investigations. No one is sure what this
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| law states you may use any lender you
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| | will mean to individual students, but the
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| wish - most students just picked one of
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| | times are definitely changing.
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