Student loans

Suggests schools adopt “Code of Conduct” Suggests schools adopt “Code of Conduct”

Sept. 4, 2007 -- Kansas Attorney General Paul Morrison announced today the findings of his three-month student lending probe. Overall, Kansas schools are acting responsibly when providing lending options to students.    » read more »

August 31, 2007 -- TALLAHASSEE – Florida Governor Charlie Crist today declared September as College Savings Month in Florida, recognizing that saving for a child’s college education is one of the most important things a family can do.    » read more »

3 Connecticut Schools had agreements with the College Board

NEW YORK, NY (August 27, 2007) - New York Attorney General Cuomo today commended student loan settlements with three schools in Connecticut, Trinity College, Fairfield University and Sacred Heart University, involving contracts they had with the College Board. These contracts included placing the College Board on their list of preferred lenders in exchange for discounts on software products and financial aid programs.    » read more »

August 27, 2007 -- Connecticut Attorney General Richard Blumenthal today announced landmark agreements and settlements with colleges and universities across the state to fight conflicts of interest in the student loan industry.    » read more »

August 17, 2007 -- Jefferson City, Mo. — Missouri Attorney General Jay Nixon is reminding college students and their parents to be careful when heading to campus this year. Nixon says students will face an increasing onslaught of offers from credit card companies, payday lenders and others hoping to capitalize on the back to school population.    » read more »

August 10, 2007 -- (Lincoln, NE) Nebraska Attorney General Jon Bruning today announced Lincoln-based student loan provider Nelnet has agreed to give $1 million for student loan assistance programs in the state of Nebraska.    » read more »

Scrutinizes Deals Between Student Loan Provider And University Athletic Departments; Top Division I Schools Among Those Subpoenaed; Athletic Departments May Have Profited by Promoting SFS Loans

NEW YORK, NY (August 1, 2007) – Opening a new chapter in his ongoing investigation into the student loan industry, New York State Attorney General Andrew M. Cuomo today served subpoenas and document requests on 40 universities seeking information on deals their athletic departments made with a student loan provider. Thirty eight of the universities subpoenaed are Division I schools.    » read more »

July 31, 2007 -- Money magazine has recognized the Michigan Education Savings Program (MESP) as a top five 529 College Savings Plan in the nation. In its August 1, 2007 edition, Money describes MESP as a plan "Whose strong management and low fees make them top choices not only for their own state's citizens, but for anyone whose in-state plan doesn't merit a star." A chart, comparing MESP to other 529 plans, will be posted on the Money/CNN website, located at www.money.cnn.com.    » read more »

- Nelnet Agrees to End Payoffs to More Than 100 Alumni Associations
- Will Pay $2 Million to Educate College Bound Students about Loan Options

ISAC deal will help agency pay off debt, focus on making college more affordable for Illinois students

DEERFIELD, IL, July 30, 2007 – The Illinois Student Assistance Commission (ISAC) today closed the sale of $1.38 billion in student loans to two not-for-profit agencies. The transaction will help ISAC pay down its debt, exit the increasingly unprofitable business of holding loans made to non-Illinois students, and focus on making college more affordable for Illinois students.    » read more »

Includes $204 Million for Maryland Students & Families; Bill Would Boost Pell Scholarships & Cuts Loan Rates in Half at No New Taxpayer Expense

July 11, 2007 -- WASHINGTON, DC – Congressman Steny H. Hoyer (D-MD) today voted to approve legislation that would make the single largest investment in college financial aid since the 1944 GI Bill, with $204 million to help Maryland students and families pay for college – and doing so at no new cost to U.S. taxpayers. The legislation, the College Cost Reduction Act of 2007 (H.R.    » read more »

July 11, 2007 -- WASHINGTON, D.C—Today, Senator Edward M. Kennedy, Chairman of the Senate Health, Education, Labor and Pensions Committee, released the following statement in response to the passage of the College Cost Reduction Act of 2007 by the United States House of Representatives.

"This is a big victory for students and families across America who face rising college costs. The time to put the needs of students ahead of the profits of the banks is long overdue. I look forward to passage of similar legislation in the Senate this month."

Source: Senator Ted Kennedy

July 11, 2007 -- (Washington D.C.) - Congressman John P. Murtha, Chairman of the House Appropriations Subcommittee on Defense, voted today to approve legislation that would make the single largest investment in college financial aid since the 1944 GI bill. The College Cost Reduction Act of 2007 would boost college financial aid by about $18 billion over the next five years, helping millions of students pay for college.

Each year in Pennsylvania 211,832 students take out need-based loans at 4-year public schools, amounting to nearly $14,000 of accrued debt per student on average.    » read more »

July 11, 2007 -- Washington, D.C. - Speaker Nancy Pelosi spoke on the House floor this afternoon supporting the College Cost Reduction Act of 2007. Below are her remarks:

“I thank the gentleman for yielding. I thank you, Mr. Chairman, for your great leadership in bringing us to this historic day.

“I rise today in strong support of the College Cost Reduction Act of 2007.    » read more »

July 11, 2007 -- The College Democrats of America today applauded House Democrats for standing up to President Bush’s irresponsible veto threat and passing the College Cost Reduction Act of 2007. After promising last year to make college more accessible and affordable, Democrats kept that promise by passing the Reduction Act, which would increase the size of Pell grants for poor students, cut interest rates for student loans, cap monthly loan payments at 15 percent of a student’s discretionary income, and slash subsidies for the scandal-plagued student loan industry by $19 billion.    » read more »