May 17, 2007
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Thursday, May 17 , 2007
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Edwards Announces New Plan to Eliminate FFEL

By Brooke Heath

Recently, U.S. Senator John Edwards (D-NC) publicized his new plan that would require all students to borrow directly from the Department of Education. The prospective presidential candidate hopes to eliminate the Federal Family Education Lending (FFEL) Program in order to make college more affordable for more students.

According to Higher Education Washington, Inc.'s NewsLine, Senator Edwards states that his plan to get rid of federal subsidies for banks that provide student loans would leave almost $6 billion per year that would make college more attainable.

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House Votes in Favor of Student Loan Sunshine Act

By Brooke Heath

This week, the House of Representatives voted in favor of the Student Loan Sunshine Act (H.R. 890). In a landslide vote of 414-3, the act was passed in an effort to end dishonest alliances between colleges and student lenders.

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NY adopts student loan corruption-reduction legislation

The New York Legislature unanimously approved and adopted the Student Lending Accountability, Transparency, and Enforcement (SLATE) Act of 2007. It was introduced on April 16 by legislative leaders Joseph L. Bruno and Sheldon Silver at the insistence of New York Attorney General Andrew M. Cuomo. The landmark legislation, which is the first of its kind, codifies Cuomo's "College Loan Code of Conduct," which will be used to settle cases involving lenders and institutions. It also halts the practice of colleges receiving gifts from lenders in exchange for directing potential customers to them.

Education Department loan official resigns

Theresa Shaw, chief operating officer for the Federal Student Aid Office, is calling it quits as the probe into student-lender misconduct intensifies. Shaw has been at the helm since 2002, heading the department that administers federal student aid programs. For some time, she has been drawing flak for the office's alleged lax oversight of the $85 billion student loan industry. Members of Congress and other critics allege that the federal department's officials in charge of overseeing the student loan industry had ties that resulted in conflicts of interest.

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