May 31, 2007
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Thursday, May 31 , 2007
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Study Shows Half of 2007 Graduates Have Jobs

By Brooke Heath

A recent study shows that more than half of 2007 graduates had full-time jobs lined up prior to graduating this spring. According to the preliminary results of a study conducted by the National Association of Colleges and Employers (NACE), 51.2% of graduates who had searched for jobs had accepted jobs in early May. Additionally, close to 30% more had offers that they had not yet accepted.

NACE's 2007 Graduating Student Survey was conducted online between March 15 and May 7. More than 12,000 students at four-year colleges and graduate schools across the country were polled. Of the 12,000 polled, more than 10,000 were seniors.

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Federal Agents Raid Florida-Based Student Loan Company

By Brooke Heath

Last week, in Largo, FL, federal agents raided Student Funding Services, confiscating many of the not-for-profit company's documents. The local FBI agents were accompanied by agents from the Office of the Inspector General for the Department of Education. However, neither agency would say what it was looking for or reveal the purpose of the raid.

According to The St. Petersburg Times, former employees watched as the agents filled a large U-Haul truck with boxes of documents after 4:00 p.m. on Wednesday, May 23.

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Cuomo boasts that two more schools have agreed to abide by his code of conduct

Attorney General Andrew M. Cuomo announced he has reached agreements with two more universities. Drexel University in Pennsylvania has consented to refund student borrowers about $250,000, which the university received in the form of revenue-sharing fees from lenders. Capella University in Minnesota has agreed to disclose information pertaining to the business relationship the university's director of financial aid had with student loan lenders. Both universities have accepted Cuomo's code of conduct, which requires institutions to revise their practices with respect to student loans. Cuomo's code of conduct has been accepted by 22 other schools to date.

Simplification of existing tax breaks for middle-class students

If the recently introduced Universal Higher Education and Lifetime Learning Act is passed, existing tax breaks for students will be strengthened and simplified. The bill targets three existing tax breaks that students receive when paying for higher education: the Hope Scholarship, the Lifetime Learning Credit, and deductions for tuition and fees. A Government Accounting Office (GAO) study indicates that 27% of eligible tax filers do not claim tuition deductions or tax credits, partly because of the complexity of the system. Students and parents currently must struggle through a daunting 83-page IRS document in order to determine their eligibility. The Universal Higher Education and Lifetime Learning Act would simplify the tax code.

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