레이블이 No Interest Loans for College인 게시물을 표시합니다. 모든 게시물 표시
레이블이 No Interest Loans for College인 게시물을 표시합니다. 모든 게시물 표시

2013년 11월 24일 일요일

About 'no interest student loan'|Father Stuck With Dead Son’s Student Loans But No One Will Tell Him How Much He Owes







About 'no interest student loan'|Father Stuck With Dead Son’s Student Loans But No One Will Tell Him How Much He Owes








New               York               State               Attorney               General               Andrew               Cuomo               announced               Thursday               that               his               office               will               sue               Drexel               University               in               Pennsylvania,               which               will               be               the               first               legal               action               against               a               school               in               his               nationwide               student               loan               investigation.

According               to               Cuomo's               investigation,               Drexel               received               over               $124,000               from               revenue               sharing               agreements               with               Education               Finance               Partners               (EFP)               and               has               accrued               another               $126,000               through               March               2007.

Since               2005,               Drexel               has               sent               over               $16               million               in               loan               volume               to               EFP               as               part               of               its'               preferred               lender               list.

In               landmark               settlements               with               other               schools               involved               in               the               student               loan               scandal,               students               will               be               reimbursed               $3.27               million.

Under               the               settlements,               the               following               schools               will               make               aggregate               reimbursements:
               NYU               -               $1,394,563.75               for               loans               issued               over               a               five-year               period.


               St.

John's               University               -               $80,553.00               for               loans               issued               over               a               one-year               period               
               Syracuse               University               -               $164,084.74               for               loans               issued               over               a               two-year               period               
               Fordham               University               -               $13,840.00               for               loans               issued               over               a               one-year               period               
               University               of               Pennsylvania               -               $1,617,580.00               for               loans               issued               over               a               two-year               period               
               Long               Island               University               -               $2,435.41               for               loans               issued               over               a               one-year               period
               The               money               will               be               distributed               to               students               based               on               how               much               each               student               borrowed               and               at               what               rate.

If               students               cannot               be               contacted,               the               money               for               their               reimbursement               will               go               to               a               fund               set               up               by               Cuomo's               office               to               educate               college-bound               students               about               the               student               lending               industry.

In               the               same               settlement,               Citibank               agreed               to               contribute               $2               million               to               the               educate-students               fund               for               its'               part               in               not               complying               with               the               lender               code               of               conduct.
               Cuomo               says,               "This               investigation               is               a               two               front               battle:               lenders               and               schools.

We               have               proceeded               against               lenders               and               now               we               are               proceeding               against               schools.

There               is               no               reason               for               a               school               not               to               adopt               the               Code               of               Conduct,"               Cuomo               said.

"This               office               has               been               clear               to               schools:               settle               or               we               will               commence               litigation.

Either               way               we               will               get               justice               for               students."               Cuomo               also               applauds               the               schools               and               Citibank               who               have               settled               in               favor               of               students.

"These               schools               and               Citibank               have               made               the               responsible               choice               and               are               showing               themselves               to               be               industry               leaders               by               being               the               first               to               take               a               major               step               in               cleaning               up               a               system               laden               with               conflicts               of               interest,"               Cuomo               said.

"We               are               beginning               the               process               of               restoring               trust               between               universities               and               students               and               now               is               the               time               for               other               schools               and               lenders               to               step               up               and               end               the               conflicts,               perks               and               revenue               sharing               that               have               been               costing               students               in               New               York               and               across               the               country               dearly.

These               schools               and               Citibank               are               setting               the               example               the               entire               industry               should               live               by."
               Edward               Kennedy               has               asked               the               U.S.

Department               of               Education               to               investigate               Federal               Family               Education               Loan               Processing               Corporation               and               FSLS,               Incorporated,               both               that               offer               deals               to               students               that               might               violate               federal               law.

Kennedy               discovered               that               one               company               offers               a               credit               card               with               a               limit               of               $300               in               exchange               for               a               testimonial               by               the               student               that               the               company               provided               good               federal               student               loan               services.

Neither               company               is               affiliated               with               the               federal               government,               and               Federal               Family,               who               markets               itself               as               FFELP,               Inc.,               may               be               misleading               consumers               into               thinking               it               was               created               under               the               1965               Higher               Education               Act,               which               it               was               not.
               Stay               tuned;               it               is               likely               that               more               settlements               will               be               announced               and               more               refunds               to               students               may               be               awarded               as               the               ongoing               national               investigation               into               student               loan               misconduct               proceeds.






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