The Department Of Education Puts Schools On Notice Regarding Their Preferred Lender Lists

Abstract:

Schools with more than 70 percent of their total student loan volume through a single loan provider received a “friendly” reminder to be careful about how they construct their preferred lender lists late last month, according to U.S. Department of Education officials addressing attendees of the NASFAA Annual Conference. The Department sent letters to more than 900 schools where almost the entire loan volume can be attributed to a single loan provider to encourage them to review their policies and procedures and ensure they are in compliance with federal regulations. Three officials from the Department spoke to nearly 3,000 financial aid administrators Monday morning during the opening Student Aid Update session. David Bergeron and Dan Madzelan from the Office of Postsecondary Education joined Baker to discuss proposed legislation, regulation, and budgets from the upcoming year.

The original full article was published in NASFAA’s Today’s News on 7/10/07.