Quoted In: Did Congress Tame The ‘Wild West’? (Inside Higher Ed)

"[W]hat Cuomo’s investigation undeniably did was put significant pressure on the federal government to step up its regulation of the student loan industry," Inside Higher Ed reports. "But Congress stopped short of embracing two major changes that advocates for students and many financial aid officers argued would truly protect students from being hamstrung by unnecessary private loan debt: (1) requiring college officials to ‘certify’ that a student needs the money he or she is preparing to borrow from a private loan provider and (2) allowing borrowers to discharge private loan debt in bankruptcy. While the National Association of Student Financial Aid Administrators and its president, Philip R. Day Jr., favored the certification and bankruptcy changes that Congress shunned, ‘on the whole, the bill is a win for borrowers,’ said Justin Draeger, a spokesman for the group."

You can read the complete September 10, 2008 Inside Higher Ed article on-line.