http://tedkennedy.com/journalSenator Kennedy Leads the Fight on College Loans; Private Lenders Feeling the Heat
The abuses of the student loan industry are getting more attention in Washington and on Wall Street as the efforts of Senator Kennedy and other legislators following his lead gain momentum.
Kennedy’s work on behalf of college students who rely on student loans to afford college have been wide-reaching. He has initiated two investigations of Nelnet Incorporated, the number one recipient of student loan corporate welfare, and he has introduced two pieces of student loan reform legislation, Student Loan Abuse Prevention Act and the Student Aid Reward Act.
Last week, the Department of Education’s Inspector General The followed up on Kennedy’s suggestion
http://www.tedkennedy.com/journal/104/inspector-general-steps-in-to-stop-student-loan-abuse and opened its investigation into Nelnet. The House of Representatives voted to pass legislation similar to Kennedy’s Student Loan Abuse Prevention Act. Nelnet took a major financial hit—the value of its stock fell more than $100 million in one day after a private equity research firm, the Center for Financial Research and Analysis, released a report on the impact of Kennedy’s Student Loan Abuse Prevention act and the Inspector General’s investigation.
Today’s New York Times has an editorial
http://www.nytimes.com/2005/06/29/opinion/29wed2.html? on the House’s legislative action to stop student loan companies like Nelnet and Sallie Mae from earning billions of dollars in profits from government subsidies that could instead be used to help more students attend college.
Kennedy has vowed to press the issue until all the waste – also known as “the 9.5% loan scandal” is shut down once and for all.
–Crystal Patterson
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