House adopts student-loan crackdown bill (Reuters)

Source: Reuters

House adopts student-loan crackdown bill

1 hour, 50 minutes ago

WASHINGTON (Reuters) - The U.S. House of Representatives on Wednesday
overwhelmingly passed a bill cracking down on conflicts of interest in the $85
billion student loan market amid a widening scandal.

The bill would require colleges and lenders to abide by strict codes of conducts;
ban gifts from lenders to college aid officers; require disclosure of college-
lender links; and protect students from aggressive marketing practices.

Investigations by Congress and New York Attorney General Andrew Cuomo
have accused lending institutions of providing pay and perks to college financial
aid officers in return for being put on "preferred lender" lists shown to students
looking to borrow money for their education.


Link: http://news.yahoo.com/s/nm/20070509/pl_nm/studentloans_congress_vote_dc

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