Peer-to-peer college lending has On December 1 we welcomed A more appropriate disclosure
not succeeded to date. There our 3 millionth visitor. might be, ‘What’s your lowest
are lots of students who want Kevin Walker rate, and what percentage of
to borrow money, but not many President applicants are approved at that
individuals who want to loan to Simple Tuition rate?’
them. Scott Parnell
Tim Ranzetta By comparing only ‘as low as’ inter- Chief Financial Officer
President est rates and not including approv- Citibank
Student Lending Analytics al rates, it’s illusory.
U.S. Department of We will publish new three-year
Education activities cohort default rates soon. It
Several reports of the doings of will be raw data for informa- Two FFEL guarantors have
a very busy government were tional purposes. There will be ceased operations in recent
delivered at CBA by Dan Madzelan, no sanctions. years. Education Assistance
an articulate spokesman who was Corporation (South Dakota) was
packing more facts than most in During recent negotiated merged into Great Lakes
the audience could handle. rulemaking sessions on Higher education in
incentive compen- October 2009. Con-
Academic year 2008-09 pro- sation for school necticut Student Loan
duced $82 billion in Stafford and employees, we’ve Foundation will be
PLUS loans. Of them, 26 percent experienced audi- replaced by Education
were originated as direct loans, ences of 200 people, Credit Management
and 74 percent were originated and they are growing. corporation on
as FFEL loans. At this time, the January 1, 2010.
U.S. Dept. of Education owns 82 Inside FAFSA On The Web Shelly Repp
percent of them, $67 billion. we will display data for each of General Counsel
the student’s choice of colleg- National Council of Higher Edu-
We have an ‘on-boarding team’ es—retention rates, graduation cation Loan Programs
for schools coming to direct lend- rates and withdrawal rates.
ing. The team includes sector and Who is profiting from student
school specialists. Meanwhile, We believe community colleges loans? The ECASLA statute pro-
there are hundreds of schools are an unpolished gem in the duced $5 billion in net income
who have been direct loan-ready American higher education from Stafford and PLUS loans for
since 1994 but have never used system. the federal government last year.
the program. That’s what we were Dan Madzelan Arthur Rotatori
encouraging in the Secretary’s re- Acting Assistant Secretary Attorney and Partner
cent letter to college presidents. U.S. Dept. of Education McGlinchey Stafford PLLC
“At Today’s Campus we know a good quote when we hear it!”
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