Barton Community College, Pennsylvania Higher Education Assistance Agency (PHEAA)
America's Top Student Loan Consolidator |
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| Wednesday, February 6 , 2008 |
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Major Lender Exits FFEL Program |
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By Carina Zaragoza |
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College Loan Corporation, the eighth-largest Federal Family Education Loan Program (FFELP) lender in the country, will exit the FFELP business on March 1, 2008.
The announcement came Thursday, January 31, 2008, in a statement made by the company's CEO, Cary Katz. He stated that "recent Congressional action has decimated the Federal Family Education Loan Program, essentially making it impossible for midsized companies like College Loan Corporation to participate in the federal loan marketplace. In addition, continuing disruptions in the credit markets have compounded the impact of the legislation."
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Overpayments Made to Lender Must Be Paid Back
By Carina Zaragoza
The Department of Education has demanded that the Pennsylvania Higher Education Assistance Agency (PHEAA) pay back an estimated $15 million it inappropriately billed the federal government. PHEAA was able to bill such an exorbitant amount through a loophole in federal law that has since been closed.
The loophole allowed lenders that originated student loans using tax-exempt bonds to earn 9.5% in subsidized interest. The bonds used were issued prior to 1993, and lenders simply recycled the funds to continue to earn subsidized interest.
The amount the Department of Education determined that the student loan agency owes is about $20 million less than the original findings by the auditor.
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UCLA Gets Center on Climate Change
Thanks to a donation and a matching-gift challenge, $10 million will fund a new center for the University of California — Los Angeles School of Law. The donation was initiated by Dan Emmett, who is a real estate businessman in Santa Monica, CA. The center will focus on the environment and climate change. A law clinic and a law and policy program are the main foci as of now for the center.
St. Mary's Gets Thousands
Texas Attorney General Greg Abbott has given a generous donation to the St. Mary's University School of Law on behalf of the state. The money came from a lawsuit involving a local company. The company, Mark Nutritionals, claimed that its products would help people lose weight. The San Antonio-based company had to donate a portion of its "consumers' funds" to a local university. St. Mary's will benefit by being able to expand its law clinic with more than $100,000. In 2005, when the company filed for bankruptcy, the law schools at the University of Houston and Southern Methodist University also received money.
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