In a letter sent to Senators on Friday, a NASFAA-led coalition made up of financial aid administrators, students, student loan providers, and consumer advocates urged the Senate to include an amendment to the Restoring American Financial Stability Act of 2010 (S. 3217) that would mandate school certification on all private education loans. In December, the U.S. House of Representatives passed the Wall Street Reform and Consumer Protection Act of 2009, which included a provision that would require private educational lenders to obtain institutional certification prior to making loans to students. The Senate has yet to commit to a similar provision.
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NASFAA, Lenders, Students, and Consumer Advocates Urge Full School Certification on Private Loans
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NASFAA, Lenders, Students, and Consumer Advocates Urge Full School Certification on Private Loans
In a letter sent to Senators on Friday, a NASFAA-led coalition made up of financial aid administrators, students, student loan providers, and consumer advocates urged the Senate to include an amendment to the Restoring American Financial Stability Act of 2010 (S. 3217) that would mandate school certification on all private education loans. In December, the U.S. House of Representatives passed the Wall Street Reform and Consumer Protection Act of 2009, which included a provision that would require private educational lenders to obtain institutional certification prior to making loans to students. The Senate has yet to commit to a similar provision.
Read more here:
NASFAA, Lenders, Students, and Consumer Advocates Urge Full School Certification on Private Loans