UNC, Meredith under fed watch on student loans
The United States Department of Education has sent a second round of letters to 55 U.S. colleges and universities - five of them in North Carolina - asking for more information about their student loan arrangements.
The University of North Carolina at Chapel Hill, the University of North Carolina at Charlotte, the University of North Carolina at Pembroke, Meredith College and Shaw University each received letters that went out Oct. 24. Responses from the schools answering questions about financial arrangements were due back to the education department by Nov. 30.
In a conference call at the time the letters were sent, Sara Martinez Tucker, U.S cash till payday. undersecretary of education, said, “We’re not accusing them of anything illegal at this point in time, but we want to be sure, based on what we’ve learned. The 55 schools, 48 of the 55 have (sell) loan volume in excess of $10 million and over 95 percent of their loan volume is with a single lender.”
And while representatives of all of the colleges and universities interviewed say they have done nothing wrong, the mishmash of practices at different schools reveals that the world of financial aid is complicated, with no two people agreeing on who provides the best deals and what constitutes best practices.
Filed under: finance, loans, student loans by Wolf