Finance

Student Loans: Students & Their Families Need Choice

Written by Gaurav Bhola, MSM, Managing Editor & Community Manager on August 2, 2007 3:26 pm EST

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In the last few months, the world of the student loan industry has gone through a 180 degree change. It all started with an investigation spearheaded by New York Attorney General Mario Cuomo into the nexus between universities and student loan lenders. Cuomo unearthed many unsettling issues that were not known to the general public.

The investigation uncovered the cozy relationship between colleges and lenders. Some student loan lenders had been offering special incentives to college financial-aid officials in return for placement on the colleges preferred lender lists. A lender’s placement on this preferred list guarantees that it will get special notice by the borrower.

Neither the students nor their parents were ever informed about the conflict of interest inherent in this type of nexus between the student loan lenders and colleges. The borrowers werent aware that possible competitive lower interest rate student loans, student loan debt consolidations, private student loans, federal student loans, and student financial aid options were offered online by popular student loan sites such as PremierStudentLoan.com.

PremierStudentLoan.com is a great place to get loan quotes, helpful tips & advice, research your loan options and get in touch with lenders that offer competitive low student loan rates.

Thankfully, Congress is looking into it this issue, parents and students are more aware, many colleges and lenders are cleaning up their act.

Looking back I cant believe that I might have lost out on an opportunity to get a lower interest rate and save thousands of dollars in interest just because the financial aid people were looking out for the lender’ interest and not mine. After all, that is their job duty, to work on behalf of students to get them the most competitive rates. I would like to get your thoughts on the matter. Share with me your experience about your college student loan process.

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