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Student Loans Investigation Will Benefit the Students

By Erik Folgate

Andrew Cuomo, attorney general of New York, is leading an investigation on the relationship between private student loan companies and public and private universities. Cuomo believes that student loan companies are providing incentives for universities to drive business their way. Cuomo is working towards stricter guidelines for financial aid offices in universities, and this investigation will hopefully eliminate unfair practices between loan companies and universities.

The bottom line is that universities need to be doing what is best for their students, not for them. It’s amazing how universities so often do not view themselves as a business, but rather as a “gift” to students. WRONG! Universities are a business, and their paying customer is the student. Universities need to be making decisions that benefit their students, not themselves. But how often do you seem big corporations making decisions that are best for their shareholders, not their customer? This is no different, and it’s sickening. Whether you are Republican or Democrat, you can’t politicize the fact that college students should be protected by the government. A college educated society reduces crime, creates more jobs, and ultimately benefits the economy and culture. I know that attorneys can be annoying sometimes, but this is a noble cause, and even though he may have a political agenda, the college student will benefit from this investigation.

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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  • http://www.moneycrashers.com/student-loans-investigation-will-benefit-the-students/#respond Helen

    Please invesigate my problem. I am left with a student loan of which I cannot pay because I was cheated of my education from a university.
    Left me with a huge outstanding balance loan to pay.
    I stand in food lines and have no job because of this university.

    Helen Montecinos

  • Lynn Folgate

    I am sorry you are facing such a horrible situation.
    You are not alone, but unfortunately that doesn’t help matters.
    In my opinion, seeking good counsel is your best advocate.
    Where do you begin? I don’t know much but here’s a few ideas:
    1) Send an email to: www.daveramsey.com
    His financial website is fabulous. He is an expert at giving advice
    to the down and out, and will offer helpful avenues to pursue.
    If you don’t have access to a computer, go to the library.
    2) Get an appointment with the Legal Aid society. They offer legal
    expertise to those that can’t hire an attorney. To find one in your
    area: GOOGLE – legal aid+(city where you live). Contact your
    United Way as they may do legal aid.
    3) If you haven’t already done so, go to Social Security (be prepared to
    wait) or call for an appointment. See if you qualify for SSI
    Supplemental Security Income and Medicaid.
    4) Don’t lose hope…..you’ll get through this mess.

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