November 10, 2007

Workers laid of by Federal Loan lenders hired by Private Loan lenders

Posted in Student Loan News at 8:00 AM by Joe From Boston

I thought this was an interesting twist to the result of the recent legislation.  Because Federal loans are less profitable, many companies laid off a large portion of their staff, or left the business completely.  Now Congress is looking into Private Loan lenders because the area is not heavily regulated and some companies have been accused of deceptive practices.  And now, according to the Chronicle of Higher Education, the private loan companies are hiring all the Federal Loan employees that were laid off!

You can view the article here, but a paid subscription may be necessary to view the entire article.


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