OK, this is a pretty interesting story. Over at MRU (My Rich Uncle), the private student loan lender, they decided they needed some advertising to assist with their loan origination efforts. So they took out a slew of 2-page ads in the New York Times, USA Today, and some other publications — a pricey undertaking to say the least. The ads accused university financial aid officers of accepting “inducements” to decide on the school’s preferred lender list. They more or less suggested that financial aid officers are bribed to business with certain lenders. Then MRU show up at the NASFAA Conference. We understand that MRU went all out in decking their booth. We imagine there were some awkward moments for MRU. What a wacky industry this is!
But Loan to Learn isn’t without mention in this tail of deceit amongst private ed lenders. Apparently, “Inside Higher Ed” got the scoop on an FTC investigation regarding their marketing tactics.
The moral of these examples lead us to the conclusion that when it comes to private education student loans: Conduct some thorough research….make sure you know what you’re getting into and whom you are dealing with.
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