Yesterday, the House, nearly unanimously, voted to enact Sen. Kennedy's "Student Loan Sunshine Act". This act, as best we can tell, is a guide in ethics and common sense. Read up on it, but basically, the preferred lender lists, iducements, and such. We didnt' find anything too earth shattering here. Like we said, it's legislating good business practices. Since the Department of Education failed to regulate these issues, the lawmakers passed a law to address the issue. If signed in to law, there will now be criminal consequences for the industry if the preferred lender list shenanigans continues.
Hurry up....you can catch Margaret Spellings testifying before the House education committee. You can watch it live here (it will probably also be archived for some time too). It's fairly contencious. Really good stuff.
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