It may appear to many that the college is actually trying to help "streamline" the process for parent's and students to get access to student loans by providing a "preferred lender list" on it's financial aid website. At some colleges, there is a rebate happening behind the scenes every time a lender receives a loan from the college it has a "preferred" relationship with.
Is the ethical.....Good question!
According to the Attorney General for the state of New York...it's is NOT. I have attached a link below to the full article.
www.msnbc.msn.com/id/17644168/
Let's play devil's advocate here.
Schools are supposed to be non-profit but if you look closely, you will see where there are profits built in to a number of events, transactions and arrangements they promote. In this particular circumstance it feels a lot like when a farmer takes a hog to slaughter, provides the transportation and claims it is helping the hog!
I have NO objection in getting paid for providing a service (I do that), just simply disclose it. If a provider is offering a student or parent loan to someone who is trying to get into a particular college and then providing a referral fee, finders fee, rebate or whatever, simply make it known.
In this case, the colleges do not make it known and some even goe so far as to give the impression that they are simply making the process less overwhelming......
I truly believe in a college education. I truly believe in bettering yourself through advancement in knowledge, gainful employment and increasing amounts of quality experience. I just have an issue with people, entities and organizations representing themselves in non-credible ways that end up taking advantage of less knowledgeable persons.
Not to sound so doom and gloom!
Talk with you again soon.....
Thanks
Jon
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