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Messages - sjminflorida

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1
L.L.M. Board / Sallie Mae: preferred or not preferred in Miami?
« on: August 16, 2007, 08:16:17 AM »
August 15, 2007

Sallie Mae: preferred or not preferred in Miami?

It's getting tough to find a proper "preferred lenders" list this summer, as colleges feel the heat from state and federal investigations into student lending practices.

But old habits die hard.

On Monday, financial aid officials at the University of Miami said they'd abandoned the practice of recommending preferred lenders to students. On Tuesday they backpedaled in a report to Florida Attorney General Bill McCollum, after the Times pointed out instances in which they were still promoting lending giant Sallie Mae.

Sallie Mae handled some 92 percent of federal loans worth more than $69 million at the university in 2006, including University of Miami loans the company backed and later purchased. The company did even better at Nova Southeastern University that year; it issued $146.7 million loans in its own name, and had agreements to purchase $277 million more from the university or its "strategic lending partner," Fifth Third Bank.

The federal Department of Education has been trying to crack down on such domination by a single lender, proposing new rules and issuing warnings this summer to schools where one company dominates the action. But it missed many arrangements, such as those at Miami and Nova, in which loans are issued and quickly resold to another lender.

Got your own story on how Sallie, another big lender, or a university tried to convince you to take out a loan? The Gradebook would like to hear about it. Send a note to tmarshall@sptimes.com.

 

 

2
General Board / Sallie Mae: preferred or not preferred in Miami?
« on: August 16, 2007, 08:14:58 AM »
August 15, 2007

Sallie Mae: preferred or not preferred in Miami?

It's getting tough to find a proper "preferred lenders" list this summer, as colleges feel the heat from state and federal investigations into student lending practices.

But old habits die hard.

On Monday, financial aid officials at the University of Miami said they'd abandoned the practice of recommending preferred lenders to students. On Tuesday they backpedaled in a report to Florida Attorney General Bill McCollum, after the Times pointed out instances in which they were still promoting lending giant Sallie Mae.

Sallie Mae handled some 92 percent of federal loans worth more than $69 million at the university in 2006, including University of Miami loans the company backed and later purchased. The company did even better at Nova Southeastern University that year; it issued $146.7 million loans in its own name, and had agreements to purchase $277 million more from the university or its "strategic lending partner," Fifth Third Bank.

The federal Department of Education has been trying to crack down on such domination by a single lender, proposing new rules and issuing warnings this summer to schools where one company dominates the action. But it missed many arrangements, such as those at Miami and Nova, in which loans are issued and quickly resold to another lender.

Got your own story on how Sallie, another big lender, or a university tried to convince you to take out a loan? The Gradebook would like to hear about it. Send a note to tmarshall@sptimes.com.

 

 

3
Nova Southeastern / Sallie Mae: preferred or not preferred in Miami?
« on: August 16, 2007, 08:13:23 AM »
August 15, 2007

Sallie Mae: preferred or not preferred in Miami?

It's getting tough to find a proper "preferred lenders" list this summer, as colleges feel the heat from state and federal investigations into student lending practices.

But old habits die hard.

On Monday, financial aid officials at the University of Miami said they'd abandoned the practice of recommending preferred lenders to students. On Tuesday they backpedaled in a report to Florida Attorney General Bill McCollum, after the Times pointed out instances in which they were still promoting lending giant Sallie Mae.

Sallie Mae handled some 92 percent of federal loans worth more than $69 million at the university in 2006, including University of Miami loans the company backed and later purchased. The company did even better at Nova Southeastern University that year; it issued $146.7 million loans in its own name, and had agreements to purchase $277 million more from the university or its "strategic lending partner," Fifth Third Bank.

The federal Department of Education has been trying to crack down on such domination by a single lender, proposing new rules and issuing warnings this summer to schools where one company dominates the action. But it missed many arrangements, such as those at Miami and Nova, in which loans are issued and quickly resold to another lender.

Got your own story on how Sallie, another big lender, or a university tried to convince you to take out a loan? The Gradebook would like to hear about it. Send a note to tmarshall@sptimes.com.

 


4
L.L.M. Board / Got Nova Debt?
« on: August 13, 2007, 09:13:55 AM »
Have you accumulated large debt from your studies at Nova?

You’re not alone!

Nova ranked 10th in the nation for undergraduate debt this year.

Share your student loan story in our 'Got Nova Debt Contest' and enter to win $500. 

go to: www.eyeonnova.org


5
General Board / Got Nova Debt?
« on: August 13, 2007, 09:12:10 AM »
Have you accumulated large debt from your studies at Nova?

You’re not alone!

Nova ranked 10th in the nation for undergraduate debt this year.

Share your student loan story in our 'Got Nova Debt Contest' and enter to win $500. 

go to: www.eyeonnova.org

6
General Board / Got Nova Southeastern University Debt?
« on: August 12, 2007, 08:09:14 AM »
Have you accumulated large debt from your studies at Nova?

You’re not alone!

Nova ranked 10th in the nation for undergraduate debt this year.

Share your student loan story in our 'Got Nova Debt Contest' and enter to win $500. 

Got to: www.eyeonnova.org



7
Nova Southeastern / Got Nova Debt?
« on: August 12, 2007, 08:07:48 AM »
Have you accumulated large debt from your studies at Nova?

You’re not alone!

Nova ranked 10th in the nation for undergraduate debt this year.

Share your student loan story in our 'Got Nova Debt Contest' and enter to win $500. 

go to: www.eyeonnova.org





8
General Board / Re: Thomas Cooley vs. Nova Southeastern
« on: August 07, 2007, 01:20:09 PM »
Is Nova for profit?

non-profit university, but where there is a will, there is a way.

9
General Board / Re: Thomas Cooley vs. Nova Southeastern
« on: August 07, 2007, 06:54:51 AM »
 I know this comes as a shock, but my Nova friends are living in nice houses, driving nice cars, have money in the bank and are enjoying their careers and their lives. And that's all that matters.
[/quote]


That is not all that matters!!  This school has made money off of student loans, at the expense of the students, has taken advantage of taxpayers dollars, both federal and county, has failed to try to improve the quality of education it provides, it cares more about expansion rather than spending money on providing the students an education that they pay for.

I cannot fathom why someone could waste their money going to a school that, by their actions, doesn't care about anything but making money.  But I guess that is all that is important as you state in your post.

It's not all about"me", you need to care about all the people this school takes advantage of.

10
General Board / Re: Thomas Cooley vs. Nova Southeastern
« on: August 06, 2007, 06:36:46 AM »
1 - in 1999 and 2004 Nova had to repay the federal government 4.2 million dollars for billing errors and when an investigation was being conducted, Nova was said to be uncooperative.  This has to do with programs that they administer for Medicaid and medicare (our tax dollars).

2 - The Broward County Commissioners are proposing to slash their funding for the dual use library by 515,920 because of lack of accountability on public usage.  The County Attorney said they destroyed documents that would have supported public usage (again, misuse of our tax dollars).

3 - Nova has taken out bonds to fund all of the new construction that has happened on the campus, these bonds are tax-exempt.  There is ceertain criteria you have for these bonds and because Nova has failed to meet certain criteria they had to place a first mortgage on the new Business building. (lack of accountability)

4 - Nova has been subpoenaed by the New York AG and is being investigated by the Florida AG in regards to the student loan scandal.

I could go on and on but the fact remains that Nova Southeastern University has a terrible reputation in South Florida and it is going to get worse.  Why would and undergrad attend a school that is 4th tier at the price that NSU charges?  Why would a law student attend their law school when it is considered 4th tier and only 48% passed the bar last year?  Why wouls someone attend their Business school when it's accredidation is sub-par? 

I have been doing research on this school and have documentation to support all of these claims and would be happy to provide it to anyone interested, especially if you are thinking of attending this school.  I do not want to see students getting ripped off by this university when they do not give a damn about the students and improving the quality of education that they provide.  All that they care about is expansion.

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