Wednesday
August 20, 2008
Advertisement
Advertisement
News, Views and Careers for All of Higher Education
Sept. 4, 2007
Permissible Preferred Lender Lists
The U.S. Education Department has been quietly proceeding with its examinations of colleges where all or most of the federal loan volume flows to one lender, giving a clean bill of health to at least two institutions so far. Administrators at Middlebury College and Lawrence Technological University said that department officials had visited their campuses in recent weeks and departed having concluded that the fact that so many of their borrowers used one lender did not signify a problem.
Related stories
Middlebury and Lawrence Tech had been among the 921 institutions to which the department sent letters in June expressing concern that at least 80 percent of their federal student loan volume was held by one lender. Department officials have characterized a single lender’s domination of a college’s loan volume as a red flag, providing evidence that the institution is directing prospective borrowers to that lender (which usually appears on its list of “preferred lenders") and raising questions about why.
Many of the institutions that had been found in this year’s student loan investigation to have revenue sharing agreements with lenders, for instance, had directed much of their loan volume to those lenders, with the implication that they were doing so to increase their cut of the loan funds. But many college officials have countered that there are perfectly good reasons why many or most students at an institution would choose a particular lender, and that as long as the college allows students to use any lender they wish, as federal law requires, there is nothing nefarious about one lender’s domination of loan volume.
Education Department officials confirmed last month that they were following up the broad-based letter writing campaign with on-campus reviews of an undisclosed number of colleges. Department officials have declined to share the list of colleges that are undergoing such reviews, although Middlebury had acknowledged that it would get that treatment.
Last week, the department, in response to a Freedom of Information Act request filed by the newsletter publisher Higher Education Washington Inc., released a list of the 921 colleges that received the initial letters. (A list of the 291 institutions that directed 100 percent of their loan volume to one lender appears below, and an Excel spreadsheet of the entire list of 921 colleges can be found here.)
Calls to some of those colleges turned up at least one other institution that had received an in-person visit from the Education Department. Federal officials must have been drawn to Lawrence Tech, in Michigan, by the fact that all but 13 of the 2,636 federal loans taken out by borrowers at the university last year went through Bank One.
But Bruce J. Annett Jr., executive director of marketing and public affairs at Lawrence Tech, said in an e-mail message that the “focused program review” that department officials did of its loan procedures and practices last month had concluded with a finding that “Lawrence Tech is in full compliance with federal standards and guidelines.” Annett added: “We are allowed to have a preferred lender so long as our students are aware that they have choices. They are and do.”
Patrick Norton, associate vice president for finance and controller at Middlebury, said that during its visit from the department — which U.S. officials had downgraded from an “investigation” to a “review” to “information gathering” — college leaders explained that Middlebury had conducted a competitive bidding process for a single “suggested” lender when the college began its transition out of the federal direct student loan program last year. Middlebury based its competition on which lenders offered the best benefits for students, notably by not charging borrowers any fee to originate a loan.
Middlebury chose the National Education Loan Network as its sole suggested provider last year, though it permitted borrowers to use other lenders, too, as federal law requires (1,372 of its 1,403 borrowers went with Nelnet). The college itself received no payments or other benefits from Nelnet in exchange, Norton said. “We tried to put blinders on when it comes to [factoring in] anything other than borrower benefits,” Norton said.
This year, Middlebury is adding three more lenders to the list it suggests to students, a list that Norton said Middlebury continues to believe serves an important purpose. “We feel not to list suggested lenders is going to put students and parents at a disadvantage,” he said. “It’s important for us to do our review of the lenders out there, and come out with the best suggestions we can for our students.”
The time Education Department officials spent on the Middlebury campus appeared to persuade them, Norton said. “They left saying there are no findings and that’s that — which is what we thought all along.”
Department officials could not be reached over the weekend to confirm the outcome of the reviews at Middlebury and Lawrence Tech.
The Education Department’s oversight, together with pending federal legislation, appears to be prompting some changes in colleges’ behavior, however. Several other recipients of the June letters encouraging colleges to review their practices said that they were altering their policies.
Harry Wilkins, chief financial officer of American Public University System, where all 763 student loan borrowers had loans from Sallie Mae last year, said that even though the university’s preferred lender list contains four lenders, officials suspected borrowers were drawn to Sallie Mae because it appeared first on the university’s list. Officials at the university system, which owns American Military University and American Public University, plan to begin rotating the four lenders this year, Wilkins said, to try to ensure that none of the university’s suggested lenders gets inappropriately preferred status.
291 Colleges Where One Lender Owns 100% of Loan Volume
|
Institution |
Preferred |
Number of Federal Loans Held by Preferred Lender |
Number of All Federal Loans |
Proportion of Federal Loans Held by Preferred Lender |
|
Universal Technical Institute |
Sallie Mae |
13,196 |
13,234 |
100% |
|
High-Tech Institute |
Sallie Mae |
11,412 |
11,466 |
100% |
|
Greenville Technical College |
South Carolina Student Loan Corp. |
8,919 |
8,920 |
100% |
|
Rowan U. |
Sallie Mae |
8,738 |
8,743 |
100% |
|
Western Governors U. |
Sallie Mae |
8,651 |
8,657 |
100% |
|
Fayetteville State U. |
Sallie Mae |
6,539 |
6,540 |
100% |
|
Horry — Georgetown Technical College |
South Carolina Student Loan Corp. |
2,855 |
2,855 |
100% |
|
Lewis-Clark State College |
Wachovia Education Finance |
2,508 |
2,508 |
100% |
|
U. of San Francisco |
U. of San Francisco |
2,269 |
2,271 |
100% |
|
U. of Nebraska |
Union Bank/U. of Nebraska |
2,256 |
2,258 |
100% |
|
Tiffin U. |
Sallie Mae |
2,083 |
2,084 |
100% |
|
New York Chiropractic College |
Bank of New York/College Solutions Network |
1,898 |
1,898 |
100% |
|
Utah Career College |
Provincial Bank Academic Funding Group |
1,614 |
1,614 |
100% |
|
Austin College |
Sallie Mae |
1,511 |
1,511 |
100% |
|
International Career Development Center |
Brazos Group |
1,503 |
1,503 |
100% |
|
Learning Institutes for Beauty Sciences |
Wachovia Education Finance |
1,282 |
1,282 |
100% |
|
Illinois School of Health Careers |
Student Loan XPress |
1,075 |
1,075 |
100% |
|
Heritage College |
Student Loan XPress |
1,030 |
1,030 |
100% |
|
North America Trade Schools |
Suntrust Bank |
905 |
905 |
100% |
|
Dover Business College |
Sallie Mae |
851 |
851 |
100% |
|
Texas Barber Colleges & Hairstyling Schools |
Sallie Mae |
825 |
825 |
100% |
|
College of Office Technology (The) |
Sallie Mae |
788 |
788 |
100% |
|
American Public U. System |
Sallie Mae |
763 |
763 |
100% |
|
Ross Medical Education Center |
Michigan Higher Education Student Loans |
754 |
754 |
100% |
|
Carolina Beauty College |
AmSouth Bancorp |
753 |
753 |
100% |
|
Casa Loma College |
Citibank/Student Loan Corp. |
697 |
697 |
100% |
|
Dallas Nursing Institute |
Comerica Bank |
695 |
695 |
100% |
|
Onondaga Cortland Madison BOCES |
M&T Bank Educational Lending |
671 |
671 |
100% |
|
Aveda Institute Covington |
Bank One |
646 |
646 |
100% |
|
Minneapolis Business College |
Sallie Mae |
602 |
602 |
100% |
|
Four-D College |
Bank One |
590 |
590 |
100% |
|
Delta School of Business and Technology |
National Education Loan Network (Nelnet) |
584 |
584 |
100% |
|
International Business College |
State National Bank |
579 |
579 |
100% |
|
Northwestern Technological Institute |
Comerica Bank |
558 |
558 |
100% |
|
Cochran School of Nursing Saint John’s Riverside Hosp |
Citibank/Student Loan Corp. |
542 |
542 |
100% |
|
Bryan College |
Commerce Bank and Trust |
523 |
523 |
100% |
|
Artistic Beauty Colleges — Tucson |
Sallie Mae |
519 |
519 |
100% |
|
American Career College |
Sallie Mae |
513 |
513 |
100% |
|
Brookstone College of Business |
College Foundation Inc. |
500 |
500 |
100% |
|
Computer Career Center |
State National Bank |
491 |
491 |
100% |
|
Artistic Beauty Colleges — Flagstaff |
Sallie Mae |
470 |
470 |
100% |
|
Ultimate Medical Academy |
Wachovia Education Finance |
444 |
444 |
100% |
|
Ogle School of Hair Design |
Citibank/Student Loan Corp. |
427 |
427 |
100% |
|
Brio Academy of Cosmetology |
Sallie Mae |
415 |
415 |
100% |
|
Oklahoma Health Academy |
Stillwater National Bank and Trust |
414 |
414 |
100% |
|
Lawrence County Vocational School District — Collins Career Center |
U.S. Bank |
414 |
414 |
100% |
|
Pacific College |
Brazos Group |
406 |
406 |
100% |
|
Eastern College of Health Vocations |
Bank One |
396 |
396 |
100% |
|
Ross Medical Education Center |
Michigan Higher Education Student Loans |
395 |
395 |
100% |
|
Career Academy |
Alaska Commission on Postsecondary Education |
392 |
392 |
100% |
|
Ross Medical Education Center |
Michigan Higher Education Student Loans |
391 |
391 |
100% |
|
Hair Academy |
Suntrust Bank |
387 |
387 |
100% |
|
Heritage Institute |
Student Loan XPress |
384 |
384 |
100% |
|
EHOVE Career Center |
EdAmerica |
377 |
377 |
100% |
|
Morehead State U. |
Kentucky Higher Education Student Loan Corp. |
373 |
373 |
100% |
|
Artistic Beauty Colleges-Westminster |
Sallie Mae |
366 |
366 |
100% |
|
Heritage Institute |
Student Loan XPress |
349 |
349 |
100% |
|
Soma Institute — The National School of Clinical Massage Therapy |
Bank of America |
349 |
349 |
100% |
|
Artistic Beauty Colleges — Phoenix |
Sallie Mae |
347 |
347 |
100% |
|
New Wave Hair Academy |
AmSouth Bancorp |
335 |
335 |
100% |
|
Academy of Healing Arts |
College Loan Corp. |
320 |
320 |
100% |
|
ETI Career Institute |
Sallie Mae |
308 |
308 |
100% |
|
Glen Oaks Community College |
National Education Loan Network (Nelnet) |
301 |
301 |
100% |
|
Nashville College of Medical Careers |
AmSouth Bancorp |
292 |
292 |
100% |
|
Chase College |
Sallie Mae |
284 |
284 |
100% |
|
Spartanburg Community College |
South Carolina Student Loan Corp. |
283 |
283 |
100% |
|
Hood Theological Seminary |
Citibank/Student Loan Corp. |
281 |
281 |
100% |
|
Ogle School of Hair Design |
Citibank/Student Loan Corp. |
279 |
279 |
100% |
|
Kaw Area Technical School |
Commerce Bank and Trust |
273 |
273 |
100% |
|
Arkansas Northeastern College |
Arkansas Student Loan Authority |
271 |
271 |
100% |
|
Brittany Beauty School |
Citibank/Student Loan Corp. |
266 |
266 |
100% |
|
Concorde School of Hair Design |
Sovereign Bank |
261 |
261 |
100% |
|
West Coast Ultrasound Institute |
Sallie Mae |
260 |
260 |
100% |
|
Empire Beauty School |
Wachovia Education Finance |
260 |
260 |
100% |
|
College of Information Technology |
Citibank/Student Loan Corp. |
260 |
260 |
100% |
|
Scioto County Joint Vocational School |
Bank One |
259 |
259 |
100% |
|
Community Based Education and Development |
Citibank/Student Loan Corp. |
256 |
256 |
100% |
|
Ross Medical Education Center |
Michigan Higher Education Student Loans |
256 |
256 |
100% |
|
Medical Career Institute of South Florida |
Sallie Mae |
252 |
252 |
100% |
|
Valley Career College |
Suntrust Bank |
251 |
251 |
100% |
|
EDP College of Puerto Rico |
Citibank/Student Loan Corp. |
250 |
250 |
100% |
|
J. Everett Light Career Center |
Indiana Secondary Market |
237 |
237 |
100% |
|
Touch of Class School of Cosmetology |
Bank One |
231 |
231 |
100% |
|
Learning Institute for Beauty Sciences |
Wachovia Education Finance |
231 |
231 |
100% |
|
Arizona College of Allied Health |
Bank One |
228 |
228 |
100% |
|
Rose — Hulman Institute of Technology |
EdAmerica |
228 |
228 |
100% |
|
Ascension College |
Citibank/Student Loan Corp. |
224 |
224 |
100% |
|
Long Island Beauty School |
Citibank/Student Loan Corp. |
224 |
224 |
100% |
|
Artistic Beauty Colleges-Thornton |
Sallie Mae |
219 |
219 |
100% |
|
Northeast Kansas Technical College |
Commerce Bank and Trust |
217 |
217 |
100% |
|
Artistic Beauty Colleges — Glendale |
Sallie Mae |
211 |
211 |
100% |
|
U. of South Carolina — Union |
South Carolina Student Loan Corp. |
211 |
211 |
100% |
|
Woodbury College |
Vermont Education Loan Finance Program |
210 |
210 |
100% |
|
Oklahoma Health Academy |
Stillwater National Bank and Trust |
206 |
206 |
100% |
|
New York Paralegal School |
HSBC Bank |
201 |
201 |
100% |
|
Earl’s Academy of Beauty |
Fifth Third Bank/Finansure |
201 |
201 |
100% |
|
Northwest Hair Academy |
U.S. Bank |
200 |
200 |
100% |
|
Ravenscroft Beauty College |
Bank One |
199 |
199 |
100% |
|
Career Care Institute |
Suntrust Bank |
197 |
197 |
100% |
|
Irene’s Myomassology Institute |
Comerica Bank |
193 |
193 |
100% |
|
U. of Spa & Cosmetology Arts |
Bank One |
193 |
193 |
100% |
|
Diesel Driving Academy |
Sallie Mae |
192 |
192 |
100% |
|
Platt College |
BANC FIRST |
191 |
191 |
100% |
|
Heritage Institute |
Student Loan XPress |
186 |
186 |
100% |
|
Ogle School of Hair Design |
Citibank/Student Loan Corp. |
186 |
186 |
100% |
|
Suburban Technical School |
Sallie Mae |
178 |
178 |
100% |
|
McCollum & Ross Hair School |
AmSouth Bancorp |
177 |
177 |
100% |
|
Steuben-Allegany BOCES School of Practical Nursing |
Citibank/Student Loan Corp. |
177 |
177 |
100% |
|
Mueller College of Holistic Studies |
Brazos Group |
176 |
176 |
100% |
|
Virginia U. of Lynchburg |
Sallie Mae |
175 |
175 |
100% |
|
Grabber School of Hair Design |
Boone County National Bank |
171 |
171 |
100% |
|
Forrest Junior College |
Bank of America |
169 |
169 |
100% |
|
Cattaraugus/Allegany/Erie/Wyoming BOCES |
Citibank/Student Loan Corp. |
166 |
166 |
100% |
|
Orange Ulster BOCES School of Practical Nursing |
Citibank/Student Loan Corp. |
164 |
164 |
100% |
|
Brio Academy of East Hartford |
Sallie Mae |
163 |
163 |
100% |
|
Ohio Center for Broadcasting |
Sallie Mae |
163 |
163 |
100% |
|
Phagans’ School of Hair Design |
Citibank/Student Loan Corp. |
162 |
162 |
100% |
|
Kentucky State U. |
Kentucky Higher Education Student Loan Corp. |
160 |
160 |
100% |
|
North Technical School |
Bank of America |
160 |
160 |
100% |
|
PCI College |
Sallie Mae |
158 |
158 |
100% |
|
Creative Center (The) |
Peoples National Bank |
158 |
158 |
100% |
|
SAE Institute of Technology |
Suntrust Bank |
156 |
156 |
100% |
|
Aveda Institute Baton Rouge |
Bank One |
151 |
151 |
100% |
|
Johnston Community College |
College Foundation Inc. |
151 |
151 |
100% |
|
Blue Cliff College-Baton Rouge |
Sallie Mae |
149 |
149 |
100% |
|
Dewolff College of Hairstyling & Cosmetology |
New Mexico Education Assistance Foundation |
149 |
149 |
100% |
|
MTI Business College |
Citibank/Student Loan Corp. |
148 |
148 |
100% |
|
David Pressley Professional School of Cosmetology |
National City Bank |
148 |
148 |
100% |
|
Long Island Beauty School |
Citibank/Student Loan Corp. |
146 |
146 |
100% |
|
Saint Francis Career College |
Suntrust Bank |
143 |
143 |
100% |
|
Pickaway Ross County Joint Vocational School District |
U.S. Bank |
141 |
141 |
100% |
|
Advanced College |
Brazos Group |
141 |
141 |
100% |
|
Southern Westchester BOCES |
Citibank/Student Loan Corp. |
141 |
141 |
100% |
|
American Institute of Beauty |
AmSouth Bancorp |
140 |
140 |
100% |
|
Artistic Beauty Colleges-Arvada |
Sallie Mae |
137 |
137 |
100% |
|
Blue Cliff Career College |
AmSouth Bancorp |
136 |
136 |
100% |
|
Leon Studio One School of Hair Design & Career Training Center |
Citibank/Student Loan Corp. |
135 |
135 |
100% |
|
Patsy & Rob’s Academy of Beauty |
Boone County National Bank |
134 |
134 |
100% |
|
Broken Arrow Beauty College |
Bank One |
133 |
133 |
100% |
|
New Wave Hair Academy |
AmSouth Bancorp |
133 |
133 |
100% |
|
Mr. Leon’s School of Hair Design |
Bank of America |
131 |
131 |
100% |
|
Boston Baptist College |
Sallie Mae |
131 |
131 |
100% |
|
Industrial Management & Training Institute |
Sallie Mae |
131 |
131 |
100% |
|
L’Academie de Cuisine |
Wachovia Education Finance |
130 |
130 |
100% |
|
Richard J Daley College-City Colleges of Chicago |
JPMorgan Chase Bank |
130 |
130 |
100% |
|
Somerset Christian College |
Sallie Mae |
128 |
128 |
100% |
|
Mercy School of Nursing |
College Foundation Inc. |
127 |
127 |
100% |
|
Cortiva Institute — Somerset School of Massage Therapy |
Bank of New York/College Board |
127 |
127 |
100% |
|
Saint Joseph School of Practical Nursing |
New Hampshire Higher Education Loan Corp. |
125 |
125 |
100% |
|
Sandusky Career Center |
Wachovia Education Finance |
125 |
125 |
100% |
|
Heritage Institute |
Student Loan XPress |
125 |
125 |
100% |
|
Ashtabula County Joint Vocational School Adult Education |
Bank One |
125 |
125 |
100% |
|
Harris School |
PNC Bank |
124 |
124 |
100% |
|
Phagans’ Medford Beauty School |
Citibank/Student Loan Corp. |
123 |
123 |
100% |
|
Cortiva Institute — Humanities Center School of Massage |
Citibank/Student Loan Corp. |
119 |
119 |
100% |
|
Quest Career College |
Key Corp.. |
118 |
118 |
100% |
|
Houston’s Training and Education Center (H-TEC) |
Sallie Mae |
117 |
117 |
100% |
|
National Institute of Massotherapy |
Key Corp.. |
116 |
116 |
100% |
|
Vanguard College of Cosmetology |
Louisiana Public Facilities Authority |
116 |
116 |
100% |
|
Iliff School of Theology |
Wells Fargo Education Financial Servicesvices |
109 |
109 |
100% |
|
Detroit Business Institute — Downriver |
Comerica Bank |
108 |
108 |
100% |
|
National Polytechnic College |
Citibank/Student Loan Corp. |
108 |
108 |
100% |
|
U. of Rhode Island |
Rhode Island Student Loan Authority |
105 |
105 |
100% |
|
Healthcare Training Institute |
Sallie Mae |
105 |
105 |
100% |
|
Cuyahoga Valley Career Center |
Sallie Mae |
104 |
104 |
100% |
|
Texas Health School |
Student Loan XPress |
103 |
103 |
100% |
|
Ross Medical Education Center |
Michigan Higher Education Student Loans |
101 |
101 |
100% |
|
Phagans’ Grants Pass College of Beauty |
Citibank/Student Loan Corp. |
101 |
101 |
100% |
|
Volunteer Beauty Academy of Dyersburg |
AmSouth Bancorp |
101 |
101 |
100% |
|
Ocean County Vocational — Technical Schools |
Sallie Mae |
101 |
101 |
100% |
|
Empire Beauty School |
Wachovia Education Finance |
100 |
100 |
100% |
|
Hellenic College & Holy Cross Greek Orthodox School of Theology |
Sallie Mae |
98 |
98 |
100% |
|
Vermont College of Cosmetology |
Vermont Education Loan Finance Program |
98 |
98 |
100% |
|
San Antonio Beauty College #3 |
Suntrust Bank |
96 |
96 |
100% |
|
Brio Academy of Cosmetology — Niantic |
Sallie Mae |
95 |
95 |
100% |
|
TechSkills of Sacramento |
Sallie Mae |
94 |
94 |
100% |
|
BOCES Rensselaer School of Practical Nursing |
Sallie Mae |
94 |
94 |
100% |
|
Culinary Academy of New York |
Carnegie Insurance Co. |
93 |
93 |
100% |
|
American School of Business |
Wachovia Education Finance |
93 |
93 |
100% |
|
Artistic Beauty Colleges-Lakewood |
Sallie Mae |
93 |
93 |
100% |
|
Aveda Institute Lafayette |
Bank One |
91 |
91 |
100% |
|
Craven Community College |
College Foundation Inc. |
88 |
88 |
100% |
|
COBA Academy |
Brazos Group |
88 |
88 |
100% |
|
Universal Therapeutic Massage Institute |
New Mexico Education Assistance Foundation |
88 |
88 |
100% |
|
Crums Beauty College |
Boone County National Bank |
87 |
87 |
100% |
|
Academy of Radio & TV Broadcasting |
Suntrust Bank |
86 |
86 |
100% |
|
Florida Education Institute |
Student Loan XPress |
84 |
84 |
100% |
|
Middle Tennessee School of Cosmetology |
AmSouth Bancorp |
84 |
84 |
100% |
|
CSI Career College |
Suntrust Bank |
84 |
84 |
100% |
|
Ohio Hi-Point Career Center |
Sallie Mae |
83 |
83 |
100% |
|
Marion Community Tucker Area Vocational School |
National Education Loan Network (Nelnet) |
79 |
79 |
100% |
|
Southeastern School of Neuromuscular & Massage Therapy Columbia |
Sallie Mae |
79 |
79 |
100% |
|
Ann Arbor Institute of Massage Therapy |
Sallie Mae |
78 |
78 |
100% |
|
Daytona College |
Sallie Mae |
77 |
77 |
100% |
|
Durham Beauty Academy |
College Foundation Inc. |
77 |
77 |
100% |
|
Expertise Cosmetology Institute |
Sallie Mae |
76 |
76 |
100% |
|
Volunteer Beauty Academy North |
AmSouth Bancorp |
75 |
75 |
100% |
|
Carnegie Institute of Integrative Medicine and Massotherapy |
Bank One |
75 |
75 |
100% |
|
Myotherapy Institute |
Union Bank & Trust |
75 |
75 |
100% |
|
Akron Machining Institute |
Bank One |
74 |
74 |
100% |
|
World Medicine Institute |
Union Bank & Trust |
74 |
74 |
100% |
|
Bryan College |
Sallie Mae |
73 |
73 |
100% |
|
Evansville Tri State Beauty College |
Old National Bank |
72 |
72 |
100% |
|
Salon Professional Academy (The) |
Bank of North Dakota |
72 |
72 |
100% |
|
California Hair Design Academy |
Citibank/Student Loan Corp. |
71 |
71 |
100% |
|
Robert Paul Academy of Cosmetology Arts and Sciences |
Wachovia Education Finance |
71 |
71 |
100% |
|
Jay’s Technical Institute |
Bank One |
70 |
70 |
100% |
|
Southeastern School of Neuromuscular & Massage Therapy of Charleston |
Sallie Mae |
69 |
69 |
100% |
|
Academy of Natural Therapy |
Sallie Mae |
69 |
69 |
100% |
|
Razzle Dazzle College of Hair Design |
Sallie Mae |
68 |
68 |
100% |
|
Roman Academy of Beauty Culture |
Sallie Mae |
67 |
67 |
100% |
|
Lincoln U. |
Wells Fargo Education Financial Services |
67 |
67 |
100% |
|
Lebanon Technology and Career Center |
Boone County National Bank |
66 |
66 |
100% |
|
Second Start |
New Hampshire Higher Education Loan Corp. |
64 |
64 |
100% |
|
Southern School of Beauty |
Stillwater National Bank and Trust |
64 |
64 |
100% |
|
U. of West Georgia |
Georgia Student Finance Authority |
64 |
64 |
100% |
|
Blytheville Academy of Cosmetology |
Wachovia Education Finance |
64 |
64 |
100% |
|
Carson City Beauty Academy |
College Loan Corp. |
63 |
63 |
100% |
|
Butera School of Art |
Bank of America |
63 |
63 |
100% |
|
W. L. Bonner College |
Sallie Mae |
62 |
62 |
100% |
|
Hair Expressions Academy |
Sandy Spring Bank |
62 |
62 |
100% |
|
Compass Career College |
Sallie Mae |
62 |
62 |
100% |
|
Headquarters Academy of Hair Design |
Bank of North Dakota |
61 |
61 |
100% |
|
Academy For Five Element Acupuncture |
Key Corp. |
61 |
61 |
100% |
|
Bennett Career Institute |
Bank of America |
61 |
61 |
100% |
|
Cambridge Institute of Allied Health |
Sallie Mae |
61 |
61 |
100% |
|
Calvin Theological Seminary |
Bank One |
60 |
60 |
100% |
|
Artistic Beauty Colleges — Scottsdale |
Sallie Mae |
59 |
59 |
100% |
|
Saint Lawrence Lewis County BOCES |
Sallie Mae |
58 |
58 |
100% |
|
Missouri School of Barbering & Hairstyling-St. Louis |
U.S. Bank |
58 |
58 |
100% |
|
International Academy of Hair Design |
Sallie Mae |
58 |
58 |
100% |
|
Volunteer Beauty Academy |
AmSouth Bancorp |
57 |
57 |
100% |
|
Gadsden Business College |
Suntrust Bank |
57 |
57 |
100% |
|
Hamilton — Fulton — Montgomery BOCES |
Citizens Bank |
56 |
56 |
100% |
|
Professional Beauty School |
National Education Loan Network (Nelnet) |
56 |
56 |
100% |
|
Court Reporting Institute of Louisiana |
Sallie Mae |
55 |
55 |
100% |
|
Hamrick School |
Key Corp. |
54 |
54 |
100% |
|
Pruontos Hair Design Institute & Beauty School of Costmetology |
Pennsylvania Higher Education Assistance Authority |
54 |
54 |
100% |
|
Harrold Beauty Academy |
First Financial Bank |
53 |
53 |
100% |
|
Phagans’ School of Hair Design |
Citibank/Student Loan Corp. |
53 |
53 |
100% |
|
North Central Institute |
Suntrust Bank |
52 |
52 |
100% |
|
Madison Local Schools Madison Adult Education |
Student Loan XPress |
52 |
52 |
100% |
|
American Institute of Massage Therapy |
Citibank/Student Loan Corp. |
51 |
51 |
100% |
|
Apex School Of Theology |
Sallie Mae |
51 |
51 |
100% |
|
Inland Northwest Heating, Ventilation & Air Conditioning Training Ctr. |
U.S. Bank |
51 |
51 |
100% |
|
Massage Therapy Training Institute |
New Mexico Education Assistance Foundation |
51 |
51 |
100% |
|
New Tyler Barber College |
U.S. Bank |
50 |
50 |
100% |
|
Cortiva Institute-Colorado |
Citibank/Student Loan Corp. |
50 |
50 |
100% |
|
American Institute of Technology |
Sallie Mae |
842 |
843 |
100% |
|
Career Point Institute |
Sallie Mae |
2,220 |
2,223 |
100% |
|
Trident Technical College |
South Carolina Student Loan Corp. |
7,248 |
7,258 |
100% |
|
Pennsylvania Institute of Technology |
Sallie Mae |
1,416 |
1,418 |
100% |
|
Caliber Training Institute |
Wachovia Education Finance |
1,414 |
1,416 |
100% |
|
U. of South Carolina — Lancaster |
South Carolina Student Loan Corp. |
656 |
657 |
100% |
|
Baltimore School of Massage |
Suntrust Bank |
655 |
656 |
100% |
|
Central Carolina Technical College |
South Carolina Student Loan Corp. |
575 |
576 |
100% |
|
Northern Virginia Community College |
Sallie Mae |
2,692 |
2,697 |
100% |
|
Orangeburg — Calhoun Technical College |
South Carolina Student Loan Corp. |
1,039 |
1,041 |
100% |
|
Javelin Technical Training Center |
Georgia Student Finance Authority |
1,029 |
1,031 |
100% |
|
Heritage College |
Student Loan XPress |
1,533 |
1,536 |
100% |
|
Converse College |
South Carolina Student Loan Corp. |
983 |
985 |
100% |
|
Empire Beauty School |
Wachovia Education Finance |
476 |
477 |
100% |
|
Furman U. |
South Carolina Student Loan Corp. |
1,417 |
1,420 |
100% |
|
U. of Rio Grande |
Bank One |
2,248 |
2,253 |
100% |
|
Allied College |
Sallie Mae |
2,508 |
2,514 |
100% |
|
New Directions Hair Academy |
AmSouth Bancorp |
401 |
402 |
100% |
|
Community College of Vermont |
Vermont Education Loan Finance Program |
3,454 |
3,463 |
100% |
|
Denmark Technical College |
South Carolina Student Loan Corp. |
765 |
767 |
100% |
|
ITT Technical Institute |
Sallie Mae |
2,648 |
2,655 |
100% |
|
Southwest Florida College |
JPMorgan Chase Bank |
2,597 |
2,604 |
100% |
|
Shaw U. |
Sallie Mae |
4,421 |
4,433 |
100% |
|
Universal Technical Institute |
Sallie Mae |
13,196 |
13,234 |
100% |
|
Lindsey Wilson College |
Kentucky Higher Education Student Loan Corp. |
2,354 |
2,361 |
100% |
|
William Paterson U. of New Jersey |
Sallie Mae |
6,817 |
6,838 |
100% |
|
Prairie State College |
Bank One |
632 |
634 |
100% |
|
Indiana U. — East |
Sallie Mae |
2,172 |
2,179 |
100% |
|
Vermont Technical College |
Vermont Education Loan Finance Program |
1,657 |
1,663 |
100% |
|
Gloucester County College |
Wachovia Education Finance |
1,647 |
1,653 |
100% |
|
U. of Guam |
Union Bank & Trust |
1,267 |
1,272 |
100% |
|
ATA Career Education |
Sallie Mae |
753 |
756 |
100% |
|
Baltimore International College |
Sallie Mae |
723 |
726 |
100% |
|
Cabarrus College of Health Sciences |
College Foundation Inc. |
235 |
236 |
100% |
|
Southern U. at Shreveport — Bossier City |
Sallie Mae |
1,632 |
1,639 |
100% |
|
Xenon International Academy |
Sallie Mae |
230 |
231 |
100% |
|
Tennessee Temple U. |
EdAmerica |
452 |
454 |
100% |
|
Mid-Continent U. |
Kentucky Higher Education Student Loan Corp. |
1,332 |
1,338 |
100% |
|
Bryman College |
College Loan Corp. |
664 |
667 |
100% |
|
Rudae’s School of Beauty Culture |
Indiana Secondary Market |
212 |
213 |
100% |
|
Johnson State College |
Vermont Education Loan Finance Program |
2,541 |
2,553 |
100% |
|
Catawba Valley Community College |
College Foundation Inc. |
208 |
209 |
100% |
|
Lawrence Technological U. |
Bank One |
2,623 |
2,636 |
100% |
Want it on paper? Print this page.
Know someone who’d be interested? Forward this story.
Want to stay informed? Sign up for free daily news e-mail.
Advertisement
Comments
It’s not over till the fat AG sings.
Who cares about the department of educations review? It wont be until Cuomo weighs in that these schools will ever feel safe again.
Here goes follies again, seeing mirages in the thin air in folly land. We must not be looking at the same list. 95% of the schools listed in this article do not even have graduate programs much less school as lender programs.
Perhaps the pangs are really peels of amusement.
Blind Man, at 8:00 am EDT on September 4, 2007
Misleading
The entire premise of 80% of loan volume is misleading. The data used by the Dept to get that number is the percentage of unique loans with a given lender as opposed to the percentage of unique students with a lender. If a student has more than one loan with a lender — it is being included in data to arrive at > 80%. Schools with higher percentages of graduate students, independent students, or a high population of summer school attendees are having their perceived lack of choice in lenders artificially increased by using individual loan applications as opposed to individual students. A school with > 80% of individual loan applications through a lender will not have that high of a percentage of unique students through a given lender. The Department should have used unique borrowers with a particular lender as opposed to number of loans with a particular lender.
Guilty by Perception, Director at Graduate School, at 9:40 am EDT on September 4, 2007
What comes first...law, regs or enforcement?
First the Department of Ed, as a kneejerk reaction to the political embarrassment of having the whole loan mess happen under their watch (or more accurately, lack thereof), issues regulations for a law that hasn’t even been passed yet. Now before they write the final regulations, to regulate a law that doesn’t exist yet, they decide to enforce these regulations retroactively.
Ms. Spellings, Mr. Cuomo beat you to the punch, and there’s nothing you can do to change that, including taking it out on colleges via program reviews or other scare tactics. Once Congress has passed a law and your boss has signed it (but not before), issue regs and then move forward. Schools will work with you and change what needs to be changed. In the meantime, those of us on college campuses would like to get back to helping students instead of meeting with attorneys.
DS, at 12:20 pm EDT on September 4, 2007
read, blind man, if you know how
...but I doubt it.
You can cite ‘95%’ of schools on the list, and be pointing to the mom and pop career schools. I choose to point, as I did in my first post, instead to the Indiana Universities, the Universities of Findlays, the other expensive schools on the list lured out of DL to FFELP, whose volume dwarfs the schools you use to build vacuous percentages.
The high-cost schools are the best mining grounds for that holy grail of lenders, high average borrower indebtedness (ABI). The opportunity funds paid to these schools reached hundreds of thousands, and at least in the case of IU, millions of dollars. Some mirage.
Keep writing, Blind Man. The amusement is mine, and of fellow IHE readers.
finaidfollies, at 6:00 am EDT on September 5, 2007
Comprehension, Follies...
You cherry pick, comparing apples and oranges, then try to convince everyone you have created ambrosia, when it is really another sorrowful session of grinding axes. We all get your bias.
Yoy said it best, you “choose” your facts, but even an analysis of your latest post doesn’t hold up. Maybe, you should stick to facts. Amusement is a two edged...axe?
Blind Man, at 9:00 am EDT on September 5, 2007
Advertisement
Jobs Related to Permissible Preferred Lender Lists
or search for jobs directly.
Financial Aid Technician I
Maricopa Community College District
Determine financial aid need and award federal, state and institutional student aid funds to eligible students including Pell ... see job
Financial Aid Counselor
George Fox University
George Fox University seeks a Financial Aid Counselor to serve students as they complete the financial aid and college ... see job
Associate Director, Financial Aid: Graduate & College of Professional Studies (112039)
Northeastern University
Northeastern University, founded in 1898 and located in Boston, is a private research university that is a leader in ... see job
Dir Adm & Fin Aid
University of Pennsylvania
The nation’s first university, Penn is a world-renowned leader in education, research, and innovation. Situated on a ... see job
Fiscal Technician II
Maricopa Community College District
Participates in and directs the work of other staff in on-line fiscal record-keeping, verification, and cashiering; acts as ... see job
Associate Director of Financial Aid
Roger Williams University
Roger Williams University is one of the top ranked liberal arts universities in the Northeast and is an Equal Opportunity ... see job
Director of Financial Aid
Champlain College
Champlain is a vibrant, residential College of 2000 full-time undergraduates featuring professional programs with a liberal ... see job
Financial Aid Counselor #5393
American University
American University Library is currently seeking a Systems Analyst. see job
Director of Fellowship Communication
Georgia Institute of Technology
Georgia Institute of Technology invites applications for the Director of Fellowship Communication Program. This position ... see job
Financial Aid Counselor#5393
American University
American University, Office of Financial Aid at American University is seeking two Financial Aid Counselors. see job
Home
| Sign up | Log in
| About us
| Work for Us
| Press Releases
| Rights and permissions
| Contact us
| Advertise
| Partners
| RSS 
| Podcasts
| Links
| Privacy
| My Account
© Copyright 2008 Inside Higher Ed
stop gloating ed dept
Looking at that list, I see a lot of schools that recently came out of the Direct program and into FFELP. They were lured by borrower benefits not available in the FDSLP. So, at least in part, the list above is an index of school dissatisfaction with the Direct Program.
Oh, yes, the schools also made money on their school-as-lender program for grad students. But the career schools, the CC’s—either the FAO genuinely wanted to help students with more affordable loans, or they wanted to salve the wounded wallets of students. For these school types, there’s just not that much money on the table.
Maybe schools feel better offering lower cost loans, so that cost increases don’t cause guilt pangs quite so intensely.
finaidfollies, at 7:35 am EDT on September 4, 2007