We didn’t think we needed any more proof that the Senate student aid bill is absolutely vital for protecting the finances of college students nationwide, but recent developments in Iowa put the icing on the corrupt lending cake.
The public learned Tuesday of the second judicial ruling against Iowa Student Loan Liquidity Corp. in a month. We now know conclusively that between 2004 and 2006, the private, “nonprofit” ISL lied about its eligibility for particular federal subsidies. So now it owes the government $2.4 million.
This is on top of the $15.76 million it was ordered to repay last week after courts discovered that ISL inexcusably used illegal bribes to increase business.
These crooked and predatory lending practices are despicable. They clearly display the need for better loan company regulation and more trustworthy financial options for cash-strapped students. Now it is the Senate’s turn to be appalled and make a change. Take a stand and show them that you demand better protections from companies like ISL. You can easily Tweet, email, fax or call your Senator today to express your support for the student aid bill.
The current system simply can’t continue. As young people, we need to safeguard our future.