RegardingID Archive | Student loan market in trouble

Friday, April 18, 2008

Sallie Mae, the nation’s top student lender, is not immune to credit woes, SanDiego.com reports. With its interest rate capped at 6.8% and with many of its competitors scaling back their student loan activity or withdrawing completely from the market, Sallie Mae is looking for help after reporting a first quarter loss of $104 million. It’s particularly critical now since this is the time when many students apply for loans for the fall semester.

Sallie Mae would like the U.S. Treasury Department to aid the stricken student-loan market by purchasing securities backed by student loans. The U.S. House is due to vote Thursday on legislation that would give the Education Department temporary authority to buy loans from student lenders to ensure their access to capital.

Lake Superior College (LSC) in Duluth, Minn. has launched a new official campus ID dubbed the LSCPlus Card, an all-in-one swipeable card for students.

The LSCPlus Card will work similar to a debit card, storing any remaining student loan balances and work study, student employment payments. The new cards will also be used for access to campus services and functions, granting students’ library privileges, and a free Duluth Transit Authority (DTA) bus pass.

U.S. Bank offers incentives to graduate, good grade perks

U.S. Bank has announced that it now offers student loan customers two new incentives to graduate - the U.S. Bank Graduation Perk and the Good Grades Perk - giving the opportunity to earn up to three percent off their original loan amount financed.

University of Maryland student information stored on publicly accessible computer

A state audit found that personal and financial information for students considering attending the University of Maryland were stored on publicly accessible servers that could make students easy prey to ID thieves.

Bear Pass rolls out at Missouri universitiy

Missouri State University in Springfield is rolling out its new Bear Pass, a student ID card that also provides door access and debit card functionality. The purpose behind the new card is to make the campus safer while keeping a student’s information secure, according to school officials.

Fake Harvard student discovered by campus police

A 27-year-old man posing as a Harvard undergraduate student stayed in the dorms, ate in the school cafeteria and chatted with many Harvard students via Facebook before being found out by campus police. He was cited for trespassing and using a false identification card.

Fox News calls university prepaid cards 'latest twist'

Fox News Business has taken a look at university IDs that also double as prepaid cards. Fox dubs the prepaid aspect as “the latest twist on a long tradition of college campus ID cards serving a dual financial purpose.”

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Student loan market in trouble