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CSUN University News Clippings

House Panel Approves Expanded Oversight of Private Student Loans

(October 23, 2009)

By Kelly Field
Published: 10/22/09

A Congressional panel voted today to expand federal oversight over private student loans, but refused to clarify that institutional “gap loans” would be covered.

By a vote of 33 to 35, the U.S. House of Representatives Financial Services Committee rejected an amendment to legislation (HR 3126) to create a new Consumer Financial Protection Agency that would have put loans made by for-profit institutions under the agency’s purview. Consumer advocates have warned that the loans, called gap loans because they cover the difference between federal aid and the cost of college, could be exempt under language that was added to the bill to protect small businesses…….

For more, http://chronicle.com/

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