160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Rachel Jones, a senior at Loyola Marymount University in Los Angeles, was sitting through a student-loan workshop that university officials had told her was mandatory when a creepy feeling kicked in. The woman in the front of the classroom asked students to fill out forms with personal information — including names, addresses and phone numbers of relatives, an employer and a friend. Jones recalled that she also talked about “other loan companies” that would saddle students with unfavorable rates if they decided to consolidate loans on graduation. Unable to keep quiet, Jones raised her hand: “I just said, excuse me, who are you and what is your affiliation?” The woman identified herself as an employee of All Student Loan, a California-based lender. Jones, a 22-year-old who has $17,000 in student loans, had unwittingly stumbled upon another undisclosed relationship between universities and loan companies. Recent investigations have largely focused on incentives that lenders give universities to get coveted placement on the preferred lending lists students use to take out loans when they enter college. But colleges also give lenders crucial access to students when they are graduating, using lenders to conduct exit counseling required under federal law for students who have taken out federally guaranteed student loans. In some cases, loan company representatives come on campus and run sessions for seniors on loan repayment. In others, colleges direct students to loan company Web sites, including those of Wells Fargo, Citibank and Sallie Mae. And in many cases, the loan companies are pushing a product: their consolidation loans. Anne Prisco, vice president for enrollment management at Loyola, defended the practice, saying the lenders allowed on campus were carefully selected. “Every year when we have exit interviews, we ask if they want to assist,” Prisco said. “They are just there to provide additional information.” Others say the access to students is improper. Heather McDonnell, the director of financial aid for Sarah Lawrence College in Bronxville, N.Y., said she thought using loan companies for exit counseling was “absolutely” inappropriate. “Behind every lender is a consolidation loan,” McDonnell said. “I don’t allow anybody to come on my campus to come and do that. I just don’t think it’s a good idea. I think that information should be coming directly from the financial aid office.” Many students have various kinds of loans, and consolidation allows them to combine the loans to pay a single interest rate in one monthly payment. Karen Gross, the president of Southern Vermont College and a professor of law at New York Law School, said that depending on a student’s prospective job, income and health, consolidating loans was often unwise. For example, she said, students who take certain public-sector jobs may sign away available benefits if they consolidate federal student loans. “There is no shortage of erroneous information that a student could receive in a group counseling session,” Gross said. “Student loan consolidation makes sense for many students, but for many students it is absolutely not the right choice.” She added that “the reason this is bothersome is that students are required to engage in exit interviews, and so lenders have a captive audience.” The reason exit interviews are mandatory is that the federal government wants to crack down on default rates. According to the Education Department, exit counseling is intended to explain borrowers’ rights and responsibilities, loan repayment and the consequences of default.
Asda sales bounced back at the end of last year it had lost ground to some of its rivals.The grocery giant, second in size only to Tesco, saw its market share slip last year.But sales in the fourth quarter rose 1.6 per cent. It said it had been boosted by its Chosen by You range. Chief executive Andy Clarke said: “I’m pleased with the progress we’ve made in the last six months. We have successfully extended our price gap to ten per cent, significantly improved the quality of our food across the entire store, and given our customers even better service.”The sales rise means Asda staff will share a bonus pot of £26.9m, with most receiving around £350 each.Meanwhile Asda’s parent company Wal-Marrt yesterday reported that sales fell 1.8 per cent – the seventh consecutive quarterly fall. Tuesday 22 February 2011 11:09 am Show Comments ▼ Share John Dunne whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndo whatsapp Asda sales bounce back triggering staff bonus Tags: NULL