Chairman Miller Statement On New York Investigation Into College Loan Industry

Wednesday, March 15, 2007

WASHINGTON, DC -- U.S. Rep. George Miller (D-CA), the chairman of the House Education and Labor Committee, issued the following statement today after New York Attorney General Andrew M. Cuomo released findings of his ongoing nationwide investigation into the college loan industry.

"The findings revealed today by the New York Attorney General are extremely troubling and confirm what many recent news reports have also uncovered - that unethical and deceptive practices are taking place within the student loan industry, too often at the expense of students and parents. As the Attorney General continues this important investigation, it is critical that all colleges and universities cooperate with his requests for full disclosure of the nature of their relationships with private lenders.

"Our primary goal as we work to renew the Higher Education Act this year is to ensure that our student loan programs are working as effectively and efficiently as possible for students and parents. There is a clear need for Congress to thoroughly review this issue during the reauthorization process and put a stop to any dishonorable practices within the college loan industry. Students and parents deserve to know that they are getting the best deal possible on their college loans, and that all arrangements made between colleges and lenders are in the best interests of helping borrowers."

Earlier this year, Miller and other Democratic members of the Education and Labor Committee introduced legislation, the Student Loan Sunshine Act, that would require lenders and institutions to provide full disclosure of the terms of their relationships. For more information on that bill, click here.

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FOR IMMEDIATE RELEASE
Contact: Tom Kiley / Rachel Racusen
2181 Rayburn House Office Building
Washington, DC 20515
202-226-0853