House Votes in Favor of Student Loan Sunshine Act
According to Higher Education Washington, Inc.'s NewsLine, only Republican Representatives Jeff Flake of Arizona, Ron Paul of Texas, and Lynn Westmoreland of Georgia opposed the act.
The Student Loan Sunshine Act will prevent conflicts of interest among student lenders and colleges and universities across the country by requiring schools and lenders to adhere to specific codes of conduct and guidelines.
This act, according to the House of Representatives' Committee on Education and Labor, will shield students and parents from unethical practices by:
- banning all gifts, participation on advisory boards, and revenue-sharing agreements between lenders and schools;
- requiring institutions to disclose all relationships with lenders;
- allowing "preferred-lender lists" only on campuses that create their lists with students' best interests in mind;
- allowing students access to all lenders of their choice, including those not on the preferred-lender lists;
- banning staffing of school financial aid offices by lenders;
- ensuring that schools process all loans from all lenders;
- giving students full information when taking out and repaying loans; and
- protecting students from aggressive marketing practices.
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