After being one of many schools implicated in a scandal wherein financial aid workers received gifts from loan companies, Emerson College has settled with its students over the matter. More than 4000 students who were forced to take out loans from "preferred lenders" rather than getting their choice of lender will receive payments of $25 to $833. This is meant to compensate for extra interest the students may have incurred from the preferred loans, thus solving the big problem of loan repayment for a short amount of time. Emerson's former Dean of Enrollment and other financial aid workers (many of whom are still at the college) accepted gifts from institutions such as Citizens Bank and Chase in return for requiring students to take out their loans from these banks.
Results tagged “debt”
Budgets bite. Especially in this economy. Just in time for Friday the thirteen the MBTA's board of directors has approved the organization's 2010 budget of $1,627,000,000, just approved by its board of directors, contain some intense language: "The day of reckoning is here... Fiscal 2010 will again be an extremely difficult and challenging year."
Frank Rich shares his thoughts on John McCain's economic incoherence, declaring that "The McCain-Gramm bond, dating back 15 years, is more scandalous than Mr. Obama’s connection with his pastor, the Rev. Jeremiah Wright." In the midst of a crisis, do we want someone who can lead us out of it, or someone who doesn't know how we got in (or doesn't even think we're in crisis mode)?
In addition to Fannie and Freddie's mortgage meltdown, there are other real estate problems going on in Boston: the Turnpike doesn't has the money to fulfill its duties, and can't take advantage of its real estate, either. The pike has a $100 million budget deficit, and Big Dig payments are coming due, but it doesn't look like it'll be able to take advantage of its prime real estate anytime soon. Theoretically, it should be possible to get big bucks for building above Turnpike property, but poor handling of past real estate decisions and the current market crisis (not to mention the expense of building above ground) are making it tough for officials to take advantage. Instead, they'll be raising tolls to pay the bills. One dime at a time!