Financial aid office to cease revenue sharing practices
Bailey Shiffler
Issue date: 4/5/07 Section: News
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Jones said the office let her choose what bank she wanted to use for her private loans, but when applying for federal loans, she only knew about the loans on TCU's preferred list.
She said she didn't ask how the banks were chosen to be on the preferred list but just assumed they had good relationships with TCU and its students. She said this seemed to be a common practice and it did not bother her.
Also under investigation by Cuomo's office is EFP, one of TCU's preferred lenders. In a March 22 press release from the attorney general's office, Cuomo announced his intent to file suit against EFP for deceptive business practices.
A woman who answered the phone at the attorney general's press office Wednesday said Cuomo plans to continue with the suit. The woman declined to give her name for attribution.
Scott said though TCU will no longer participate in revenue sharing with EFP, they are still on the preferred list of lenders and he considers them "if not the best, then at least one of the best loans out there."
Overall, Scott said the investigation has given him a better understanding of the influence his decisions have on students. He said in the future, he intends to look for more student input to find out what they think is most important in financial aid decisions.
She said she didn't ask how the banks were chosen to be on the preferred list but just assumed they had good relationships with TCU and its students. She said this seemed to be a common practice and it did not bother her.
Also under investigation by Cuomo's office is EFP, one of TCU's preferred lenders. In a March 22 press release from the attorney general's office, Cuomo announced his intent to file suit against EFP for deceptive business practices.
A woman who answered the phone at the attorney general's press office Wednesday said Cuomo plans to continue with the suit. The woman declined to give her name for attribution.
Scott said though TCU will no longer participate in revenue sharing with EFP, they are still on the preferred list of lenders and he considers them "if not the best, then at least one of the best loans out there."
Overall, Scott said the investigation has given him a better understanding of the influence his decisions have on students. He said in the future, he intends to look for more student input to find out what they think is most important in financial aid decisions.
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