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Americans for Fairness in Lending Notes Senate Action on Gifts to College Loan Officials; Calls for Outlawing All Abusive Loan Practices to Better Protect Student Borrowers

July 26, 2007

Press Release (PDF)

Professor Cathy Lesser Mansfield, Board Chair of Americans for Fairness in Lending (AFFIL), released the following statement in response to the U.S. Senate barring student lenders from giving gifts to college officials:

“As consumer advocates focused on the credit and loan industries, we hear horror stories every day from current and former college students who are facing agonizing lifelong burdens from long-term educational loans. As a professor, I deplore the toll taken on students trapped by absurd and misleading loan terms and practices. The cost of an advanced education funded by abusive loans locks people into debt so deep they often carry it into retirement. Universities accepting gifts from ‘preferred private lenders’ is just one abhorrent practice of many that add insult to injury.”

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