Posted on
Wednesday, May 09, 2007 7:40 PM
The U.S. House of Representatives overwhelmingly passed a bill Wednesday cracking down on conflicts of interest in the $85 billion student loan market amid a widening scandal.
Adopted by a 414-3 vote, the bill would require colleges and lenders to abide by new codes of conduct; ban gifts from lenders to college aid officers; require disclosure of college-lender relationships; and protect students from aggressive marketing practices.
Investigations by Congress and New York Attorney Genera