Date: February 27, 2009
Author: Tiffany Hsu
On the second page, it is completely wrong about the stock for ITT Tech. She puts ITT, which owns ITT Tech [quotes stock], is not correct. ESI owns ITT Tech, Stock Symbol ITT is not affiliated with ITT Tech.
Common misconception, that is why they use the name. As for the part where they said they offer options to students, we all know that is a bunch of BS. They shove Sallie Mae down your throats, they didn't tell me of other options.
President Obama's proposal for direct government funding of student loans -- cutting out private industry -- sent shares of Sallie Mae, Student Loan Corp., Nelnet Inc. and other college loan companies plunging Thursday.
For-profit vocational schools, such as Corinthian Colleges Inc., DeVry Inc. and ITT Educational Services Inc., also saw their stock prices drop. Their students often rely on government-backed loans from private lenders.
Currently, students needing funds typically borrow money directly from the government or from banks and other lenders such as Sallie Mae that issue loans subsidized or backed by the government.
Obama's budget proposal for the 2010 fiscal year, which begins Oct. 1, calls for cutting out the middlemen by eliminating subsidies to lenders. The administration believes that the move to the Department of Education's Direct Loan Program could save more than $4 billion a year.
Source: http://articles.latimes.com/2009/feb/27 ... -lenders27
-- Mon Jun 08, 2009 2:38 pm --
Credit to SheepToTheFleecing for this find!
Also I emailed the author, didn't realize it was from February so i don't they will do anything about the error.
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