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| Thursday, June 14 , 2007 |
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Cuomo bulldozer still at the job |
By Gitanjali Hazarika |
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The student loan industry suddenly finds itself fighting for life when the final Senate-Cuomo blitzkrieg erupted out of the Capitol Hill in front of them. The business of providing student loans is perhaps the most threatened these days.
New York Attorney General Andrew M. Cuomo who rang the bell on student loans abuses and exposed universities and lenders' links now plans to widen his probe.
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New Legislation Introduced to Forgive Private Student Loans upon Bankruptcy
By Brooke Heath
This week, legislation was introduced by Illinois Senator Dick Durbin (D) that would allow private student loans to be forgiven upon bankruptcy. Currently, neither private nor federal student loans will be discharged for a borrower who files for bankruptcy, with the rare exception of extreme hardship.
Private student loans, also known as alternative loans, offer students an option other than federal student loans, which are backed by the federal government. Private loans are borrowed through private institutions but are not administered by the Federal Family Education Loan (FFEL) Program.
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Transitioning from Student to Associate: A Consultation with Ed Kehoe and Rich Marooney of King & Spalding, LLP
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By Aundi Howerton
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| Sometimes the transition from student to associate can be a difficult one. |
Ed Kehoe, head of King & Spalding's New York business litigation group and co-head of the firm's international arbitration practice, was one of the original associates in the firm's New York office and, having essentially "grown up" as a practicing attorney there, embodies the learning trajectory of a successfully managed and developed career. He, along with King & Spalding New York litigation group partner and former hiring partner Richard Marooney, offered a consultation via LawCrossing.com to recent graduates on the particulars of preparing to take on one's first job, including expectations of employing firms and tips for starting out ahead.
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Cuomo, lenders testify before U.S. lawmakers
New York Attorney General Andrew M. Cuomo, who rang the bell on student loans abuses and exposed universities and lenders' links, now plans to widen his probe. He hopes to examine what criteria the lenders use in underwriting these loans and find if they infringe civil rights statutes. While testifying before the Senate Committee on Banking, Housing and Urban Affairs, Cuomo said that the federal regulators were "asleep at the switch" while abuses occurred in the student lending system.
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Wisconsin University's new student loans rules
The University of Wisconsin is reviewing a new proposal to bar the student lenders from bribing with gifts and payments in exchange for students. The proposal is up for approval this week. The university wants to reassure those students seeking loans that it has their best interests in mind, notwithstanding the industry currently mired in controversy. It would also set out how university employees and companies can evade improper relationships.
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