Jun 21, 2007
Law School Loans

Thursday, June 21 , 2007
The College Cost Reduction Act of 2007
By Shaileja Mammen Print this Page
Stack of Dollar

The College Cost Reduction Act of 2007 introduced by U.S. Rep. George Miller (D-CA), chairman of the House Education and Labor Committee, proposes the largest investment in college education since the 1944 GI Bill, according to the committee's website. If passed, this legislation will help students and families pay for college at no extra cost to U.S. taxpayers.

The legislation provides for almost $20 billion in additional funding over the next five years for college education. The funds would be raised by reductions in federal subsidies to lenders in the education loan industry. The legislation also includes provisions to reduce the federal budget deficit by $750 million.
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Cuomo Targets Johns Hopkins University
By Amit Agarwal

As part of its settlement with New York Attorney General Andrew Cuomo, Johns Hopkins University will spend $1 million to educate college students on financial aid. Cuomo's investigation revealed that the university's former financial aid director allegedly received about $65,000 between 2002 and 2006 in the form of consulting fees from a student loan company.

Johns Hopkins also announced that it will officially adopt the attorney general's code of conduct for financial aid officers. The code bans officers from receiving money from lenders and states that institutions should clearly reveal how they choose their preferred lenders.
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This is Not Your Father's (or Mother's) Law Practice: Expert Reveals How and Why Virtual Attorneys Practice "Their Way"

By Ron Clarke

This is Not Your Father's (or Mother's) Law Practice: Expert Reveals How and Why Virtual Attorneys Practice Their Way
Ron Clarke discusses the "virtual lawyer."
How do you picture a lawyer in your mind's eye?

For most people, the quintessential stereotype is a serious, uptight, pinstriped professional who conducts business in an imposing office—impressive to passersby and prospective clients alike.

But this is 2007, and this archetype image of lawyer life is giving way to a visionary assortment of young attorneys who are setting up shop, not in the finest buildings on Main Street, but in the comfortable confines of home sweet home.
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Consolidating Debt
Become Debt Free in Five    Years
The Benefits of Federal Loan    Consolidation
Planning for Successful    Repayment
LSL—Applications Without    Aggravation

New bill seeks to amend Higher Education Act

Congresswoman Carolyn McCarthy has introduced a bill to amend the Higher Education Act of 1965. The Teacher and Nurse Support Act of 2007 expands the loan forgiveness program for teachers and establishes loan forgiveness for nurses. The act is aimed at improving educational and health services across the United States by encouraging people to join and continue in these professions. According to the National Center for Education Statistics, in the next 10 years, the United States will require more than 2 million new teachers to fill posts left vacant by retiring teachers or teachers leaving their jobs to join other professions. A report by the American Hospital Association states that there are more than 118,000 unfilled registered nurse positions in hospitals across the nation.
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Dodd plans to introduce bill that would reform private student lending market

Chairman of the Senate Committee on Banking, Housing, and Urban Affairs Senator Chris Dodd has announced that he plans to introduce a bill that would reform the private student lending market. The Private Student Loan Transparency and Improvement Act directs private lenders to provide customers with accurate and timely information pertaining to interest rates and other terms and conditions associated with their products. The bill is designed to help students better understand the products they are buying as well as their options and obligations. The act also prohibits various practices that have prevented students from obtaining the best and most competitive loans.
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