Student loan industry

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The student loan industry provides loans—termed "financial aid"—"to students to assist in payment of the costs of professional education. These loans usually carry a lower interest rate than other loans and are usually issued by the government. Often they are supplemented by student grants which do not have to be repaid." [1]

Student Financial Aid Legislation

National Student Loan Data System

On April 15, 2007, Sen. Edward M. Kennedy (D-Mass.) urged the Bush administration to block student loan companies from accessing a national database that includes confidential information on tens of millions of college students. The request followed a Washington Post report which exposed inappropriate searches of the database possibly in violation of federal rules. The database, called the National Student Loan Data System, contains Social Security numbers, e-mail addresses, phone numbers, birth dates and other financial information. [2]

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