One student loan company has invited college and university officials, and their spouses, to attend an education conference — in the Caribbean this February, all expenses paid. Another pays universities bonuses based on how much their students borrow. Others gave away gifts like iPods at a recent conference for financial aid administrators. With rising tuition and lagging government aid making private student loans a big and increasingly competitive business, these are some of the ways lenders are courting universities in hopes that they will steer students their way. Students took out nearly $13.8 billion in private loans in 2004-5, more than 10 times the amount borrowed a decade ago, according to the College Board. The key to this business is university financial aid offices, which compile lists of "preferred" lenders, sometimes as few as two. Students rarely comparison shop and rely on those lists. Financial aid administrators say they pick lenders with the most competitive terms, not the most appealing giveaways. But some have questioned such arrangements — and whether students are getting the best deals. "I don't think you have to be a bona fide ethicist to recognize the potential for a conflict of interest," said L. Katharine Harrington,… Read full this story
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