Buzzword: National Student Loan Data System
Another student loan shenanagan brings us this week’s Marketplace Money buzzword: National Student Loan Data System.
It’s a database full of personal and financial information about millions of students. It helps lenders figure out if an applicant is eligible for a loan. But it seems some lenders think it’s a data goldmine. Recently, allegations surfaced that a number of them may have given marketing firms — and collection agencies — access to private student information.
The Federal government got wise to it and temporarily shut down the system — handing out a data suspension.
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