Buzzword: Preferred lender

Marketplace Staff Apr 13, 2007
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Buzzword: Preferred lender

Marketplace Staff Apr 13, 2007
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A bachelor’s degree in corruption brings us this week’s Marketplace Money buzzword: preferred lender.

When you go to college, you’re usually handed two things: a schedule of classes and a list of loan providers to help pay for those classes. A preferred lender is one that’s on that list.

But some lenders have turned it into a cheatsheet. Recently, evidence surfaced of wide-spread bribes and kickbacks to get on the lists. And this week, Sallie Mae, the “big man” on America’s student loan campus, admitted they handed out perks to college-aid officers.

Attention lenders: The dean will see you now.

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