Buzzword: National Student Loan Data System

Marketplace Staff Apr 20, 2007
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Buzzword: National Student Loan Data System

Marketplace Staff Apr 20, 2007
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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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