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06.20.2008
News / Nixon reminds families of their rights when seeking financial aid for collegeJefferson City, Mo. - Attorney General Jay Nixon is urging parents and students to remember their rights as borrowers when applying for student loans for the coming college year. Families applying for aid are likely to encounter numerous advertisements for lenders in the mail, at the college office, on the Internet and in many other places.
When shopping for loans, Nixon advises:
* You have the right to choose your lender. Your college will likely show you a preferred lender list, but this is only a recommendation. How you pay for college is up to you.
* Beware of companies that charge fees to prepare your FAFSA (Free Application for Federal Student Aid) or other paperwork for you. FAFSA applications are free and simple for most students and parents to complete.
* Remember that the FAFSA deadline is June 30, 2008.
* The federal government's Web site for FAFSA is www.fafsa.ed.gov. Watch for sites with similar names. These are companies likely to charge a fee.
* Understand the terms of your loan - the interest rates, fixed or variable, fees, etc. Your school's financial aid office can help with this.
* After you've chosen a lender, watch for companies offering you what sounds like a better deal. These may sound good at first, but they often involve higher rates, hidden fees or other unfavorable terms.
* When in doubt, consult your school's financial aid staff, which can help you sort out legitimate offers from scams and bad deals.
"The price of higher education is getting more and more expensive, and families are depending more and more on financial aid," Nixon said. "As the cost of college climbs, it's more critical than ever that students and parents shop aggressively, know their rights and watch out for bad deals."
Students and their parents can use a student loan calculator in the Consumer Corner section of Nixon's Web site at ago.mo.gov. The calculator helps borrowers get a clear understanding of the amount they'll borrow, interest rates, monthly payments and other factors.
The student loan market has undergone significant changes in the past year, due to the softening economy and law enforcement crackdowns by Nixon and other Attorneys General across the country.
After the student loan scandal of 2007, Nixon obtained agreements with nearly 30 colleges, including the University of Missouri system, to implement codes of conduct governing their relationships with student loan companies.
Among other provisions, the codes of conduct forbid schools from receiving any financial incentive for encouraging students to borrow from certain lenders.
Consumers can file complaints against a college or lender by calling Nixon's Consumer Protection Hotline at 1-800-392-8222 or visiting ago.mo.gov.
http://ago.mo.gov/newsreleases/2008/Consumer_alert_about_student_loans/
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