Despite having faded from the headlines in recent months, the student loan scandals of 2007 will remain very much a priority for the U.S. Department of Education in this new year.

In 2007, 55 colleges and 23 lenders were put on notice by the Federal Student Aid office (FSA) for questionable lending practices. According to Jonathan Vogel of Inside Higher Ed, those colleges and lenders that received letters from the FSA can look forward to more probing and actions taken by the Department of Education.

First off, more colleges and lenders will be cited for non-compliance as a result of reviews, which will be conducted by the School Eligibility Channel and the Financial Partners Eligibility and Oversight divisions of the FSA Program Compliance office. Both colleges and lenders can expect regulations to remain unclear until such time that the FSA has documented the new regulations.

Vogel indicates in his article that lenders are likely to find that the FSA will investigate lender relationships with colleges, as well as those with college affiliates. In addition, non-compliant lenders may discover they are facing corrective action by the FSA, including limitation, suspension and termination. Meanwhile, small colleges deemed non-compliant may face limited access to federal loan programs.

Stay tuned … this is going to get interesting.

–Sara Elizabeth

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