Scholarship News

Cuomo Subpeonas Lenders Over Marketing Tactics


October 12, 2007
by Scholarships.com Staff
The battle to offer students the best chance of getting out of college with both a diploma and a fighting chance at earning a living wage while paying off their student loans continues. Even those who have already reached an agreement with the New York attorney general are being subpeonad for what Cuomo terms deceptive corporate marketing practices.

The battle to offer students the best chance of getting out of college with both a diploma and a fighting chance at earning a living wage while paying off their student loans continues. Even those who have already reached an agreement with the New York attorney general are being subpeonad for what Cuomo terms "deceptive corporate marketing practices".

It is difficult to say whether students deserve special consideration with respect to corporate marketing practices, which, it seems to me, have been deceptive by definition for at least the last four or five decades without being placed under this kind of scrutiny. Shouldn't everyone be entitled to marketing that is not deceptive? Or should we all just continue to accept that marketers are not your friends and they tell you what they need to in order to get you to buy what they want to sell?

Of course, the initial scope of the investigation was and remains critical, as every student should be able to assume that their advisor, regardless of the institution they attend, is not a marketer. It is vital that those in the financial aid offices in all of our schools give only objective information to students that will get them through school with as little debt as possible.

Of course, there are those who claim Cuomo's crusade will ultimately harm students by causing them to distrust their advisors when the majority of them have been giving, and continue to give, good, objective advice. While I believe this to be true, I also believe it is never a bad idea to do independent research on something so important and that this statement is condescending, to say the least. Apparently students across the board, if forced to research loans for themselves, will fare poorly and pay more in loans than if they listened to those at their college or university financial aid office. In this argument it is never considered a possibility that, given the opportunity, a student and his parent might find the best possible solution to funding their education. If I were an aspiring college student or a parent of such a student, I would find this very insulting.

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