Today this article appeared in the New York Times:
Education
College Officers Profited by Sale of Lender Stock
By JONATHAN D. GLATER
Published: April 5, 2007
Officials at three universities profited from the sale of shares held in a student loan company that each of the universities recommends to student borrowers.
Regardless of the ultimate outcome, the implication of these allegations are a major blow to the integrity of the financial aid process. Financial aid officials are entrusted with helping students access higher education. Profiting off the loans that students must take out in order to finance their education is not only completely unethical, I believe it is a violation of trust. The financial aid process is complex enough for students and their parents without having to wonder whether or not the financial aid officer is making money off the loan companies behind the scenes. This, in my mind, is akin to admissions officers being paid based on the number of students they recruit to an institution.
I have to wonder how these individuals justify their actions. If they felt their salaries were inadequate they should have quit their jobs and gone to work directly for the lending company.
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