"A child's learning is the funtion more of the characteristics of his classmates than those of the teacher." James Coleman, 1972

Friday, August 03, 2007

$278 Million Giveaway - $2 Million Settlement = $276 Million Illegal Profit for Nelnet

From the NY Times:
One of the nation’s largest student loan companies, Nelnet, agreed yesterday to pay $2 million into a fund to educate high school students about financing college, settling an inquiry into its business practices by the New York attorney general.

. . . .

Nelnet has also been under scrutiny because in January, the federal Department of Education permitted it to keep $278 million in loan subsidies that an audit had found improper.
You're doin' a heckuva job, Maggie.

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