Monday, April 23, 2007

Student Loan Database Off Limit to Lenders -- For Now

I was just reading an article over at CNN about the Bush administration closing off the student information database (the National Student Loan Data System) to lenders. I've gotta say I'm pleased. Now that I'm going back to grad school, I can say first hand the sheer the volume of offers lenders send out is too much. I personally receive no less that 4 or 5 in any given week (although I'm not sure how typical this is). I do know that InformationWeek has reported that when rated on the most recent internet security report card the Education Department moved from a C grade to an F which is at least a little unnerving. The Education Department also reports that it has revoked over 52,000 ID's used to access the system for suspicious activity or because they were no longer being used. Looks like it is a step in the right direction let's hope it continues.

CNN - Lenders Can't Use Database
InfoWeek - Education Dept. Blocks Loan