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Jul 06, 2007 -- Colleges must pay back students

For several weeks, Clark has been talking about the shameful college loan programs that have been duping students into high-interest loans. Well, now that one of the largest banks in the country has been named in the scandals, the story has made national news. Citibank is the latest shoe to fall in this ongoing travesty, and a number of schools in the Northeast must now pay back students who were overcharged on loans. The University of Pennsylvania, NYU, Syracuse, St. John’s and Fordham are just a few. You would think that the financial aid office at a college would be the safe zone. But it’s just the opposite. Colleges have been cheating you - and your son or daughter - so administrators could earn kickbacks from the banks. Clark thinks people should go to jail over conduct like this. Instead, the banks get a slap on the wrist and never have to admit to any wrongdoing. And, the layers just keep shedding. In addition, people with no kids in college and no student loans are still paying huge subsidies to banks to pay for those loans. It’s out of control and it calls our current tax system into question once again. Now would be a great time to revamp the tax code so the system is fair to taxpayers and does not allow for the lining of legislators’ pockets.

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