Virtually every college, company, advocacy group and other party that commented on proposed new federal rules on campus financial products by last week’s deadline asserted that it had students’ best interests at heart.
Yet the various parties offered greatly differing perspectives on whether the regulations proposed by the Education Department in May would make sound policy, are legal — and would help students or not.
Financial institutions and associations representing postsecondary institutions by and large argued that the rules would discourage colleges and universities from using third-party services and ultimately give students worse, not better, access to their federal financial aid funds, by limiting students’ options. Consumer groups, meanwhile, said the regulations would protect students by stopping banks (in collusion with colleges) from marketing undesirable financial services to them.
Read more at Inside Higher Ed: https://www.insidehighered.com/news/2015/07/06/proposed-us-rules-financial-products-draw-criticism-praise
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