Buzzword: Preferred lender
Taking out loans to pay for a college is a staple of higher education. And so is corruption.
A bachelor's degree in corruption brings us this week's Marketplace Money buzzword: preferred lender.
When you go to college, you're usually handed two things: a schedule of classes and a list of loan providers to help pay for those classes. A preferred lender is one that's on that list.
But some lenders have turned it into a cheatsheet. Recently, evidence surfaced of wide-spread bribes and kickbacks to get on the lists. And this week, Sallie Mae, the "big man" on America's student loan campus, admitted they handed out perks to college-aid officers.
Attention lenders: The dean will see you now.
