To the editor:
I am a recent graduate of Fairfield University (class of 2005) working in the finance industry.
My company has recently become involved in the student lending business due to the recent implosion in the industry.
When I say implosion, I refer to scandal, a scandal that unfortunately has involved our school, Fairfield University.
What has been going on in recent years is lenders, Citibank and Sallie Mae are examples of such lenders, have been approaching schools with monetary gifts, lavish travel packages and other such inappropriate gifts in order to secure a top spot on their preferred lenders list.
Fairfield, in all its riches with tuition approaching 40k a year, took the bait of two such lenders.
In Fairfield’s case, they received $16,000 in admissions and financial aid software discounts and in exchange, the school listed the College Board Inc. education loan program as the preferred lender.
Also, an affiliate of Sallie Mae paid for Fairfield’s director of financial aid to attend meetings in Florida, and AMS (lending affiliate of Sallie Mae) received preferred status in exchange.
This sickens me to the tune of Fairfield having no chance of ever receiving a dime of my money in the future.
Basically, what I’m saying is that our school sold me and you all out. They accepted gifts, and in turn for those gifts, placed student loan companies on their preferred lenders list, not because it was in the best interest of students but because these companies lined their pockets and greased the wheels.
Those who listened to Fairfield’s loan officers and chose these lenders may have received false information regarding which lender was in their best interest.
Fairfield is supposed to be a Jesuit institution that instills honor and integrity in its students. Perhaps they should reread their own honor code.
I have placed the link to the more in-depth newspaper coverage here in Boston, below.
I’m sure if you look deeper, you will discover more discrepancies that have been reported.
The present students need to be made aware of what is going on at that institution and they should be as outraged as I am.
The link to the Boston Globe article:
Sincerely,
Jason Dolan class of 2005
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