Kennedy On CIT Student Loans Announcement

Press Release

KENNEDY ON CIT STUDENT LOANS ANNOUNCEMENT

Today, Senator Edward M. Kennedy released the following statement after CIT suspended the senior management team of St Loan Xpress.

Senator Kennedy said, "I am deeply concerned by recent reports that financial aid officers and officials at the U.S. Department of Education held financial interests in a student loan company—Student Loan Xpress. These officials are charged with vigorously defending the interests of America's students - not profiting from them. CIT's announcement this morning that it has placed the senior management team of Student Loan Xpress on administrative leave pending an internal review is a welcome first step toward ensuring that the facts surrounding this matter come to light quickly. Student loan companies, financial aid officers, and public officials all owe a duty to students to act with integrity and fairness. My office will continue to investigate these improper arrangements and defend the rights of students. "

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