The e-mail message last month from the president of Embark, a company whose software colleges use to process online applications from students, promised big changes for its customers. The company's management team, said Adam Park, had, "with the help of outside funding," bought Embark from the Princeton Review, its owner since 2001.
New York State's attorney general said Thursday that his review of banks and other providers of student loans has uncovered "deceptive practices" -- and warned that it could result in charges of illegal activity under New York law.
The complexity of the federal financial aid process is among the more obvious, and ostensibly, fixable reasons cited to explain why low-income students are far less likely to attend college than their peers. So far, despite efforts on multiple fronts, the system has proven to be somewhat intractable.
On Wednesday, the other shoe dropped in a growing investigation of colleges' ties to the lenders they recommend to their students -- and many experts on the loan programs were stunned by the developments.