2008 Woodie Awards
Financial aid director resigns from preferred lender board
Raymond Duncan
Issue date: 4/25/07 Section: News
Jane Hojan-Clark, director of financial aid at the University of Wisconsin-Milwaukee resigned from her position on the advisory board of Student Loan Xpress, a preferred lender for student loans on April 10.
She said she resigned because she was "shocked and surprised by the recent media reports of allegedly inappropriate conduct by other Student Loan Xpress advisory council members."
A higher education watchdog released documents showing that three financial aid officers-at Columbia University, the University of Texas and the University of Southern California-held stock in Education Lending Group Inc., the former parent company of Student Loan Xpress, and that Student Loan Xpress was listed as a preferred lender at each institution.
The recent controversy is whether or not Hojan-Clark should have gone on two trips paid for by Student Loan Xpress and whether or not she should sit on their advisory council.
"Jane is nationally recognized as a financial aid expert," said Rita Cheng, provost and academic affairs vice chancellor at UWM. "The company asked and sought advice about how to better serve students."
Hojan-Clark said that she attended two out-of-town meetings which were paid for by Student Loan Xpress. She said some food was also provided.
"Usually they structure it so tightly you do not have free time," said Cheng, who explained how they bring in food between meetings in conference rooms.
According to Hojan-Clark, one out-of-town meeting was in Ohio at Student Loan Xpress' process center in fall 2005. This trip was to see how the operation worked and to make sure that it was effective and efficient. The meetings were held at the center's conference rooms.
Another trip was in January 2007 in New York at the company's headquarters. Each day Hojan-Clark would walk from the hotel to the headquarters. Hojan-Clark said that she never made any reservations, and Cheng added that the company had a block of rooms made for individual guests.
She said she resigned because she was "shocked and surprised by the recent media reports of allegedly inappropriate conduct by other Student Loan Xpress advisory council members."
A higher education watchdog released documents showing that three financial aid officers-at Columbia University, the University of Texas and the University of Southern California-held stock in Education Lending Group Inc., the former parent company of Student Loan Xpress, and that Student Loan Xpress was listed as a preferred lender at each institution.
The recent controversy is whether or not Hojan-Clark should have gone on two trips paid for by Student Loan Xpress and whether or not she should sit on their advisory council.
"Jane is nationally recognized as a financial aid expert," said Rita Cheng, provost and academic affairs vice chancellor at UWM. "The company asked and sought advice about how to better serve students."
Hojan-Clark said that she attended two out-of-town meetings which were paid for by Student Loan Xpress. She said some food was also provided.
"Usually they structure it so tightly you do not have free time," said Cheng, who explained how they bring in food between meetings in conference rooms.
According to Hojan-Clark, one out-of-town meeting was in Ohio at Student Loan Xpress' process center in fall 2005. This trip was to see how the operation worked and to make sure that it was effective and efficient. The meetings were held at the center's conference rooms.
Another trip was in January 2007 in New York at the company's headquarters. Each day Hojan-Clark would walk from the hotel to the headquarters. Hojan-Clark said that she never made any reservations, and Cheng added that the company had a block of rooms made for individual guests.
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