Macomb, IL – Western Illinois University has received almost $5,000 in rebates from a firm that makes private loans to students. University spokesman John Maguire says a review of conflict of interest statements shows no staff members received payments, gifts or stock for referring the loans. The money was one-half of one percent of the loans made through a lender called Nelnet. Maguire said the firm was asked for a donation to a scholarship program for needy students. It declined, but offered the one-half percent for the fund. Nelnet is one of several private lenders listed on the school's financial aids web page. Maguire says Nelnet ended the rebate last week. In addition, he says Nelnet often had the lowest interest rates of the firms listed on the web page.
Lending Firm Ends Rebates to WIU on Student Loans
