Two weeks ago, George Pappas, a senior vice president for EduCap Inc., a nonprofit financial services company that has, nevertheless, made billions of dollars through student loans, canceled its proposed Feb. 2-5 "educational summit" in response to negative publicity. This summit was meant to be an opportunity for lenders to meet with educators and financial aid officials from various universities. However, rather than consisting of a boring conference hall filled with temporary booths, where gray-haired university functionaries wearing name tags pick up fliers from unnaturally friendly salespersons, this was an all-expenses paid weekend for about a hundred invitees (plus guest) in the Caribbean paradise of Nevis. In return for this weekend excursion, its estimated cost being at least $655 a night, EduCap presumably hoped that universities would be persuaded to add the company to the schools "preferred lenders" list -- the very short list of loan companies universities recommend to their students.
Yeah, we can see how that might give people a bad
impression.