Criticisms
EdFund has been criticized for its collection policies and punitive practices, as well as the salaries paid to executive officers. A 2007 San Francisco Chronicle article describes how in certain circumstances, EdFund’s practices can take an original loan of $37,000 and drive the repayment cost well over $100,000. The article quotes Elena Ackel, a senior attorney at Legal Aid Foundation of Los Angeles, as describing EdFund as “an oppressive system.”
In 2006, a California state auditor strongly criticised EdFund, finding that the organization exercised lax oversight and made questionable spending decisions. The auditor found that EdFund spent thousands of dollars on entertainment, travel, and executive bonuses, at a time when the loan program faced an $8.3 million operating deficit. The California Student Aid Commission was cited for lax oversight of EdFund.
Read more about this topic: Ed Fund
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