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MYRichUncle Student Loans: A New Revolution That Threatens University and College Financial Aid Directors' Comfort Zone and Pockets

MyRichUncle.com is not making things easier for lenders and student financial aid administrators. They are not happy and are not sure about what to do with this thorn in their back side. With a series of eye-catching ads in the New York Times and USA Today and a strategy of undercutting other lenders, MyRichUncle's goal is to go directly to the consumers or students. The refurbished company has its influential advocates and detractors. By its aggressive marketing and advertising campaigns, MyRichUncle has alienated many financial aid officials and lenders.

Many detractors and foes tend to believe that MyRichUncle's marketing materials tend to imply that banks and other providers of student loans have offered kickbacks or incentives to get on colleges' lists of "preferred lenders" and that finanicial aid offices do not have students' best interests at heart.

While reading last Sunday's New York Times, I came across MyRichUncle's latest ad, "They're supposed to help you choose the best lenders. But in reality, they may steer you towards lenders that benefit them. Not you. Unless you check for yourself, how do You know you're getting the best loan?" Ads such as this one infuriates some members of the National Association of Student Financial Aid Administrators who believe that their members have been honest. Maybe not too honest up to this point. There is no doubt that the company's philosophy has angered many financial aid officers. It seems the campaigns are working for MRU. The company has no plans to back down. It wants to continue to tell the truth to students and parents.

The company's advertisements suggest that lenders provide a lot of benefits and inducements which include revenue sharing, expense paid trips and other gifts to financial aid officers in exchange for a place on their institutions' lists of preferred lenders. Yet, federal laow explicitly prohibits any "illegal inducements" in the federal loan programs. Cash and other gifts are not well regarded in the alternative loan market.