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Globe University / Minnesota School of Business has responded to my reposting yesterday of 

 criticizing a private loan program that the schools offer to their students.

 cofounder Kyle McCarthy, said the Educational Opportunities Loan (EdOp Loan) has been overly aggressive with its late charges, interest (18 percent, he writes) and loan-default conditions.

But Globe Education Network CEO Jeff Myhre 

He says Globe once offered the EdOp loan to help students with bad credit. The loan was available only to students who had used up all federal student aid and been turned down for a private loan elsewhere.

This year, Myhre says, students have been able to switch to the network's new Student Access Loan program, which started in March. (A Globe spokeswoman told me some students may still hold EdOp loans, but the company no longer offers them.)

The Student Access Loan starts at 8-12 percent interest depending on whether the loan has a cosigner, and Myhre says the interest is eliminated at graduation.

As with the EdOp, new applicants must have used up their federal aid and been rejected for a loan elsewhere. Transcripts are withheld only if the loan is in default, which happens when the borrower has failed to repay after six months.

Education News

On Campus Blog

Alex Friedrich

Author

Globe University / Minnesota School of Business has responded to my reposting yesterday of a Huffington Post article criticizing a private loan program that the schools offer to their students. The article, written by StudentDebtCrisis.org cofounder Kyle McCarthy, said the Educational Opportunities Loan (EdOp Loan) has been overly aggressive with its late charges, interest (18 percent,…

Globe executive: Attacks on our private loans are way off

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