Did your college sell you out?


Wonder whether your alma mater traded its mascot and your name and address for cash? 

You can find out by checking this chart obtained by the Consumer Warning Network.

More than 90 percent- 59 of 63 colleges, their sports marketing companies or athletic groups – agreed to pocket extra money for each loan consolidation application once meeting a threshold.

Some never collected an extra cent, apparently because not enough students refinanced their loans to warrant the kickback.

Two thirds of the time a sports marketing company working for the school athletic department signed the contract with its “corporate sponsor.”  Almost half of the deals were exclusive.  One college athletic conference made the arrangements for nine schools. Three colleges say the deals never went through.

Just another example of a private marketing companies run amuck? The schools were taken advantage of?

Hardly.

Consider this provision from a 2006 contract between International Sports Properties Inc – a sports marketing firm with 50 collegiate “partners” in 35 states.  The ISP contract says:

“ALL MATERIALS MUST HAVE ISP/UNIVERSITY APPROVAL PRIOR TO PRODUCTION.”

It adds that ISP will be responsible for: the “opportunity to add UFS marketing materials in mutually agreed upon database mail-outs the Athletic Department undertakes as well as securing graduating senior mailing lists for the benefit of promoting future sports schedules and the UFS Loan Consolidation Program.”

The online loan consolidation program was to be made available to all students and athletic groups via a links to the university athletics web sites. One contract even called for a website banner for the loan consolidation company.