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The feds crack down on student loan fraud, Neiman Marcus files IPO plans, and more

1. FEDS CRACK DOWN ON STUDENT LOAN FRAUD

In January, the Education Department started flagging federal student loan applicants with "unusual enrollment history," usually meaning they had been granted aid for three or more schools within the year. Some 126,000 applicants, about 1 percent of those seeking aid for the 2014 school year, have been flagged so far, as mounting evidence suggests some applicants are pocketing the grant money with no intention of going to school. About $829 million in Pell grants last year were "improper payments," meaning either fraud or clerical errors. [Wall Street Journal]

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Carmel Lobello is the business editor at TheWeek.com. Previously, she was an editor at DeathandTaxesMag.com.