8 Student Lenders Settle With NY AG

Law360, New York (September 9, 2008, 12:00 AM EDT) -- In settlements reached with New York Attorney General Andrew M. Cuomo, eight student loan companies have agreed to adopt new standards that ban a variety of marketing practices, and seven have said they will contribute to a fund to educate students and parents about financial aid.

The settling companies are Nelnet Inc., Campus Door Inc., GMAC Bank, NextStudent Inc., Xanthus Financial Services Inc., EduCap Inc., Graduate Loan Associates LLC and MRU Holdings Inc., Cuomo's office announced Tuesday.

The new standards ban marketing practices including mailings designed...
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