Students Reach $130M Deal With Pilot School Lender

Law360, New York (October 27, 2009, 7:18 PM EDT) -- A CIT Group Inc. subsidiary that administers student loans has reached a $130 million settlement to forgive up to 75 percent of unpaid loans to 2,300 students who attended a now-defunct helicopter school that had 34 locations across the country.

The agreement, filed in the U.S. District Court for the Middle District of Florida on Tuesday, also resolves an investigation into the issue by the attorneys general of 12 different states.

“This is an excellent resolution for those students whose dreams of flying were grounded, but...
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