AG Probes Student Loan Providers

Law360, New York (March 15, 2007, 12:00 AM EDT) -- New York State Attorney General Andrew Cuomo said Thursday that student lenders are providing kickbacks and other perks to colleges across the country in order to entice schools to drive business their way, possibly at the expense of the students.

Cuomo said his office’s investigation into the $85 billion student loan industry revealed that lenders are giving colleges percentages of the loans they receive, paying for all-expense paid trips for administrators and placing college representatives on their boards, all in the hopes of drumming up business....
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