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AG Threatens Student Lender With Suit

Law360 (March 23, 2007, 12:00 AM EDT) -- Following a lengthy investigation into the student loan industry, New York State Attorney General Andrew Cuomo sent a letter to Education Finance Partners Thursday, informing the California-based student lender he intends to file suit.

Cuomo said his investigation revealed that EFP regularly pays colleges to be on the “preferred lender” lists they distribute to students. Colleges receive payments through a number of financial arrangements with EFP that include kickback and revenue sharing agreements, Cuomo said.

The attorney general gave EFP five days to respond to his...
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