Lender To Pay $2.5M To Quell Cuomo Probe

Law360, New York (April 16, 2007, 12:00 AM EDT) -- Education Finance Partners announced an agreement Monday to shell out $2.5 million and end its revenue-sharing arrangements with universities, becoming the latest student loan provider to settle with New York Attorney General Andrew Cuomo in his widening probe into the $85-billion-a-year student loan industry.

Education Finance Partners’ $2.5 million payment will go into a fund created by the New York Attorney General’s Office to educate college-bound students about the student loan industry.

The $2.5 million figure tops the $2 million payouts agreed to by Sallie Mae...
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