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Drexel Is First College Sued In Student Lending Probe

Law360 (April 19, 2007, 12:00 AM EDT) -- Philadelphia’s Drexel University will be the first college to face a lawsuit brought by New York Attorney General Andrew Cuomo in his ongoing probe into the $85-billion-a-year student loan industry.

Cuomo announced his intent Thursday to sue Drexel over its revenue-sharing agreements with student loan provider Education Finance Partners.

The New York attorney general said it had jurisdiction over Drexel in the matter because the university solicits and corresponds with New York students and their families, who rely on Drexel’s advice for preferred lenders.

Drexel received...
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