College Alumni Groups Subpoenaed In Loan Probe

Law360, New York (May 3, 2007, 12:00 AM EDT) -- New York State Attorney General Andrew Cuomo on Thursday disclosed a probe of college alumni associations, marking a new strategy in his efforts to put a stop to deceptive practices in the student loan industry.

Cuomo has begun serving subpoenas and requests for information to 90 alumni associations from colleges and universities across the country to provide complete information about their relationships with Nelnet Inc., one of the largest student loan consolidating companies in the country.

This latest branch of Cuomo’s investigation into the $85 billion...
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