University Fires Officer Implicated In Loan Probe

Law360, New York (May 15, 2007, 12:00 AM EDT) -- The University of Texas at Austin fired its director of student financial aid Monday, becoming the first school to publicly dismiss a high ranking official in the wake of New York State Attorney General Andrew Cuomo’s investigation into improprieties in the $85 billion student loan industry.

Cuomo targeted Lawrence W. Burt after his investigation revealed that the director held stock in the parent company of Student Loan Xpress Inc. In an apparent conflict of interest, Burt placed SLX on the school’s preferred lender list while he...
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