New York State Ag Reaches Settlement with Student Loan Lender

Summary

---

Last week, New York State Attorney General Andrew M. Cuomo announced a settlement with Sallie Mae, the nation's largest student lender. Sallie Mae will contribute $2 million to a fund devoted to educating college bound students about loan options.

Under the agreement, Sallie Mae agreed to discontinue call centers or other staffing for college financial aid offices, discontinue paying financial aid officers for appearing on advisory boards, and paying for any trips or travel for financial aid officers. In total, Sallie Mae serves nearly 10 million borrowers, manages a portfolio of more than $142 billion in loans nationwide, and has relationships with more than 5,600 schools.

See the full content of this document

Extract

---

New York State Ag Reaches Settlement with Student Loan Lender

Cuomo's investigation of the student lending industry has uncovered alleged conflicts of interest, including re...

See the full content of this document

---