The investigations of student-loan programs around the country echo previous scandals in the financial world involving stock offerings and mutual funds. The relationships between lenders and financial-aid officers seem to raise the same questions about impropriety, conflict of interest, and possible fraud. Indeed, lessons from Wall Street can inform colleges about what they may face as state, federal, and Congressional investigations proceed. Apparently, in many instances, neither a college's trustees nor its student borrowers received information about those extra benefits. In the financial world, such schemes, if not adequately disclosed, have been deemed unlawful under federal and state law as a form of fraud. The issues in two recent cases demonstrate how relevant mutual-fund cases may be to the student-loan investigations. These issues, discussed here, are: (1) paying for "shelf space" or a place on a recommended list; and (2) payments to influence a service-provider-selection process. Issues for administrators to consider are suggested.